Why are insurance companies pulling out of Florida?

Insurance Companies Forum
1

I’ve been hearing a lot about insurance companies leaving Florida… anyone know why this is happening? My premiums have gone way up, and I’m worried about finding coverage. Anyone else in the same boat?

2

Yeah, it’s crazy. It’s mostly due to all the hurricanes and lawsuits. Insurance companies are having a hard time keeping up.

3

Kip said:
Yeah, it’s crazy. It’s mostly due to all the hurricanes and lawsuits. Insurance companies are having a hard time keeping up.

Lawsuits? Didn’t know about that part… what kind of lawsuits?

4

@Linden
Apparently, Florida has like 79% of all insurance lawsuits in the country, which is insane. It’s mostly over claims that homeowners are filing.

5

@Linden
Yup, lawyers here can get 2x their billing rate in some cases, so more people are suing.

6

I’m with you. My old company canceled my policy out of nowhere. I had to switch to Citizens Insurance because nobody else would cover me. It’s stressful.

7

Sable said:
I’m with you. My old company canceled my policy out of nowhere. I had to switch to Citizens Insurance because nobody else would cover me. It’s stressful.

Same here… I ended up with Citizens too. Not a lot of options left.

8

Sable said:
I’m with you. My old company canceled my policy out of nowhere. I had to switch to Citizens Insurance because nobody else would cover me. It’s stressful.

What’s Citizens? Is it a private company?

9

@Harley
No, it’s a state-backed insurer for when you can’t get coverage anywhere else. Not ideal, but better than nothing.

10

I heard Farmers and Progressive are leaving too. Guess we’re all in the same sinking boat.

11

Ari said:
I heard Farmers and Progressive are leaving too. Guess we’re all in the same sinking boat.

Yeah, Farmers pulled out in July and left 100k homeowners scrambling. Not fun.

12

Ari said:
I heard Farmers and Progressive are leaving too. Guess we’re all in the same sinking boat.

Wow… didn’t realize it was that bad. What’s the plan if more companies leave?

13

Uma said:

Ari said:
I heard Farmers and Progressive are leaving too. Guess we’re all in the same sinking boat.

Wow… didn’t realize it was that bad. What’s the plan if more companies leave?

Honestly, not sure. The government’s trying to help, but it’s a mess.

14

At least there are new companies trying to pick up the slack. Heard about six new ones starting in late 2023.

15

Kip said:
At least there are new companies trying to pick up the slack. Heard about six new ones starting in late 2023.

That’s some good news. Hopefully, they’re not just temporary fixes.

16

FYI, if your company cancels, make sure you start getting quotes right away. It took me weeks to find a replacement.

17

Dru said:
FYI, if your company cancels, make sure you start getting quotes right away. It took me weeks to find a replacement.

Thanks for the tip! I’ll start looking now just in case.