Florida’s Property Insurance Space is Riddled with Lawsuit Abuse
Dear Florida Jolt Editor,
Florida has a lawsuit abuse problem in the property insurance space, and the numbers highlight the overwhelming magnitude of the situation. The Florida Office of Insurance Regulation reported that while Florida accounts for only eight percent of homeowners insurance claims in the U.S., it has 76 percent of homeowners insurance lawsuits. Moreover, between 2013 and 2020, Florida’s property insurers paid out $15 billion in claims, but only eight percent actually went to consumers – a shocking 71 percent was paid to attorneys.
Furthermore, skyrocketing inflation and record-breaking losses from natural disasters are straining the system and adding to an increasingly volatile marketplace. As a result, a growing number of insurers are discontinuing coverage in Florida, leaving many homeowners scrambling to find new coverage with limited options available.
In many instances, these homeowners find that their only coverage option is with the state’s insurer of last resort, Citizens Property Insurance. However, there is serious concern that Citizens may not have the financial resources to cover potential catastrophic losses, which would leave all Florida insurance policyholders on the hook for the rest of the bill.
This upcoming Special Session, the Florida Legislature needs to pass meaningful property insurance reforms to protect Florida homeowners, help lower costs, and bring competition back to the Florida marketplace.
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