The Real Deal Miami

Storm could soak property rates

March 30, 2009 09:25AM

A report from Florida Chief Financial Officer Alex Sink’s office warns that property insurance rates could soar 13 to 33 percent in South Florida if there’s a monster hurricane this year. It evaluates a category 4 hurricane’s impact and predicts $91 billion in insured property losses, $61 billion of which would be borne by home and condo owners. Home and condo insurance rates in South Florida would increase 26 to 33 percent if lawmakers trim the $28 billion hurricane catastrophe fund by more than one-third.