In 2020, the premium for Florida homeowners insurance was on average $650 greater in Florida than in most other states for comparable coverage and was projected to be $866 greater than in most other states in 2021. (Credit: PixieMe/Stock.adobe.com) In 2020, the premium for Florida homeowners insurance was on average $650 greater in Florida than in most other states for comparable coverage and was projected to be $866 greater than in most other states in 2021. (Credit: PixieMe/Stock.adobe.com)

The Florida homeowners insurance market is financially stressed. Florida domestic property insurers have reported losses for several years, and surplus decline is outpacing premium growth. As a result, Florida’s homeowners face year-over-year soaring premiums and fewer choices.

In 2021, the Florida legislature adopted some reforms to stabilize the market. However, the 2022 legislative session recently concluded without the enactment of additional reforms.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.