Storms Make it Harder, More Expensive to Insure FL Multifamily
Owners of multifamily properties in Florida already dealing with increased insurance premiums can count on paying even more after Category 3 Hurricane Idalia hit the Gulf Coast last month.
Florida, which has more hurricanes than any other state, has seen multifamily property insurance rates climb between 30 to 70 percent in 2023, fueled by Hurricane Ian’s $53 billion in insured damages in 2022. Rates are even higher for policy holders with prior losses, non-renewing carriers or valuation issues.
Florida property insurance costs have gone up across the board, but hit the multifamily sector hardest because they are usually wood-frame structures with higher potential for damage, and high tenancy rates generate more claims.
Not only is coverage more expensive, but it’s harder to find. Fewer insurers are willing to underwrite policies, and more insurance firms are pulling out of Florida because of the risk of heavy losses.
Angela Noote is a native of Northern California and graduated from Chico State with a degree in public relations. After college she moved to the Central Coast and worked first in ad sales then in editorial, eventually spending more than a decade as a print reporter and editor. She detoured into design work at a printer/publisher, and with a partner eventually opened a boutique full-service marketing agency. Moving into corporate communications, she built and managed several successful marketing teams in the hospitality, financial services, and nonprofit industries. Most recently she was an internal comms manager in the tech sector. After a long stint spent in Georgia (Go Dawgs), she moved to Baton Rouge, LA and has written for clients in the financial, luxury imports, higher ed, commercial cleaning, and medical equipment industries. Her son is a media arts major at the University of South Carolina, and her husband owns a comedy theater in Baton Rouge, where you can often find Angi teaching improv classes, leading corporate training events, or doing an occasional stand up set.