Hurricane Ian another blow for Florida’s buckling home insurance sector
For many Floridians whose homes were destroyed, they now face the arduous task of rebuilding after Hurricane Ian without insurance or paying even steeper prices in an insurance market that was already struggling.
Even before Ian, Florida’s home insurance market was dealing with billions of dollars in losses from a string of natural disasters, rampant litigation and increasing fraud. The difficult environment has put many insurers out of business and caused others to raise their prices or tighten their restrictions, making it harder for Floridians to obtain insurance.
Those who do manage to insure their homes are seeing costs increase