Rising insurance costs post-Milton
Key Questions
How costly was Hurricane Milton for insurers?
Milton ranks among the top 10 costliest hurricanes with insured losses estimated at $30-50 billion.
Why have Florida homeowners insurance premiums risen sharply?
Premiums increased 75% from 2021-2025, nearly double the national 38% rate, driven by climate risks, litigation, and reinsurance costs.
What issues have been reported with Citizens insurance in Florida?
Citizens has recorded a 50.4% denial rate alongside premium increases exceeding 60%.
Are there positive developments in Florida's insurance market?
More property insurers are entering the Florida market, indicating potential stabilization after recent disruptions.
What external factors are influencing insurance costs post-Milton?
Climate change, increased litigation, and higher reinsurance expenses have contributed to sustained premium growth.
Milton ranks top 10 costliest ($30-50B); premiums rising 75% vs 38% nationally due to climate, litigation, reinsurance (2021-2025 study confirms spike). Citizens 50.4% denials, +60% premiums. Positive: more property insurers entering Florida market, signaling stabilization.