Home insurance rates still rising in Florida, but market stabilizing after turbulent years
• Florida homeowners still facing rising insurance rates, but more companies operating and fewer insolvencies compared to last year • 4 separate assessments charged to homeowners’ insurance bills over past 2 years due to company insolvencies • Only 1 assessment left on bills - 1% annual surcharge on premiums • Last major insolvency was UPC in February 2022 with 23,000 claims; FIGA has paid out over $300 million so far • FIGA hopes current calm period continues compared to heavy insolvency activity like in 2008