Insurance Companies Writing Homeowners Insurance In Florida - By: Cate Deventer Cate DeventerArrow The Right Insurance Writer and Editor Cate Deventer is a writer, editor, and insurance agent with over 10 years of experience in the insurance industry. Connect with Cate Deventer on Twitter Connect with Cate Deventer on Twitter LinkedIn Connect with Cate Deventer on LinkedIn Linkedin
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Insurance Companies Writing Homeowners Insurance In Florida
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Hurricane Ian's Aftermath Isn't The Only Crisis Facing Florida. There's Also An Insurance Mess
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Florida's home insurance crisis continues to worsen despite recent legislative changes focused on stabilizing the rapidly expanding home insurance market. Many property insurance companies will continue to insure or not in Florida, and many others will have to raise their rates. Even worse, a potential drop in financial health levels could cause problems for millions of homeowners. Research the Florida insurance industry to find the root of the problem. If you've been notified to cancel or renew your homeowners insurance policy, we can help you understand why the Florida Home Insurance Crisis happened and what your options are.
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Florida has always been a complex home insurance market, but recent problems are beginning to cripple the state's market. As of 2017, six property and casualty companies providing homeowners insurance in Florida have been disbanded. Five more will be liquidated in 2022. Other insurers are also leaving the country on their own. More and more people are opting for home insurance policy upgrades that either significantly increase policy coverage requirements or require significant rate increases.
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For Florida homeowners, this means fewer home insurance companies and higher premiums. Even if a company becomes insolvent, the Insurance Guarantee Society of Florida (FIGA) will still assume claims owed by the company. In late August, FIGA's board of directors and the Florida Department of Insurance Regulation (OIR) approved a 0.7% valuation to help cover the cost of outstanding claims related to liquidated companies. This is the second evaluation this year, with a 1.3% evaluation approved in March. Homeowners pay these fees whether or not they are with an insurance company.
Florida's property insurance market is in crisis as insurance companies lose billions of dollars due to out-of-control litigation costs and recent natural disasters.
Florida Insurance Consumer Advocate (ICA) Tasha Carter concurred, saying, “Homeowner insurance options are becoming increasingly limited in Florida, and consumers are facing dire consequences.”
Florida insurance companies either cancel policies and leave the state or quickly go into liquidation. why? What's behind these companies that insure Florida homes?
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Florida has always presented a risky market for home insurers due to the widespread threat of weather-related losses, but the current crisis is the result of multiple factors reaching boiling points simultaneously.
Florida's biggest problem is home insurance fraud, driven by a fraud ceiling. According to a statement from Governor Ron DeSantis' office, Florida accounts for just 9 percent of state home insurance claims, but 79 percent of state home insurance claims. Most of these claims are fraudulent. ICA Carter explains how scams usually work.
“These plans are realistic and are happening regularly,” said ICA Carter, adding more financial pressure to insurers, especially in countries with high claim rates due to weather-related events.
According to Mark Friedlander, Director of Corporate Communications at the Insurance Information Institute, "Florida property insurers will lose a total of $1.7 billion in 2021 from these runaway litigation costs." The Governor's Office reported a net sales loss of more than $1 billion for the second consecutive year. Unsurprisingly, many companies go bankrupt or go out of business before reaching this point.
Property Insurance Market Crisis Looms Over Florida
Instead of selling outright, some companies are tightening their selling limits to reduce the risk of fraud. it can
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