National insurers have very little presence in Florida. Big insurance companies dominate more than half the market in the rest of the country. But in Florida, State Farm has about 7% of the market, according to the Insurance Information Institute, an industry trade group. No other major insurer has as much as 2%. Meanwhile, the regional and local insurers left to provide coverage are in bad shape.
Had the market been properly regulated through the good years, when there were no hurricanes, the abusive and undercapitalized companies would not have been let loose on the homeowners of Florida while their executives plundered the profits.” Even Friedlander said it is possible that the new limits on lawsuits will leave some homeowners unable to collect on legitimate claims. But he said to the extent that happens, “it’s because of the abuse that has gone on for so many years.
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