As more insurance companies leave, where can
Florida residents turn?
More and more homeowners are
choosing not to insure their home.
Article Courtesy of
By Ryan Kruger
July 23, 2023
Insuring your home in Florida got even harder in the
last two weeks as both Farmers and AAA joined a growing list of
companies that are ending some homeowner insurance policies in the
“During a recent discussion with an
insurance agent in the state, they told me it’s the worst
insurance market they’ve seen in 40 years in the business,”
said Mark Friedlander with the Insurance Information
Friedlander says Farmers customers don’t need to panic,
since the non-renewals won’t come until 2024 — after
But some AAA customers are already getting their non-renewal
notices in the mail.
“They need to shop right now to ensure they have no gap in
coverage during Hurricane season,” Friedlander said. “Here’s
the problem: Florida is still facing a very precarious
property insurance marketplace. There are very few options
in the private market.”
Citizens, the state-run insurer of last resort, is
averaging about 30,000 new customers each month, according to its CEO.
But there’s a new trend that’s concerning to experts in the field.
According to the III, roughly 7% of all homeowners nationwide choose not
to carry property insurance. In Florida, it’s double that number, and it
“Unfortunately, it’s a reality today because property insurance and
flood insurance have become unaffordable in Florida,” Friedlander said.
The average homeowner’s policy in Florida costs about $6,000 right now,
three times the national average.