Condo Insurance Rates About To Go Through The Roof

Condo Insurance Rates about to go through the roof. Heads up for buyers and owners. It all comes form the collapse of the Champlain Towers South in Surfside. 98 people were killed, and the condo insurance industry is responding, and panicking. Up to 9 condominium insurance companies are no longer in business.

My wife's property management company (side hustle) is getting calls from panicked owner/investors who say "sell" before they get hit with anticipated "massive"  assessments for older buildings. Some condo buildings have already seen rate hikes of 30% of up to 100%. Ouch!

Florida legislators convene next week for a special session. The condo insurance market no the only problem. The Homeowner property insurance market lost three more insurance companies last week. That canceled out more than 98,000 policies. Meanwhile the Governor has promised a significant package to help. Some buyers and seller may hold on. Not like they have a choice.

Source TBT