Bruce Bentley

MIAMI - Florida's property insurance market is in trouble as rising carrier losses and rising premiums threaten the state's booming real estate market, according to insurance managers and industry analysts. Longtime homeowners face double digit rate increases or notice that their policies are not being renewed. Out of state home buyers who came to Florida during the pandemic are experiencing sticker shock. Insurers, in red ink, are reducing coverage in certain geographic areas to support their finances. Various factors play a role, say insurance managers and analysts. Two hurricanes that devastated the state - Irma in 2017 and Michael in 2018 - caused claims at an estimated cost of about $ 30 billion. The cost of reinsurance that insurers take out to cover some of the risk of the policies they sell is increasing. Of particular concern, say executives, is excessive litigation over insurance claims and an increase in what insurers are viewing as bogus claims. ...

According to the proposed bill, the protection against personal injury and the involuntary provision would be discontinued. Instead, drivers must carry at least $ 25,000 for one person injury or death and $ 50,000 for two person injury or death. Insurance for the person who caused the accident would pay off for claims. Legislators believe the end of fully comprehensive insurance is needed to control Florida's runaway auto insurance rates. "Florida is inconsistent with almost every state, and yet your auto insurance prices and premiums continue to rise," said R-Vero Beach representative Erin Grall. "I think it's our job to make sure that people are adequately covered." Florida's no-fault auto insurance requires drivers to have personal protection of at least $ 10,000. The cover pays the insured person for all medical and funeral expenses he may incur, regardless of who was liable during a collision incident. However, the $ 10,000 minimum hasn...