Insurance costs are exploding for condo associations across the U.S., raising the cost of homeownership and making it harder for some owners to sell their units.
Tag: condo insurance
New Florida Law Roils Its Condo Market Three Years After Surfside Collapse
While the sharp rise in Florida home insurance costs is driving some to sell, most of the units on the market are in buildings 30 years or older. Under a new law, buildings must pass milestone structural inspections no later than 30 years after they are built.
Florida Condo Prices Drop as Insurance Crisis Deepens
Sales of condos in Florida have plummeted in January even as prices fall amid high costs of home insurance, according to real estate platform Redfin.
Florida Developers Are Holding Off on Big Projects as Builder’s Risk Coverage Surges
Builders’ risk insurance, which covers damage to the building while it is being built, is required for developers. These premiums have increased by 30% in the last two years.
FL Senate Moves Bill to Require Statewide Condo Inspections
Florida legislators began work on updating the state’s condominium regulations in response to the Champlain Towers South collapse as a Senate committee advanced a bill Tuesday to impose inspection requirements statewide, including stricter standards for buildings near the coastline. The measure, SB 1702, was unanimously approved by the Senate Community Affairs Committee and is… Continue reading FL Senate Moves Bill to Require Statewide Condo Inspections
MultiFamily Property MGA Honeycomb Insurance Raises $15.4 Million
Israeli insurance startup Honeycomb Insurance has raised $15.4 million in a Series A funding round led by Ibex Investors. Phoenix Insurance Company, Distributed Ventures, IT-Farm, Sure Ventures, and SiriusPoint also participated in the round. Honeycomb, formerly Agilius, was established in 2019 to reinvent real estate insurance. The MGA is targeting COAs, HOAs, building owners, property… Continue reading MultiFamily Property MGA Honeycomb Insurance Raises $15.4 Million
Hippo Partners with Socotra to Support HOA Insurance Product
Hippo, the home insurance group that created a new standard of care and protection for homeowners, today announced an expansion of the company’s Commercial Lines homeowners association (HOA) insurance into new markets following initial positive traction and engagement since its launch in August 2021. Bringing this growth to fruition, Socotra’s platform and open APIs enable… Continue reading Hippo Partners with Socotra to Support HOA Insurance Product
Judge: Mediator Will Sort Claims in Florida Condo Collapse
Hoping to avoid a bitter and lengthy battle over money by victims, a judge on Wednesday said a mediator will be named to sort through claims arising from the collapse of a Florida condominium that killed 98 people. The intent is for an agreement to be reached on distribution of money from the planned sale… Continue reading Judge: Mediator Will Sort Claims in Florida Condo Collapse
Rampant Corner-Cutting Found in Collapsed Florida Building
A startling discovery awaited an engineer who drilled into the ground-level concrete slab at Champlain Towers South last year. He could find no waterproofing in two separate sections, the engineer wrote in a letter to the condominium board. Without that essential layer for a high rise facing the punishing Atlantic Ocean, rainwater and salty sea… Continue reading Rampant Corner-Cutting Found in Collapsed Florida Building
Surfside Collapse Could Spur National Rise in Insurance-Related Costs for Multi-Family Buildings
Shock waves from the collapse of the Champlain Towers South condominium in Surfside, Florida, could spur nationwide increases in insurance-related costs for aging, multi-family residential buildings. As investigators try to determine what caused the June 24 disaster that killed 98 people, the U.S. insurance industry is weighing stricter underwriting requirements, including additional structural inspections and… Continue reading Surfside Collapse Could Spur National Rise in Insurance-Related Costs for Multi-Family Buildings