In an article published on 7/17, insurance attorney and partner Kelly Corcoran described the difficulties facing the Sunshine State’s insurance market. Not only are more serious weather-related events ticking up the price tag of disaster recovery, but also fraudsters and their designs are making Florida an increasingly hostile climate in terms of cost overruns.
Corcoran explains the trend in increasing insurance costs as hurricane seasons worsen, “Floridians have seen a sharp increase in property insurance premiums this year, up 40 percent on average. And if you are near the coast, the increase has been seen to be exponentially higher.”
“After the calamitous hurricane season as we experienced last year, those of us who work in the insurance business can’t help but bite our nails waiting for the local news to report a “disturbance” off the coast of Africa. For summer is now in full bloom, the beaches are crowded, and families are enjoying all that our great state has to offer,” writes Corcoran. “But before long, there will be a storm brewing in the Atlantic that’s heading our way. And if trends of the past several years hold, 2023’s hurricane season is set to be more intense, more devastating, and more costly for everyone.”
Read the story in full; click here (subscriber-based).