Updated 2 hours ago
Floridaâs property insurance market posted one of its worst financial performances in 2020, even without a hurricane making landfall in the Sunshine State, and policyholders are starting to pay the price.
Experts say there is no quick fix to the challenges buffeting the industry.
Fifty-six Florida insurers reported a combined $1.57 billion in underwriting losses, according to financial data obtained by the Tampa Bay Times, spending more on claims and expenses than they brought in through premiums. The figure marks the industryâs fifth consecutive year of losses in the state and is more than two-and-a-half times what those companies lost in 2019.
Florida s property insurance market is ailing There is no quick fix
msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Roof replacement insurance unlikely to change this year - South Florida Sun-Sentinel
sun-sentinel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sun-sentinel.com Daily Mail and Mail on Sunday newspapers.
Lawmakers blame flood of Florida homeowner insurance fraud on lax state enforcement
Tallahassee Democrat 2/9/2021 Jeffrey Schweers, Capital Bureau
Replay Video UP NEXT
In the last five years, a group of lawyers, unlicensed claims adjusters, restoration companies and others posing as loss consultants and insurance specialists have targeted homeowners who suffered damage from hurricanes and other disasters.
The scammers have ripped off thousands of Florida homeowners, offering rebates, deposit waivers and gift cards to get homeowners to sign over their insurance benefits, say lawmakers and other advocates.
And it s given legitimate public claims adjusters a black eye, prompting the Florida Association of Public Insurance Adjusters (FAPIA) to seek legislative support.