Thread: Family friendly places to live around FLL
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Old 09-15-2023 | 07:42 AM
  #44  
Bluedriver
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Originally Posted by skytrekker
It's a mess. Want to live in Florida, pay up.


Two major hurricanes made landfall in the state since 2016: 2017’s Irma and 2018’s Michael. No direct hits occurred in Florida over the past three hurricane seasons (2019-2021). Florida, however, is the site of 79 percent of all homeowners insurance lawsuits over claims filed nationwide while Florida’s insurers receive only 9 percent of all U.S. homeowners insurance claims, according to the Florida governor’s Office. To illustrate how lawsuits have weighed on insurer operating costs, JD Supra, citing the Florida Office of Insurance Regulation (OIR), reported $51 billion was paid out by Florida insurers over a 10-year period and 71 percent of the $51 billion went to attorneys’ fees and public adjusters. The 2020 and 2021 cumulative net underwriting losses for Florida’s homeowners insurers totaled more than $1 billion each year.

https://www.iii.org/press-release/tr...-demise-062322


https://www.flgov.com/2022/04/26/cal...rty-insurance/


https://www.orlandosentinel.com/2021...s-report-says/
It's interesting that Florida is home to so many insurance lawsuits. Most of that money seems to go to attorneys fees. But in order to pay out that much in attorneys fees, the insurance companies must be losing most of the lawsuits, which means they are at fault for not properly paying the claims in the first place. It also seems something must be in the laws in Florida contributing to this debacle. Which means they should be able to change the laws and make things at least marginally better.

But still, the risks of losses are too high for insurers, clearly. And most can't afford to properly self insure.
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