"Florida’s property insurance market is in free fall.
Florida homeowners pay property insurance rates that are three times the national average. Six companies have become insolvent and left the state in the last year. Citizens Property Insurance, the state-run insurer of last resort, now has more than 1.1 million customers, the highest in a decade.
And people who have paid off their mortgages are increasingly “going bare,” choosing not to carry the high-priced insurance and instead shoulder the economic risks themselves.
All this was happening before Hurricane Ian inflicted between $35 billion and $73 billion in insured damage in Florida, further tightening the affordability and accessibility crisis. Then, following the hit of Category One Hurricane Nicole, things got worse."
Mary Ellen Klas reports for Miami Herald December 11, 2022.
SEE ALSO:
"Florida Lawmakers Hope To Aid Ailing Home Insurance Market" (AP)
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