Among the reasons that carriers have been struggling in Florida are a host of natural disasters, a tsunami of fraudulent claims and lawsuits against insurers that have had a devastating impact. According to a 2019 Florida Office of Insurance Regulation study, the state represented 76.45% of the nation's lawsuits. (Photo: Mia2you/Shutterstock.com)
Hopes for any relief in Florida's property insurance market this year have been dashed by legislators as capacity continues to tighten and the situation grows more dire for insureds and insurers alike.
State lawmakers concluded their annual legislative session without enacting any reforms that would have helped the personal lines coverage situation that's reaching critical mass in Florida. By the close of its annual session, House and Senate leaders couldn't reach a solution to soften the impact of double-digit rate increases on Florida homeowners.
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