delivering catastrophic winds, rain, and flooding is likely to further damage the insurance market in the state, which has strained under billion-dollar losses, insolvencies, and skyrocketing premiums.
Brenda Brennan sits next to a boat that pushed against her apartment when Hurricane Ian passed through the area on September 29, 2022, in Fort Myers, Florida. State regulators and insurers have long blamed lawsuits by homeowners as a major culprit in the state's crisis. They say state law makes it highly profitable for lawyers to sue insurance companies even if the amount won is relatively small. In the last half of the 2010s, Florida accounted for about 8% of all homeowners’ claims in the U.S. but almost 80% of all homeowners’ lawsuits against insurers in the U.S., according to a letter from the state Office of Insurance Regular.
Even so, Florida's primary rating agency, Demotech, this summer threatened downgrades to around two dozen companies. But concerns about their creditworthiness faded somewhat after the administration of Gov. Ron DeSantis agreed to allow the state to back up the insurers. "There's more that I want to do in terms of the wind insurance and that will be something we're going to address. I mean look, at the end of the day we've got to make sure folks are taken care of, and so we will do that, whatever we need to do."Naples firefighters waded through deep floodwater to rescue a woman trapped in her car on Wednesday, September 28, as Hurricane Ian pounded Florida’s west coast.
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