Report: More Than 87K Floridians Dropped by Home Insurers Last Quarter

December 12, 2018

State records show home insurers have dropped the policies of more than 87,000 Floridians in the third quarter of this year.

The Palm Beach Post reports that state records also show half of the state’s top 10 property insurers served fewer customers at the start of October than they did a year earlier.

Adding to homeowners’ woes, the state’s last-resort insurer, Citizens Property Insurance Corp. has proposed an 8 percent premium increase for 2019.

Hurricanes Irma and Michael generated more than $15 billion in claims in Florida in the past two hurricane seasons.

Besides the hurricanes, Citizens officials cite “the impact of skyrocketing non-weather-related water loss claims in South Florida.”

Florida ranks No. 1 in home insurance costs. An average premium is more than $2,000, nearly double the U.S. average.

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Latest Comments

  • December 12, 2018 at 3:22 pm
    SWFL Agent says:
    Not sure we've experienced any more non-renewals than usual. We have had some clients non-renewed because they accepted claims payments and could not / would not show evidence... read more
  • December 12, 2018 at 1:56 pm
    Johnny Rockets says:
    Florida is very tough to write business in these days. The DOI, from what I understand, is very difficult to get rate increases through that are desperately needed for an ins... read more
  • December 12, 2018 at 8:21 am
    Brian says:
    "Dropped" meaning cancelled or non-renewed? Is that more or less than average, because that type of turnover, or churn as it's called, is common. Underwriting guidelines chang... read more

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