The Florida insurance industry is in a state of crisis.
Over the past year and a half, 15 Florida insurers placed moratoriums on writing new business in most counties and seven were declared insolvent.
Then, earlier this week, Farmers Insurance notified policy holders that the company is pulling out of Florida altogether.
It appears the financial relief promised when state legislators passed significant insurance tort reform at the end of 2022, isnt expected anytime soon.
Even though the average homeowner experienced a 42 percent rise in insurance premiums last year, industry expert Mark Friedlander of the Insurance Information Institute predicts rates will go up again.
Significant increase are being incurred by homeowners in counties ac…
Read the full article at: https://news.wgcu.org/section/hurricanerecovery/2023-07-13/brace-yourself-floridians-the-promised-insurance-relief-isnt-expected-soon-could-get-worse