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The Florida property owner insurance situation might deepen as more companies degrade their policies.

Given that January, countless homeowners have been dumped by carrier.

WEST PALM BEACH, FLORIDA– Little has altered in the reduction of homeowners insurance expenses given that the Florida state legal session in May.

Approximately 400,000 Florida homeowners have actually been dismissed by their insurer or have received non-renewal notices given that January.

In addition, 275,000 policyholders needed to locate a new insurance carrier after their company went bankrupt and were unable to pay their costs.

The Insurance Information Institute disclosed this week that Demotech, the company that examines insurance firms, will downgrade the rankings of 27 additional organizations.

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This might expose additional companies on the verge of insolvency, contributing to what is being called as a houses insurance crisis in Florida.

According to the Insurance Information Institute, Florida homeowners pay roughly 3 times the national average for annual property insurance rates.

According to the institute, Florida homeowners pay approximately $4,321 annually for property insurance, while the national average is $1,544.

According to the Insurance Information Institute, the reasons include widespread roof fraud, unchecked lawsuits, and growing home repair expenses.

People Insurance, a state-backed insurance company, is approaching one million consumers. It was half that amount 2 years ago.

According to Mark Friedlander of the Insurance Information Institute, the existing technique can not be sustained.

“It’s actually rotting by the day. Citizens’ growth is definitely uncontrollable. A last-resort insurance, such as a state-run insurer, must never be the first option for homeowners. It should only be utilized as a last option, as a last effort to acquire coverage. Not the very first and only chance to receive coverage, “Friedlander explained.

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