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After multiple natural disasters, Florida residents have fewer options for insurance coverage

Maria Bakkalapulo Jan 30, 2019
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Donnie Young reacts after seeing one of his houses in Port St. Joe beach, Florida, on October 13, 2018, three days after Hurricane Michael hit the area. ANDREW CABALLERO-REYNOLDS/AFP/Getty Images

After multiple natural disasters, Florida residents have fewer options for insurance coverage

Maria Bakkalapulo Jan 30, 2019
Donnie Young reacts after seeing one of his houses in Port St. Joe beach, Florida, on October 13, 2018, three days after Hurricane Michael hit the area. ANDREW CABALLERO-REYNOLDS/AFP/Getty Images
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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.

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