FL Homeowners Face Insurance Nightmare After Ian

The Associated Press reports:

Even before Ian, Florida’s home insurance market was dealing with billions of dollars in losses from a string of natural disasters, rampant litigation and increasing fraud. The difficult environment has put many insurers out of business and caused others to raise their prices or tighten their restrictions, making it harder for Floridians to obtain insurance.

The insurance industry says overzealous litigation is partly to blame. Loopholes in Florida law, including fee multipliers that allow attorneys to collect higher fees for property insurance cases, have made Florida an excessively litigious state.

Florida currently averages about 100,000 lawsuits over homeowners’ insurance claims per year, he said. That compares to just 3,600 in California, which has almost double Florida’s population. The state accounts for 76% of the nation’s homeowners’ insurance claims lawsuits.

Read the full article.

The aftermath of Hurricane Ian deals blow to Florida’s teetering insurance sector https://t.co/GbfsaRqHDu pic.twitter.com/jZAYi0oURo

— The Associated Press (@AP) October 5, 2022