We have all seen the headlines regarding the homeowners’ insurance market in the state of Florida, but they are sobering when you take a step back and think about what is happening:
Florida has lost five insurance companies to liquidation – the most recent being Weston Insurance Company, whose policies will cancel effective September 7, 2022.
Two of the larger, local publicly-traded personal-lines-focused insurance companies – United Insurance Holdings Corp and Heritage Property and Casualty Corp – announced financial losses for the quarter that both exceeded first quarter results.
Citizens, the involuntary market in the state, is quickly approaching its high point in terms of policies in force. This amounted to 1,250,000 homes insured, a level that it has not seen since 2005.
Companies are raising rates and non-renewing customers due to increased costs of litigation, fraud, and inflationary pressures for building materials and labor.
At the end of the day, it is us, the consumer, that pays the ultimate price either by:
- Paying the increased cost to ensure that our home and family are protected
- Making choices as to the level of coverage, if any, you can afford for their family
Pineapple Insurance is an independent insurance agency, which means that we can shop your insurance with multiple carriers. We can also be a resource to answer questions regarding your existing policy or changes you are contemplating. If we can be of assistance, whether it is a quote or a question, please do not hesitate to reach out, call us at (813)-438-7240, or you can visit us at PineappleInsure.com.