Posted 3/7/2024, 1:28:59 PM
Florida Battles Rising Insurance Costs and Availability Crisis Amid More Frequent Natural Disasters
- Natural disasters becoming more frequent and costly in Florida, causing spike in insurance claims
- Rising reinsurance costs getting passed from insurers to homeowners, driving up premiums
- Some insurers limiting coverage or withdrawing from Florida market entirely
- Florida passed reforms to restrict lawsuits against insurers and limit assignment of benefits
- Unclear if reforms will stabilize market; other disaster-prone states watching Florida as potential model or cautionary tale