Skilled Nursing News May 21, 2024
Over the past five years, hundreds of nursing homes and assisted-living facilities in Florida have been forced to close due to a steep rise in commercial property insurance rates linked to hurricanes and labor costs.
According to the state’s Agency for Health Care Administration, insurance premiums in Florida rose by 125% during this period, with an average of 146 facilities per year closed during a five-year period ending in 2023.
Bloomberg News reported that in 2023, premiums surged by 27% for Florida operators. This financial pressure has left many operators struggling to stay afloat, with some unable to meet their debt obligations.
The state’s booming population, coupled with a high proportion of elderly residents—22% compared to the national average of...
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