Living in a state prone to hurricanes can be a stressful experience for homeowners, especially when it comes to securing insurance coverage. With four major hurricanes hitting Florida in the past four years, residents like Jim Tynan are feeling the pressure. Tynan, a homeowner in Ponte Vedra, Florida, was dropped by his insurance company after 32 years of coverage. Despite reaching out to ten different agencies, Tynan struggled to find a new policy and eventually had to settle for one that cost 50% more.
The increase in hurricanes has led to a surge in insurance premiums in Florida, with average rates jumping nearly 60% between 2019 and 2023. As some major insurers reduce coverage, homeowners are left wondering if they will be able to find affordable and comprehensive policies to protect their properties.
In the aftermath of Hurricane Milton, which struck Florida’s Southwest coast shortly after Hurricane Helene hit the Northwest coast, the concern over insurance coverage has only intensified. Analysts and experts predict that insurers may become increasingly hesitant to operate in the Florida market, leading to more reliance on the state-backed insurer, Citizens.
Despite the challenges, some insurers remain committed to serving Florida homeowners. Companies like State Farm Florida Insurance, Universal Property & Casualty Insurance, and Security First Insurance have expressed their dedication to the market. However, others, such as Progressive, Farmers Insurance, and Travelers, have scaled back their operations in the state due to weather-related risks.
While large insurers in Florida are well-equipped to handle claims from major storms, homeowners are left grappling with uncertainty. Sherri Hansen, a resident of the Florida Keys, worries about being forced out of her home after living there for 35 years.
At Extreme Investor Network, we understand the importance of staying informed about changes in the insurance market, especially in areas prone to natural disasters. Stay tuned for more insights and tips on navigating the complex world of finance and insurance to protect your investments.