Last week, Florida Governor Ron DeSantis said he would call a special legislative session to deal with the growing property insurance crisis, to “bring some common sense” and have “a market functional”.
This extraordinary session should not start on May 23, 2022.
Property owners in Florida, including those in Key Biscayne and throughout Miami-Dade County, reported, in some cases, doubled rates or were forced to shop for other providers after the closure of the their.
Across Florida, several insurance companies have gone into liquidation, according to CFO data, with some of their policies being taken over by other insurers. These include:
- American Capital Assurance Corporation
- Avatar P&C Insurance Company
- Florida Specialty Insurance Company
- Guarantee insurance company
- Gulfstream Property and Casualty Insurance Company
- Sawgrass Mutual Insurance Company
- St. John’s Insurance Company
- Sunshine State Insurance Company
- Windhaven Insurance Company
This has caused Florida’s insurer of last resort, the nonprofit insurance provider Citizens, to see an increase in its policyholders. Citizens’ spokesperson Michael Peltie told WESH 2 in Orlando that the company has seen “an increase in fonts of about 39%, almost 40%. We are now at over 750,000 fonts.
Peltier added that while Citizens is in a strong financial position, he called the current trend “unsustainable.”