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.
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