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The Real Deal August 2007
Although it has been several years since a major hurricane ravaged South Florida, commercial property owners are still feeling the insurance hangover.First came the storms of 2004 and 2005 -- Jeanne, Frances, Wilma, Katrina, Charley and Ivan. Then came the insurance losses -- $71 billion worth, according to the Insurance Information Institute. And then came the skyrocketing commercial property insurance costs. The cost of coverage for South Florida commercial property has seen average combined increases of 75 to 100 percent in the past two years, said Dr. Robert Hartwig, president and chief economist of the Insurance Information Institute, based in Read more…
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