A 2017 Florida Supreme Court ruling in favor of plaintiffs opened the door for a large volume of roofing scams and claim litigation. The crisis is manmade because it is largely fueled by frivolous lawsuits and fraudulent insurance claims, Friedlander said.
How did Florida's insurance crisis start? Here is how Florida got to this point and what it could mean for residents. “Case in point, insurers are making decisions to pull back on risk and AAA is certainly a recent example of that,” said Friedlander. Despite recent legislation intended to alleviate the problems fueling the crisis, he said the market volatility persists. The back-to-back announcements underscore the insurance crisis Florida residents have been facing for the past 18 months.Īnd it's a crisis that's largely manmade, according to Mark Friedlander, spokesperson for the Insurance Information Institute, as several local insurance providers folded and three national insurers have withdrawn from the state. While AAA's move will only affect a “small number” of policyholders, the news was almost swept away in the deluge of news following Farmers Insurance's surprise announcement that it is pulling out of the state. With hurricane season around the corner and drastically fewer insurance offerings, this could leave some vulnerable. The Florida-based insurer will not renew package policies that combine home, automobile and optional umbrella coverage, according to the Palm Beach Post, part of the USA TODAY Network. Insuring a home in Florida got a little bit more difficult this week after AAA joined a growing list of companies that are ending some homeowner insurance policies in Florida.
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