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Florida’s home insurance crisis may be causing residents to flee the state in droves as premiums skyrocket. Rising home insurance rates in Florida could be driving people away. What’s happening:
Of the $165 billion in natural disaster–caused damage the U.S. experienced in 2022, $116 billion of it was in Florida. Average annual home insurance premiums are triple the national average ...
A proclamation from the office of Governor Ron DeSantis notes that, although Florida only accounts for 9 percent of the country’s home insurance claims, it is home to 79 percent of the country ...
In June 2023, AIG announced that it was planning to reduce home insurance policy coverage across 200 ZIP Codes in Florida, New York, Delaware, Colorado, Montana, Idaho, and Wyoming, and Farmers Insurance Group announced that it was halting new-home insurance policy sales in Florida earlier in the year. [216]
Expanding the coverage in Citizen’s creates an unacceptable financial risk to the State of Florida and its citizens.
The Florida Insurance Guaranty Association board met on March 31 and filed for an emergency assessment of 1% on all Florida property insurance policies. [32] That is in addition to a 0.7% for 2022, a 1.3% assessment from July 1 2022 to June 30 2023, and another 0.7% ending December 31 2023. [32]
"From 2017 to 2022, homeowners insurance premiums rose 40% faster than inflation," a June report by the Bipartisan Policy Center says. For millions of households already struggling to make their ...
Florida Peninsula began writing home insurance in Florida in April 2005. It sells property coverage exclusively, insuring nearly 150,000 properties throughout the state through a network of 2,500 ...
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