The Latest On Florida’s Property Insurance Market

Florida TaxWatch just released its current analysis for the 2024 Florida’s property insurance market.

With premiums having surged by 42.5% since 2019, the report examines the underlying factors contributing to the market’s instability, including excessive litigation and significant hurricane damages that have pushed many insurance providers to insolvency or out of the state. This has led to limited competition and rising reinsurance rates, exacerbating the financial burden on homeowners and businesses.

The state-sponsored insurer of last resort, Citizens Property Insurance, now serves over one million Floridians, highlighting the failure of the private market to adequately provide for residents’ needs and the potential financial risks to all taxpayers in Florida.

In the report, TaxWatch discusses various legislative reforms aimed at stabilizing the market and reducing fraud, such as changes to the assignment of benefits and litigation thresholds, as well as the introduction of reinsurance programs designed to support insurers.