Vanz Studio - stock.adobe.com
While Florida’s residential casualty insurance companies are recovering from the assets vs. claims crisis a few years ago, there still are challenges facing homeowners when it comes to insuring their property.
Florida domestic property companies reported $944 million in net income as of year-end 2024, up from $292 million at year-end 2023 and reversing the $741 million net loss in 2022 from Category 5 Hurricane Ian that caused an estimated $112 billion in damage, the most for a single storm in Florida history.
A June 27 news release from the Florida Office of Insurance Regulation said that since historic legislative reforms, Florida’s market continues to stabilize and now has 14 new companies doing business in the state.