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
Tag: HOA insurance
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
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
Collapse Raises New Fears About Florida’s Shaky Insurance Market
Steve Rosenthal escaped with his life when his condo building in Florida crumbled and left him homeless last month, but he still owes more than $100,000 on his mortgage. Mr. Rosenthal, a 72-year-old restaurant advertising executive, soon received two small insurance checks for living expenses and personal property, but he was still waiting for his… Continue reading Collapse Raises New Fears About Florida’s Shaky Insurance Market
Two-Thirds of Miami Condo Buildings Are Older than 30 Years, Now Repairs Are Coming Due
Engineers say it can take just 30 years for condominium buildings to reach a point when owners can no longer delay making critical repairs. In the Miami region, two out of every three condo buildings are more than 30 years old, according to data compiled by real-estate data firm Zillow for The Wall Street Journal.… Continue reading Two-Thirds of Miami Condo Buildings Are Older than 30 Years, Now Repairs Are Coming Due
High-Rise Insurance Shakeup Coming after Surfside, Florida Insurer CEO Says
Florida’s insurer of last resort is bracing for changes in the commercial market regarding high-rise towers following the deadly condominium building collapse last month in Surfside. Citizens Property Insurance Corp. President and CEO Barry Gilway said Wednesday that the June 24 partial collapse of the 12-story Champlain Towers South is expected to result in an… Continue reading High-Rise Insurance Shakeup Coming after Surfside, Florida Insurer CEO Says
Liability from Florida Condo Collapse: Everyone Will ‘Blame Everybody Else’
The collapse of a condominium tower near Miami will set off years of litigation as victims and their families look to find fault among the building’s management as well as engineers, architects and others, according to legal experts. Disaster struck in Surfside, Florida, on June 24 as a major repair project was beginning, although the… Continue reading Liability from Florida Condo Collapse: Everyone Will ‘Blame Everybody Else’
Miami-Area Condo Board President Warned of Need for Repairs in April Letter
The president of the Champlain South Towers condo association told residents in April their building was in desperate disrepair and urged them to pay the $15 million in assessments needed to fix structural problems, in a letter reviewed by The Wall Street Journal. The condo building collapsed into a pile of rubble Thursday, leaving at… Continue reading Miami-Area Condo Board President Warned of Need for Repairs in April Letter