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Four things businesses expanding into Florida need to know about insurance coverage

The challenging insurance market means that companies should understand the factors affecting property and business rates.

By Matt Mallory | June 19, 2023 at 12:02 AM
Clients must work with underwriters who understand the intricacies of the Florida market, not just the coastal regions. Building relationships with underwriters who understand how to layer property, build a tower, and secure the best rates is crucial. Clients must work with underwriters who understand the intricacies of the Florida market, not just the coastal regions. Building relationships with underwriters who understand how to layer property, build a tower, and secure the best rates is crucial. Photo: Felix Mizioznikov/Stock.Adobe.com

The state of the Florida property insurance market has become increasingly challenging recently, with a surge in natural disasters over the past three years causing more damage to the peninsula than in the previous decade. Even if you avoid the direct impact of a storm, you will still feel the financial repercussions through increased insurance costs.

This challenging market has forced retail brokers to rely heavily on wholesale partners to secure adequate terms, but even this is becoming an arduous task. The current climate necessitates even deeper diligence, from loss pick analytics to the almost insurmountable challenge of placing wind coverage on anything other than Lloyd’s paper.

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