Florida Market Still Reeling from Surfside Condo Collapse

Placing You First Insurance Podcast by CRC Group

The deadly collapse of a 12-story beachfront condominium north of Miami Beach sent shockwaves through the Florida insurance market. One wing of the 40-year-old Champlain Towers in Surfside, Florida, crumpled to the ground suddenly on June 24, 2021, killing 98 people. Several carriers have exited the Florida property market as total settlements rise to more than $130 million, and others are pulling back on property and liability coverage. Faced with the potential for steep losses, insurers are raising rates and deductibles and becoming much more selective. In such a challenging market, it’s crucial to work with experienced, knowledgeable brokers who can provide guidance through a more complex, demanding placement process.
Featuring:

• Sim Bridges is Vice President-Underwriting with Coastal Insurance Underwriters located in Ponte Vedra Beach, Florida.

ABOUT COASTAL INSURANCE UNDERWRITERS

Coastal Insurance Underwriters is a program administrator specializing in designing, creating, and managing insurance products for various business classes, including condominium associations, homeowner associations, and golf and country clubs. Coastal has become one of the largest Managing General Underwriters in the United States focused on community association products with over 8,000 homeowners and condominium associations currently insured. Coastal Insurance Underwriters is a subsidiary of Constellation Affiliated Partners, LLC. Learn more at www.ciuins.com.

Visit REDYIndex.com for critical pricing analysis and a snapshot of the marketplace.

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1. Florida Market Still Reeling from Surfside Condo Collapse (00:00:00)

2. Refresh our memories on the Surfside Condo collapse? (00:02:32)

3. What has the Florida property market's response been to this situation? (00:03:38)

4. What are the carrier concerns? (00:04:45)

5. Talk about the focus on financial resilience for insureds. (00:05:59)

6. Any advice for agents writing property in Florida? (00:07:44)

7. Tell us about Coastal Underwriters. (00:09:23)