We, the Florida Legislature passed a bill addressing the property insurance market because the market needs correction. Florida consumers are experiencing non-renewals and insurance premium hikes because of natural disasters, litigation, and insurance companies going out of business or deciding to no longer do business in Florida.
From 2009 until 2015, we had a prosperous insurance market because major hurricane activity was limited. Leaders of Florida insurance companies could not foresee the following five years of hurricanes, so they did not financially plan accordingly to remain solvent.
The partisan bill focuses on making Florida a desirable place for property insurance companies to do business with the goal of reaching economic equilibrium, which means property insurance should be more affordable with optimal services because of the marketplace competition encouraging fair prices and good services.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.
