Triple-I: Extreme Fraud and Litigation Causing Florida's Homeowners Insurance Market's Demise
Retrieved on:
Thursday, June 23, 2022
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"Floridians pay the highest homeowners insurance premiums in the nation for reasons having little to do with their exposure to hurricanes," said Sean Kevelighan, CEO, Triple-I.
Key Points:
- "Floridians pay the highest homeowners insurance premiums in the nation for reasons having little to do with their exposure to hurricanes," said Sean Kevelighan, CEO, Triple-I.
- "Floridians are seeing homeowners insurance become costlier and scarcer because for years the state has been the home of too much litigation and too many fraudulent roof replacement schemes.
- 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 .
- Citizens provides insurance coverage to homeowners unable to find a private-sector insurer willing to sell them a homeowners insurance policy.