Florida is the state with the most expensive property insurance market
Florida is the state with the most expensive property insurance market
Hundreds of thousands of customers are being forced to purchase insurance for their property through the state-owned insurer of the last holiday resorts
"Every day, there's a firm that appears to be being forced into bankruptcy," Citizens CEO Barry Gilway spok
In the past two years, Citizens was able to insure just 510,000 Florida properties.
As per Industry-funded Insurance Information Institute Floridians currently have the highest rates for property insurance
The average cost is $4,231 -nearly three times what is the U.S. average of $1,544
In the same period between October and June, more than 160,000 Floridians canceled their flood insurance policies
The Florida legislature met for an emergency session to tackle the issue of insurance and passed two laws that aim to improve the finances of the industry by limiting the expenses arising from lawsuits
Gilway who is Citizens CEO, announced at the July meeting that Citizens have $13.6 billion of reserves to cover claims from insurance.
Gilway projected that the number of Citizens policies could rise to 1.2 million at the end of 2022 and 1.55 million by 2023's end