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Florida Residents Rush to ‘Last Resort’ as Insurance Crisis Deepens

Posted by Christopher Lazaro on July 11, 2024

As hurricane season starts, Florida homeowners are seeking coverage from Citizens Property Insurance Corporation, the state's largest insurer, despite efforts to shift policies to private insurers. Factors such as litigation, fraud, and climate change risks contribute to its dominance. Florida's premiums are among the highest nationwide, and Citizens has grown significantly over the past year. Concerns exist about its capacity to manage extreme weather events, with the state governor warning of potential insolvency. As of December 2023, Citizens had a $5 billion surplus, but a severe hurricane season could strain its finances, raising costs for all policyholders.

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