What lead to the homeowner's insurance crisis in Florida?

Floridians are paying property insurance premiums about three times the national average. This story, first airing in May 2022, explains a major contributing factor.
The Sunshine state saw about 100,000 lawsuits against insurance companies in 2022, while other states combined had about 20,000. Property insurance companies say the litigation directly contributed to dozens of insurers going bankrupt, raising premiums, and canceling coverage - sending more and more residents to Citizens, the state-backed insurer of "last resort." Despite law changes in 2023 to stop the frivolous lawsuits, homeowners will pay for the industry's crisis for years to come.
Article: www.abcactionnews.com/news/pr...
You can find more of these reports leading to legislative changes here: • 80K lawsuits filed aga...
For inquiries: [e-mail]