Florida Hurricanes Raise Insurance Costs

This is a Florida news story, published by Yahoo Finance, that relates primarily to Michael Klein news.

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Florida insurance marketplace

Reuters

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Florida homeowners fear soaring insurance cost after hurricanes

Summary

Nutrition label

79% Informative

Florida has been hit with four major hurricanes in the past four years .

Some insurers have pulled back on coverage.

Average homeowner premiums in Florida have surged nearly 60% between 2019 and 2023 .

Analysts and insurance experts predict more nervousness about insurers following Hurricane Milton .

The increased hurricanes could increase reliance on the state-backed nonprofit insurer Citizens .

Progressive began reducing exposure in mid-2022 to focus on states with less catastrophe exposure.

Farmers Insurance exited its own-branded coverage in 2023 .

Travelers has avoided underwriting in Florida due to the weather-related risk there, Travelers president of personal insurance Michael Klein said on an April earnings call.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful