Florida Insurance Policies Dropped Amid Statewide Crisis

Florida's insurance landscape is in a state of crisis, with many residents struggling to find affordable coverage. Over 1 million Floridians have seen their insurance policies dropped or non-renewed since 2021.

The crisis is largely driven by a combination of factors, including frequent and intense hurricanes, rising construction costs, and a surge in litigious behavior. This perfect storm has led to a significant increase in insurance claims, causing many companies to reevaluate their policies.

As a result, many Floridians are facing skyrocketing premiums or being dropped from their policies altogether. In fact, a staggering 1 in 5 homeowners in Florida has seen their premiums increase by over 50% in the past year.

Florida insurance policies dropped significantly in 2022, with over 80% of policies being canceled or non-renewed due to rising costs and insurer losses.

Citizens Property Insurance, the state's largest insurer, saw a 45% increase in policies dropped in 2022 compared to the previous year.

Many Floridians are now forced to seek alternative insurance options, which can be costly and difficult to find.

The average cost of homeowners insurance in Florida increased by 25% in 2022, making it one of the most expensive states for insurance in the country.

Some insurers are no longer offering new policies in certain areas, such as coastal regions, due to the high risk of damage from hurricanes and other natural disasters.

The state of Florida has implemented measures to try and stabilize the insurance market, but it remains to be seen whether these efforts will be effective in the long term.

If you're struggling to find a suitable homeowner's insurance policy in Florida, you're not alone. Many people are facing dropped policies, making it difficult to find affordable coverage.

Homeowners can buy into Citizens as a last resort due to cost if the next cheapest plan for the same coverage is 20% higher or more. This option is available for those who need a safety net.

Citizens is a viable alternative for Floridians who are struggling to find other insurance options. It's a state-backed insurer that provides coverage when private insurers won't or can't.