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Of the $165 billion in natural disaster–caused damage the U.S. experienced in 2022, $116 billion of it was in Florida. Average annual home insurance premiums are triple the national average ...
The problem may not stay in Florida, either; if other high-risk states like Louisiana and California see an increase in insurance fraud, those markets could begin to degrade. There is hope, though ...
Legal costs for insurance companies dropping after spike in lawsuits in early 2023. The reforms put Florida more in line with litigation rules in other states, Friedlander said, and insurance ...
How is the state addressing Florida’s home insurance problems? Citizens Insurance, which was designed by the state for homeowners to use as a backup plan, now owns 50 percent of the market share ...
The two flash points for homeowners insurance problems are California and Florida, where very high property values combine with a greater incidence of wildfires and hurricanes to create an ...
A 2021 analysis by then-Florida Insurance Commissioner David Altmaier found that Florida made up 8% of the nation’s homeowners’ claims in 2019, but 76% of its lawsuits.
The Florida Insurance Guaranty Association board met on March 31 and filed for an emergency assessment of 1% on all Florida property insurance policies. [32] That is in addition to a 0.7% for 2022, a 1.3% assessment from July 1 2022 to June 30 2023, and another 0.7% ending December 31 2023. [32]
Mark Friedlander of the Insurance Information Institute said, “We have estimated up to 15% of Florida homeowners may not have property insurance, based on input from insurance agents across the ...