Hard markets create difficulties for everyone, but especially for those least prepared. Luckily for Florida's commercial property owners, there are ways of being proactive that can help. (Credit: michaklootwijk/Adobe Stock)
Florida's commercial property owners are worried — and they should be. Amid the hurricanes hitting the shores of the Gulf and Atlantic coasts this year, businesses across Florida are bracing themselves for staggering spikes in catastrophic property insurance. Some are facing renewal increases of up to 125% or more.
Escalating risks and mounting losses due to catastrophic natural disasters have prompted insurers to increase premiums, limit coverage options and even withdraw from the market altogether. These changes, coupled with recent shifts in the regulatory environment, have thrust the onus of safeguarding policyholders onto the businesses themselves.
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