Florida is experiencing an exodus, but it’s not from residents relocating; rather, this is an exodus of home insurance companies. While this would be concerning in any state and at any time, it is particularly worrisome in Florida ahead of the Atlantic hurricane season, which started on June 1.
Bankrate dug deep into Florida insurance news to discover the cause of this problem. We can help you understand why the Florida home insurance crisis is happening and what you can do to prepare for the possibility of receiving a cancellation or nonrenewal notice on your homeowners insurance policy.
The crisis in the Florida insurance market
Florida has always been a complex home insurance market, but recent issues are pushing the state’s market to the point of collapse. Since 2017, six property and casualty companies that offered homeowners insurance in Florida liquidated. Three more are in the liquidation process in 2022. Other insurance companies are voluntarily leaving the state, and still more are choosing to nonrenew swaths of home insurance policies or drastically tighten their policy eligibility requirements.
According to Logan McFaddin, vice president of state government relations at the American Property Casualty Insurance Association, “Florida’s property insurance market is in crisis as insurers grapple with out-of-control litigation costs and billions in losses from recent natural disasters.”
Florida’s Insurance Consumer Advocate (ICA) Tasha Carter agrees, saying, “Homeowners insurance options in Florida have become more and more limited, and consumers are facing dire consequences.”
Consumer law Office is a client-centric law firm that is committed to delivering excellent customer service. Our Property Damage Attorneys fight insurance companies on behalf of our residential and commercial policyholders, contractors, mitigation companies, and public adjusters, to get the relief they are entitled to. We have helped numerous home and business owners successfully recover the compensation they deserve. Best of all there are no upfront fees, and we only get paid when you get paid. Contact us today for a free consultation: 305-940-0924.Your insurance company has the resources to hire experts to protect their interests; your representation should be no different.
