Florida homeowners face insurance troubles after repeated storms

Floridaʼs insurance market is in a state of upheaval following four major hurricanes in the past four years. Homeowners are grappling with skyrocketing premiums and dwindling coverage options‚ leaving many worried about their ability to stay insured.

Jim Tynan a long-time Florida resident experienced this firsthand. After more than three decades with the same insurer‚ he was dropped earlier this year. “I called ten different agencies and none would cover me“ Tynan said. He eventually found coverage‚ but at a 50% higher cost.

Tynanʼs story isnt unique. Average homeowner premiums in Florida have jumped nearly 60% since about five years ago. This surge is pushing many residents to the brink of financial strain.

The states insurance landscape is shifting dramatically:

• Major providers are scaling back coverage
• Some insurers are exiting the market entirely
• Citizens‚ the state-backed insurer‚ is taking on more policies

I live in fear I will get a letter from my new company telling me they are going to drop me‚ too

The recent back-to-back hurricanes Helene and Milton have only intensified these issues. Experts predict these events will make insurers even more hesitant about operating in Florida.

Marc Ragin an associate professor at the University of Georgia‚ noted “This is certainly going to cause insurers to be concerned about continuing to insure in the market“

Despite the challenges some insurers remain committed to Florida. Ken Gregg founder of Orion180‚ stated that while the hope for a softer market has disappeared‚ they continue to operate in the state.

As the situation evolves homeowners like Sherri Hansen who has lived in the Florida Keys for 35 years‚ face an uncertain future. “The reality is we may be forced out of our home“ Hansen said‚ highlighting the personal toll of this ongoing crisis