Up and down the Florida coast, condo owners are waking up to a new reality as insurance rates rise, and coverage declines. The change in rates comes in the wake of last June’s collapse at the Champlain Towers South in Surfside, a collapse that killed almost 100 people. “We received a new quote and… Continue reading Florida’s Insurance Crisis Spreads to Condos
Tag: Surfside 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 Condo Collapse Lawsuits Are a Fight Over Just $50 Million
Plaintiffs’ lawyers have filed some two dozen lawsuits following the collapse of the Champlain Towers South condo tower last month, seeking payouts for the 98 deaths and destruction of 136 apartments it caused. The lawyers say it would take $1 billion to compensate everyone fairly. But the pool of money currently available for the Miami-area… Continue reading Surfside Condo Collapse Lawsuits Are a Fight Over Just $50 Million
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
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
Insurer Plans to Make Up-Front Payment for Damages in Surfside Condo Collapse
Just hours after the collapse of a Surfside condo tower last Thursday, a Miami attorney filed a class-action lawsuit seeking millions of dollars in damages from the building’s condo association after accusing the board of failing to protect the lives and property of residents. On Monday, the insurance carrier for the Champlain Towers South condo… Continue reading Insurer Plans to Make Up-Front Payment for Damages in Surfside Condo Collapse
Local Municipalities Ramping Up Building Inspections After Surfside Condo Collapse
Local municipalities are ramping up inspections of older buildings following the collapse of the Champlain Towers South building in Surfside. Miami-Dade County Mayor Daniella Levine Cava announced Monday that she is directing the Department of Regulatory and Economic Resources to begin a 30-day audit of all residential properties five stories or higher that are 40… Continue reading Local Municipalities Ramping Up Building Inspections After Surfside Condo Collapse