Auto and Home Insurance rates have been exploding over the last 5 years along with increased home prices, Category 4-5 Hurricanes and Insured Losses. Inflation over the last 5 years has increased the Median Home price nationwide from $294,000 to $425,000, an 45% increase; has home insurance cost increased 45% too? Nationwide, average home insurance costs have increased 7.5% just this past year.
In Florida, unscrupulous contractors and plaintiff attorneys were also jacking up insurance claim costs. Insurers were inundated by lawsuits, causing many to fail or flee the market. The Florida state-created Citizens Property Insurance Corp. became the state’s biggest property insurance. Does any of this sound familiar?
In 2022 Florida decided to do something about it, and in early 2023 its Legislature passed significant insurance reforms and established a state reinsurance company. The Florida Insurance Report Card was just issued, and the results were outstanding as follows:
