It's no secret that Florida is hurricane prone, but hurricanes are only one problem facing the beleaguered insurance industry. The Florida legal landscape is set up to benefit the policyholders forced to file claims against insurers. The cost of these claims have almost tripled in South Florida as contractors took the ball and ran with it, according to the.
What Stakeholders Are Saying About the Florida Insurance Market March 11, 2021
Florida stakeholders are pushing hard for the Florida Legislature to enact property insurance reforms this year to help the state address what has been deemed a market crisis. Read on for what everyone from the state’s insurance consumer advocate, to the insurance regulator, to realtors and agents, are saying about the current state of the Florida insurance market.
“Affordability has been and continues to be a real issue in our state for both auto and property and we’ve seen a pretty strong trend over the past year of insurance companies having to file for rate increases. All sectors of Florida’s business economy are paying property insurance, so it affects all consumers, both the individual homeowner like me or the business that has property insurance on their company’s buildings. It impacts all of us.”