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The result of all this is that insurance litigation has exploded in the state. The Insurance Information Institute (III), an industry group, reports that 80 percent of the nation's homeowners ...
State reports show insurance companies in Florida were showing healthy net income and underwriting gains in the storm-free years between 2012 and 2015. But then Hurricane Matthew hit in 2015, and ...
In 2022, the Florida home insurance market spent months tumbling toward collapse, but legislation was put in place to help mitigate disaster. These laws aim to make Florida home insurance more ...
Ten Florida insurance companies said recently they would not increase rates, and at least 15 others filed for a decrease in rates.
In response, state lawmakers in the last few years have passed modest changes to the state’s insurance laws, mostly focused on curbing litigation and allowing companies to tap into a new state ...
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.
But it was his Republican predecessor, Rick Scott, now a U.S. senator, who lured low-quality insurance companies to the state and left Florida’s publicly owned insurer-of-last-resort agency ...
In 2022, news that 27 of Florida’s property insurance companies were potentially facing a financial rating downgrade from Demotech, the state’s primary financial rating firm, created panic in ...