Modern building codes and structural engineering have made our buildings extremely safe places to live and work. However, without the right maintenance and attention, little issues can grow into large safety concerns which carry high costs, as demonstrated by the recent Surfside Champlain Tower collapse.

The total effect of the collapse on the construction and insurance industries has yet to be seen, but industry experts are already speculating which industry changes are sure to ensue. For one, inspection reports will likely be given greater consideration. Underwriters will ask more questions about the structural integrity and maintenance of a building before writing coverage into avoid large payouts after disasters. Similarly, property coverage valuations are likely to be further scrutinized, and homeowner’s associations will be held responsible for more than they bargained for.

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