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Property insurance crisis disrupting Florida real estate market as buyers struggle to get policies

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One expert told us 56 property insurance companies were operating in Florida at the beginning of last year. But right now, only 47 are offering policies in the state and half of them are on what’s called a watch list because of their financial health.

“We’re hearing from realtors that are extremely concerned that they cannot close on properties they are selling because the homeowner will be unable to obtain property insurance to make that sale go forward,” said Mark Friedlander, spokesman for the Insurance Information Institute.

“So that’s very concerning as we’re just getting into hurricane season,” Friedlander said. “Potentially, we could see more failures this year.” Houses being used as short-term rentals are also being rejected by insurance companies and some carriers are refusing to write policies for homes with solar panels installed.

 

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