Boggs Law Group has announced that Florida’s property insurance market is showing signs of a strong recovery. According to ALIRT Insurance Research, new insurers are entering the market, and there is reduced reliance on Citizens Property Insurance Corporation, although some risks remain.
According to the Boggs Law Group post on X, the improvements in Florida’s property insurance market signal cautious optimism. The post links to an article providing more details on these developments.
Reinsurance News reports that tort reforms have driven recovery in Florida’s property insurance market since its near-collapse in 2022. Eighteen new or re-launched insurers have entered or plan to enter the market, with six set to start homeowners coverage between 2024 and 2025. Citizens Property Insurance Corporation has experienced rapid depopulation over the past two years.
The Institute for Legal Reform reported that tort costs in America increased by an average of 7.1 percent per year from 2016 to 2022, outpacing inflation at 3.4 percent annually. Reforms in multiple states aim to address these rising costs by reducing abusive lawsuits. National insurance markets observe more stable premiums in regions where lawsuit reforms have been implemented.
Boggs Law Group specializes in insurance claims and disputes for commercial and residential policyholders. The firm provides legal representation in property damage cases throughout Florida, assisting clients in navigating complex insurance matters to achieve fair outcomes.
