Florida property insurance market braces for another tough year - Jacksonville Business Journal

Last year was a turning point for the Florida insurance market.

The liquidated companies include Tampa-based Avatar Property & Casualty Insurance Co., Tallahassee-based Southern Fidelity Insurance Co., Orlando-based St. Johns Insurance Co., and two South-Florida based companies, Weston Property & Casualty Insurance and FetNat Insurance. The Florida Office of Insurance Regulation reiterated how the crisis of excessive litigation is largely to blame for the state’s insurance market in its latest annual property insurance stability report published in January.

Florida lawmakers passed legislation to curb excessive litigation for property insurers during a special session late last year, but those reforms will fail to provide immediate relief to the market, according to, a director at the Insurance Information Institute. Those legislative changes won’t apply to existing policies, including for homeowners who were battered by Hurricane Ian last fall, he said.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

IKEA Jacksonville to open express entrance to café - Jacksonville Business JournalThe new entrance will be available to customers from 9:30 a.m. to 1:30 p.m. on weekdays.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

The rise of electric vehicles is forcing real estate developers to adapt - Jacksonville Business JournalAs the number of electric vehicles grows around the nation, real estate developers are tweaking their strategies — but it's often costly. Here's how they're adapting.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

SBA PPP loan forgiveness update for 'good faith' errors - Jacksonville Business JournalOutside groups lobbied the SBA for months in 2022 on behalf of what they said were 300,000 business owners that may have been impacted.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

CSX agrees on paid sick leave deal with two of its dozen unions - Jacksonville Business JournalThe agreement that affects about 5,000 employees deals with an issue that almost led to an industrywide strike last year.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

PulteGroup opens new phase at the Preserve at Bannon Lakes - Jacksonville Business JournalThe master-planned community has homes that start in the $300,000s.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Jobs that now pay $100,000 per year - Jacksonville Business JournalAfter the pandemic sent shockwaves through the workforce and caused considerable hiring challenges, several new jobs have joined the six-figure club. Here's a look at America's new $100K jobs.
Source: JaxBizJournal - 🏆 599. / 51 Read more »