Florida Rate Increases

Are you feeling overwhelmed by the cost of your insurance? You are not alone! The state of Florida property insurance market is increasing rates across the entire state.

Where are these increases coming from?

Florida has experienced an increase in claim litigations. Did you know that in 2019, Florida suffered over $700 million in losses?

The frequency and severity of lawsuits filed by consumers has increased drastically over the past several years.

At the Colodny Fass/Aon event, president and CEO of Florida’s Citizens Property Insurance Corp, Barry Gilway, stated, “Litigation is out of control in the state and until we do something about the overall litigation issues and the firms drumming up litigation, then rates are not going to stabilize.”

Insurance carriers are tightening underwriting guidelines and filing for rate increases due to their significant losses. To help keep your insurance costs down, have a recent 4 point inspection and wind mitigation completed on your home. These two things will help us apply credits to your insurance!

SWFL Insurance is here to help! We have several great markets available and will consistently shop your rates through our carriers at each renewal.

Contact us to review your policies and shop our markets.

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