The state's Office of Insurance Regulation recently heard proposals by First Floridian Auto and Home Insurance Co., Kin Interinsurance Network and Florida Farm Bureau General Insurance Co. and Florida Farm Bureau Casualty Insurance Co. that would raise homeowners' rates by more than 20%. (Credit: pisaphotography/Shutterstock.com)
Florida Gov. Ron DeSantis on Monday (May 16, 2022) expressed confidence that a special legislative session will help stabilize Florida's property insurance system, but the troubled market is taking another blow as a group of companies is poised to cancel more than 68,000 policies.
AM Best commented that reforms are necessary to stabilize the state's market.
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