Today’s the day the National Flood Insurance Program adopts the recently created Risk Rating 2.0 system for policies. The system broadly increased the risk rating of nearly all Florida homes already in flood zones, in addition to adding tens of thousands of homes, predominately in Broward, to newly created flood zones. The result will be an increase in premiums for over 95% of South Florida policyholders. New policies taken out will see the impact of the changes immediately while existing policyholders will feel the effects upon renewal which is April 1st of next year.
Florida’s COVID-19 trend continued the recent rapid improvement Thursday with 4,938 new cases reported. Thursday also resulted in one of the best one-day improvements in COVID-19 hospitalizations we’ve seen during the pandemic. There were 441 fewer Floridians hospitalized with the virus making the total number of people hospitalized 5,483.
A judge has approved the sale of the Champlain Towers South site in Surfside for what appears to be $120 million to a real-estate developer through a bidding process. The property was appraised at $95.6 million. Proceeds will be split between owners and victim’s families.