The post-reality of the collapse of Champlain Towers South in Surfside is hitting owners of condo units in older buildings in South Florida where it hurts the most: their wallets.
In the South Florida Business Journal, Oscar Seikaly, CEO of Miami Lakes-based NSI Insurance Group, said insurance costs for condo associations have increased dramatically since the Surfside tragedy because lenders want associations to insure the full cost of replacing a building. Additionally, reinsurance providers aim to limit their exposure to coastal buildings in South Florida, and it’s increasingly difficult for them to calculate risk due to global warming and stronger storms.
Read the full article here.
