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Commercial property policyholders in Florida brace for even higher premiums

Policyholders with first quarter renewals are seeing significantly higher rates compared with the year prior.

By Melea VanOstrand | March 01, 2023 at 12:08 AM
“In this calendar year specifically, the increases are at 30-50% on average, and also difficult for larger projects to even get the capacity, meaning enough insurance limits to cover the building or project,” said Jim McCue, COO of NSI Insurance Group. (Credit: MarekPhotoDesign.com/Adobe Stock) “In this calendar year specifically, the increases are at 30%-50% on average, and also difficult for larger projects to even get the capacity, meaning enough insurance limits to cover the building or project,” said Jim McCue, COO of NSI Insurance Group. (Credit: MarekPhotoDesign.com/Adobe Stock)

As a result of Hurricane Ian, as well as a number of Florida insurers going bankrupt or leaving the state, there’s significant concern among commercial property owners that insurance rates will continue to rise.

According to Marko Cerenko of Kluger, Kaplan, Silverman, Katzen & Levine in Miami, there’s also a fear that there will be a decrease in the number of insurance options as insurers continue to leave the state. The exodus of insurers and increasing premiums are largely blamed on fraudulent claims and the threat of weather-related damage.

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Melea VanOstrand

Melea VanOstrand

Melea VanOstrand is ALM's South Florida real estate reporter. For story ideas, email her at [email protected] Want to see the latest real estate news? Follow Melea on her Twitter or Facebook pages.

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