Carriers continue to exit the Florida market, stranding good customers without coverage.
When coverage is available, it can be up to 4x higher than the national average.
Fudge Insurance has the knowledge, experience, and market options to get you covered.
There are three primary reasons driving Florida property insurance carriers to drop customers and raise rates. First, the state is facing a man-made litigation crisis, where unethical contractors and lawyers exploit homeowners with inflated claim estimates, leading to costly litigation for insurance carriers. Second, insurance companies are grappling with increased reinsurance costs, which are escalating due to a higher frequency and severity of weather events, as well as practices like roof claim litigation that have strained reinsurance capacity. Lastly, the overall replacement costs for homes have risen sharply, driven by increases in the costs of materials, labor, and overall inflation, thereby contributing to higher insurance premiums.
Unfortunately, even if you haven't made any claims, insurance carriers in Florida are facing broader challenges that affect all policyholders. They face high legal costs from widespread litigation and inflated claims, and rising reinsurance costs due to more severe weather events. Additionally, increased costs for labor and materials have driven up home replacement costs, impacting insurers' decisions about policy renewals.
Opting for an independent insurance agency with an established history in Florida is your best route to securing appropriate coverage. Fudge Insurance brings a wealth of knowledge about the local market and environment, coupled with access to a wide array of insurance carriers. This combination enables us to customize options that precisely meet your needs. Unlike single-insurer agencies, independent ones freely shop and compare policies from various providers, ensuring you get comprehensive coverage at competitive rates.
There are a few key strategies to lowering your insurance costs in Florida's tough market. Start with a wind mitigation inspection, which can significantly reduce your premiums, as Florida insurers offer credits for homes made more wind-resistant​​. Also, exploring the option of binding arbitration in your insurance policy might help reduce costs, as it can offer a more cost-effective alternative to litigation in the event of disputes. Additionally, make sure to review your coverage limits to ensure they are adequate but not excessive, and ask about available discounts.