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Two Things to Know About the Changing Florida Insurance Market

Given the unique environmental challenges, such as hurricanes, nearly everyone in Florida needs to buy comprehensive insurance coverage to safeguard their homes and assets. Although the Florida insurance market has been turbulent lately, homeowners can reduce their costs by working with experienced local insurance agents.

Two Things to Know About the Changing Florida Insurance Market

1. The Insurance Market Is In Trouble, But the Government Is Stepping In 

In recent years, the insurance market in Florida has been strained due to numerous natural disasters and fraudulent claims. Despite accounting for only 9 percent of the nation’s home insurance claims, Florida has been burdened with a staggering 79 percent of home insurance lawsuits, many of which are fraudulent. The impact of these issues has resulted in net underwriting losses of more than $1 billion for insurance companies. 
This has prompted over 30 providers to withdraw some form of home coverage in the past three years. Governor Ron DeSantis has taken significant steps to address the challenges faced by the home insurance market in Florida. He has signed several new insurance reform bills in 2022 and 2023. These measures, in conjunction with earlier legislation, are aimed at bringing stability to the market. 

2. Rates Are Increasing, But You Don’t Necessarily Have to Pay More

Unsurprisingly, the tumultuous state of the home insurance market in Florida has led to a surge in insurance costs for many residents. To manage these rising expenses, those looking for insurance can take several proactive steps. First, bundling home and car insurance policies with the same provider often results in cost savings. Maintaining a good credit score can also contribute to lower premiums. 
Additionally, raising deductibles and installing home security systems may qualify for discounts. Seek the assistance of an experienced insurance agent, as they can help you navigate the complex landscape, compile quotes, and identify the most affordable yet comprehensive coverage tailored to your needs.
In Florida, taking out homeowners’ insurance that includes coverage for potential hurricane damage and flood insurance is important due to the state’s susceptibility to severe weather conditions. Although insurance is more expensive than in other states, you can reduce your premiums by comparing providers and bundling policies. Call us at DTRT Insurance to speak to an expert about your insurance needs. 

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