Some Florida insurance carriers could go belly up

Hurricane Ian’s Uncertain Path Keeps Much of Florida on Alertars of

Yet another reason why I wouldn’t live in Florida. Remember what happened in Lousiana– insurers simply refused to cover everything their policies say they will, and losses in Florida will be even worse. Via ABC News:

Industry analysts say ye rampant and frivolous litigation and scams have brought Florida’s home-insurance market to its knees, with many large insurers like Allstate and State Farm, reducing their exposure to the state in the past decade.

“Insurers most exposed to the storm will be the Florida-only insurers, which we define as insurance companies with at least 75% of their homeowners and commercial property premiums written in Florida,” according to a report from Moody’s Analytics submitted to ABC News.

The state-run, taxpayer-subsidized Citizens Property Insurance Corp. stands to lose the most. As more local insurance companies in Florida have closed their doors, Citizens has seen its number of policyholders swell from 700,000 to more than 1 million in just the past year.

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