![]() The cost of that litigation has made its way into insurers’ rate-change filings with state regulators, and ultimately into the cost of policies. Fraud and litigation: This happens to some extent in every state, but insurers maintain that this has been a particular issue in Florida, where carriers have been inundated with lawsuits-many from roofers-fraudulently suing on behalf of their homeowner clients.In 2022, nine homeowners insurance companies exited Florida or became insolvent reducing the availability of coverage and subsequently affecting premium costs. And sometimes the rise in claims prompts insurers to leave an area or drop policyholders that forces those policyholders to find new coverage. ![]() The increases can affect even homeowners in the region who haven’t filed claims. Increase in claims: In states that have experienced substantial catastrophes over a period of years, insurers have been permitted by state regulators to raise rates to compensate for those claims and for the higher risk. ![]() “Added reconstruction costs always occur after a hurricane, flood, or wildfire smashes through a region,” says Stacey Giulianti, co-founder of Florida Peninsula Insurance, a homeowners insurance company in Boca Raton. That demand has raised prices to rebuild. history, builders in Florida have been scrambling to find enough labor and building materials. In the aftermath of Hurricane Ian, one of the most costly storms in U.S.
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