The Florida Legislature’s Special Session is Impacting Homeowners Insurance Daily. I witness Floridians paying some of the highest homeowners insurance premiums in the nation. Reasons having little to do with their exposure to hurricanes and more because of claims fraud. Floridians are seeing homeowners insurance become costlier and scarcer. For years the state has been the home of too much litigation and too many fraudulent roof-replacement schemes. These two factors contributed enormously to the net underwriting losses Florida’s homeowners’ insurers cumulatively incurred between 2016 and 2021.
The abundance of unneeded new roofs on homes and flashy lawyer billboards at every turn claiming massive settlements on claims. Florida’s insurance market is on the verge of failure. This man-made catastrophe is causing financial strain on consumers. The annual cost of an average Florida homeowners insurance policy will skyrocket to $4,231 in 2022, nearly three times the U.S. annual average of $1,544.