Florida's homeowners insurance premiums are on the rise due to increased claims related to weather damage and insurance scams.
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In the past few years, natural disasters and political unrest have decreased the risk appetite among providers throughout the US causing rising rates, says Ken Gregg, CEO of Orion180, a homeowners insurance provider serving independent agents in the southeastern US.
Florida, in particular, is seeing some of the highest homeowners insurance rate hikes and the largest number of policy nonrenewals in the nation. According to data from S&P Global Market Intelligence, by mid-April, Florida's residential insurance market will see a cancellation of approximately 37,000 policies.
Florida is experiencing the worst property insurance crisis in the US. According to data from S&P Global Market Intelligence, by the end of 2021, Florida's residential insurance providers experienced a net income loss of $1 billion. Many providers are leaving the state, and larger insurers like Geico and Progressive are canceling policies among homeowners in the region. Gregg cites a few reasons for this occurrence: forthcoming weather-related risks, insurance scams, and frivolous lawsuits.
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