What next?
15 insurance companies decide to stop writing new business in Florida, over the past 18 months in Florida,
Now Farmers insurance also stopped signing new business in the state.
Insurance companies are now worried they won't profit due to catastrophe costs at historically high levels and reconstruction costs continuing to climb.
The cost of claims for catastrophes is higher than ever before.
The replacement cost for homes has increased 55% over three years, outpacing inflation.
Severe weather and high construction costs make it more expensive to operate in the state.
Floridians are paying more on average for home insurance today, versus the US average homeowner.
other states are paying about $1,700, Floridians are paying $6,000 as premium
This will not impact the existing insurance policy owners.
Home owners may have to pay more for new insurance policies in the state
In March 2023, Citizens’ governing board approved an average rate hike of 14.2% statewide.
This time it may be more
It's unclear whether the company, which has operated in Florida since 2018, will discontinue policies in the state completely.
State Farm and Allstate are no longer accepting applications for new home insurance.
Florida insurance fraud investigation widens to include earlier hurricanes.
Citizens Property Insurance Corp. is the last resort for Floridian home owners.
Citizens held 1.27 million policies in force in April, which is expected to climb past 2 million by year’s end.
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