Ian threatens Florida's already unstable insurance market

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Hurricane Ian is almost certain to further damage Florida's insurance market, which has strained under billion dollar losses, insurer insolvencies and skyrocketing premiums.

Homeowners unable to get coverage or priced out of plans have flocked to the state’s public insurer of last resort, Citizens Property Insurance, which this summer topped 1 million policies for the first time in almost a decade. Citizens Property Insurance was created by the state legislature in 2002 for Floridians unable to find coverage from private insurers.

Among the provisions was the creation of a $2 billion reinsurance program that insurers could buy into to help insulate themselves from risk, so long as they reduced rates for policyholders. The law offers grants of up to $10,000 to retrofit homes so they are less vulnerable to hurricane damage. It also moves to limit various attorney fees in insurance-related lawsuits.

Home insurance policies — including those in Citizens — do not include flood coverage, which is handled under a federal program and is separate issue from the insurance market. The federally-backed flood insurance is generally mandated for mortgaged homes in flood zones, but people who fully own their homes sometimes decline to get it and it’s less common in areas not usually prone to flooding.

DeSantis, at a news conference Wednesday, said Citizens Property Insurance should be in solid shape even after claims from Hurricane Ian, given that the state-backed company has billions of dollars in surplus. A spokesman for Citizens said it estimates 225,000 claims and $3.8 billion in losses from Ian, though he noted those projections were made before the storm made landfall and would likely change as damaged is fully assessed.

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To sell home insurance in Florida, one would have to be an optimist.

Insurance is extremely expensive in Florida. No control over insurance rates, that's the reason so many are uninsured. Especially retirees on fixed income.

udell_cherise AP is Fake News

😂

Nonsense! Name a national insurance company that is losing money? Liars and cheats...

Flood insurance only covers up tp 250k so with their property values, there are going to be a lot of hurt people

If/when the federal government steps in, I’m sure the people who complained non stop about student loans being a bail out for “bad decisions” and call everything “socialism” will be so thankful. 🙄

I’m sitting in my house in Orlando right now and the ceiling is leaking. I have a new roof and dread dealing with my insurance company. Many are dropping us/leaving the state. What are we supposed to do? The only solution I can think of is to sell and move to another state.

Hurricane Ian has left a path of destruction in southwest Florida, trapping people in flooded homes, damaging the roof of a hospital intensive care unit and knocking out power to 2 million people. It's now aiming for the Atlantic Coast.

Quit building shit where it doesn't belong and quit giving hurricane welfare to the rich people who insist on doing it.

Maybe it’s more about how they compensate executives and the cash flow into politician’s pockets to lobby in their favor to maintain the status quo? Instead of helping people, DeSantis wants his money up front after moving federal aid $$ to score hateful political points.

Florida is getting a double hit. The massive destruction caused by Hurricane Ian and the catastrophic insurance crisis created by Ron Desantis’ inaction of the last 4 years.

What sane company is writing insurance policies for Florida? It a losing proposition. Most of the state will be underwater with sea level rise, and the rest isn’t worth enough to insure.

And create a shortage in building supplies.

They’ve got insurance…

benshapiro says they should just sell their homes and move, is that not an option for them?

Thank goodness their fearless leader has been publicly focused on that and not reality show stunts

If the state gets too bad just tell your Governor you're an illegal alien and you get a free trip to Martha's Island.

Don't worry, Floridians! Everyone knew the insurance crisis was a huge problem, so your governor made sure all the books about gay people were removed from the school libraries. You're all set now.

Insurance companies kinda have the last word on where people live.

Fla SB cancelled.

I’m sure Repulsive Republicans have a cruel stunt in mind

freemarket

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