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Florida Homeowners Insurance Market Draws Concern After Building Collapse

 Friday, July 23, 2021

 Live Insurance News

The Surfside collapse has killed at least 97 people as of the writing of this article and is now causing greater concerns over the Florida homeowners insurance market.

The coastal community has already been facing rising pressure from climate change.

Economists are now taking another look at the concerns growing in the Florida homeowners insurance market.

They are now looking to parts of the United States that are reaching the point that they are too risky to insure at a price the property owners can afford, or to cover at all.

This isn’t just speculation about where the industry is headed. Only days after the building crumbled, insurance companies issued letters warning older buildings that their coverage would be cut off if mandatory safety inspections were not passed.