Thousands of Florida homeowners whose properties were damaged by Hurricanes Helene and Milton last year didn’t receive a penny from their insurers, a new study by Weiss Ratings , an independent national insurance rating agency based in Palm Beach Gardens, suggests.
According to the company’s findings, 14 property insurers in the Sunshine State closed more than 50 percent of the claims filed by homeowners last year without payment; nine others closed between 40 and 50 percent of claims with no payment.
Why It Matters
The Florida property insurance market has now finally begun to stabilize after years of turmoil, as a combination of excessive litigation, widespread fraud, and the rising threat of natural disasters led to several insurers going bust, exiting the market, or significantly cutting coverage across the state.
While lawmakers have introduced sweeping tort reform that seems to have successfully curbed unnecessary litigation and fraud, the state’s homeowners remain vulnerable to hurricanes and flooding made more frequent and severe by climate change…