The Daily Business Review quoted Salvatore Scro in an article published on 8/28. The news article details the persistent rise in insurance premiums and new state regulations across Florida.
Florida passed laws in reaction to the Champlain Towers collapse to avoid similar tragedies by tightening restrictions on building codes and forcing more thorough inspections. However, these inspections are causing insurance costs to rise drastically.
“It’s putting a chilling effect on these associations from doing any investigations within the statute of limitations period to address any construction defects,” said Salvatore Scro.
Although these inspections can raise insurance premiums for associations if construction defects are found, Scro says those same insurance policies wouldn’t cover damages if there was a construction defect anyway.
Read the story in full; click here (subscriber-based).