Navigating the Current State of the Florida Property Insurance Market

The Florida property insurance market is in a state of flux with rising rates, non-renewals and companies leaving the state altogether. This is due to a number of factors including the state’s hurricane vulnerability, high litigation costs and a number of other challenges.

What’s causing the crisis?

Hurricanes: Florida is one of the most hurricane-prone states in the country and insurers have incurred billions of dollars in losses, in recent years, due to major storms such as Irma, Ian and now Idalia.

Litigation costs: Florida has a unique legal system that makes it easy for homeowners to sue their insurers. This has led to a surge in litigation, which has driven up costs for insurers.

Other challenges: The Florida property insurance market also faces a number of other challenges such as climate change, aging infrastructure and rising construction costs.

What does this mean for homeowners?

Homeowners in Florida are facing higher rates, non-renewals and fewer coverage options. In some cases, homeowners may be forced to purchase insurance from Citizens Property Insurance Corporation, the state-run insurer of last resort. Should this elevated storm cycle continue, the market will continue to limit homeowner’s choices.

What is the state doing to address the crisis?

The Florida legislature has passed a number of reforms in recent years, aimed at addressing the crisis in the property insurance market. However, more work is needed to make the market more affordable and stable for homeowners.

What does the future hold?

The future of the Florida property insurance market is uncertain. However, homeowners can take steps to protect themselves and their homes by shopping around for coverage, making improvements to their homes and having a plan in place in the event of a hurricane or other natural disaster.

What can homeowners do?

There are a number of things that homeowners can do to navigate the current state of the Florida property insurance market:

Raise your deductible: Raising your deductible can help to lower your premiums. However, it’s important to make sure that you can afford to pay your deductible if you need to file a claim.

Make improvements to your home: Making certain improvements to your home, such as installing hurricane shutters or a new roof, can also help you to qualify for lower rates.

Lindsey Kenney

Get involved: Homeowners can also get involved in advocating for reforms that would make the Florida property insurance market more affordable and stable.

Lindsey Kenney assumed the role of Private Client Account Executive at M.E. Wilson within our Personal Lines Department in September 2022. With an extensive career spanning over 14 years, Lindsey possesses a wealth of experience collaborating with our High-Net-Worth insurance partners. Lindsey’s specialized expertise lies in High-Net-Worth Personal Lines and account management. Her primary objective centers around creating long-lasting relationships with her clients while consistently providing exceptional value.

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