Florida Property Insurance Crises Escalating
Florida property insurance skyrocketing/Photo by designer491/iStock photo. Property insurance was high before Hurricane Ian, so now what?. If you are a homeowner or property manager, then you likely know the cost of property insurance was off the charts before the devastating effects of Hurricane Ian. The Florida property insurance industry was quickly becoming untenable. Homeowners were paying $4,231 a year for insurance. That's nearly triple what folks in other states pay. Furthermore, insurance companies in Florida are either going bankrupt or leaving the state because they can no longer afford to pay off legitimate claims. As an example, FedNat Insurance Company canceled 56,000 policies in May 2022. Recently, the company arranged to have 83,000 more policies transferred to another company. Still, with Hurricane Ian's impact hanging over everything like the Sword of Damocles, it remains to be seen if these policies will remain in effect. According to current stats, the damages from Hurricane Ian will exceed $42 billion and possibly rise to $57 billion.