Floridaʼs insurance market is facing a storm of its own after Hurricane Milton struck the state roughly a week ago causing about $55 billion in property damage. This catastrophe coming on the heels of Hurricane Helene which hit the state just two weeks earlier has left insurers grappling with the aftermath.
Despite the recent disasters some insurance companies are standing firm in their commitment to Florida. State Farm plans to maintain its presence in the stateʼs insurance marketplace focusing on responsible growth. Universal Property & Casualty Insurance which has been operating in Florida since 1998 remains dedicated to serving Floridians.
Weʼve been providing property insurance in Florida since 1998 and remain firmly committed to the state particularly given that weʼre Floridians ourselves
On the other hand‚ some insurers are adjusting their strategies. Progressive began reducing its Florida presence about two years ago but continues to serve homeowners through its subsidiary ASI Preferred Insurance Corp. Allstate-owned Castle Key is working with regulators to protect as many customers as possible while offering alternative coverage options for those they can no longer insure.
Citizens Property Insurance Floridaʼs state-funded insurer has become the top insurer in the state. With over 12 million policies Citizens aims to reduce its exposure to under a million through its Depopulation Program. The insurer has received about 80‚000 claims related to Milton but remains in a strong financial position according to spokesperson Michael Peltier.
The challenges facing Floridaʼs insurance market extend beyond hurricanes. Insurers point to:
- More frequent severe weather
- Higher repair costs
- Legal system issues
These factors are limiting insurance availability and causing rates to rise in many states including Florida. As the state continues to grapple with the aftermath of Hurricanes Milton and Helene the insurance landscape remains in flux with companies adapting their strategies to navigate this turbulent market