Florida’s Insurance Crisis: What It Means for Policyholders
Florida is no stranger to hurricanes, flooding, and powerful storms—but in recent years, the state has faced a growing challenge beyond just weather: an insurance crisis that is shaking the foundation of homeowner protection.
With rising premiums, reduced coverage, and a growing list of insurers exiting the state, Florida homeowners are being forced to navigate one of the most volatile insurance markets in the country. At Boggs Law Group, we believe it’s essential that policyholders understand what this crisis means for their coverage and their rights.
What’s Behind the Insurance Crisis?
Florida’s insurance market has become increasingly unstable due to a combination of factors:
- Frequent Storms & Natural Disasters: The rising frequency and severity of hurricanes and other storms have led to billions in insurance payouts.
- Litigation Volume: Florida has seen a disproportionate number of insurance-related lawsuits, many tied to claim disputes and unscrupulous practices, driving up costs for insurers.
- Fraud & Abuse: A small number of bad actors in the industry have exploited loopholes, such as fraudulent roofing claims or inflated repair estimates.
- Insurers Exiting the Market: Several companies have gone insolvent or pulled out of Florida entirely, leaving fewer options and higher premiums for homeowners.
How Policyholders Are Affected
This crisis isn’t just affecting insurance companies—homeowners are bearing the brunt of the impact in several ways:
- Skyrocketing Premiums: Many homeowners are seeing annual rate hikes of 30% or more.
- Dropped Coverage: Insurers are non-renewing policies or refusing to write new ones, especially in high-risk areas.
- Limited Policy Options: Fewer companies in the market means less competition and fewer choices for consumers.
- Increased Claim Denials: Insurers are tightening claim review processes, leading to more delays, denials, or underpayments.
Your Rights as a Policyholder
Despite the challenges, Florida homeowners still have rights. If you believe your claim has been wrongfully denied, delayed, or underpaid, it is important to understand your legal options:
- Demand a Fair Investigation: Insurers are required to conduct timely and thorough investigations.
- Challenge Unjust Denials: You can appeal a denial or seek legal representation to contest it.
- Understand Your Policy: Be proactive in reviewing your policy to know what is and isn’t covered, especially when it comes to exclusions and endorsements.
How Boggs Law Group Can Help
Our team of experienced property insurance attorneys is dedicated to advocating for homeowners throughout Florida. We help policyholders:
- Navigate complex insurance policies
- Dispute claim denials and underpayments
- Recover the compensation they’re entitled to
In a time when Florida homeowners are more vulnerable than ever, legal representation can be the difference between recovery and financial hardship.
The insurance crisis in Florida is complex and evolving, but it doesn’t mean you have to face it alone. If your property has been damaged and you’re facing difficulties with your insurance company, contact Boggs Law Group for a free consultation. Let us help you protect your rights and your home.
