After multiple natural disasters, Florida residents have fewer options for insurance coverage
Share Now on:
Florida is one of the most disaster-prone states in the U.S., thanks in large part to major hurricanes. Now, larger insurance providers have been cutting back on Floridians’ property insurance coverage, leaving the state-backed Citizens Insurance Corporation and other small insurers to fill in the gaps. Florida now ranks No. 1 in homeowners insurance costs, according to data research firm ValuePenguin, averaging $2,000 per year. In the third quarter of 2018, insurance companies chose not to renew the policies on more than 87,000 properties in Florida. Premiums continue to rise, leaving even those still covered nervous about the future expense of owning a home or business in Florida.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.