image credit: Adobe Stock

Despite Reform Laws, Florida Premiums Won’t Drop, Karen Clark & Co. Says

October 11, 2023

State laws adopted in 2022 and 2023 may have stemmed excessive claims litigation in Florida, helping to stabilize the distressed property insurance market and slow rate increases. But premiums, which have doubled for some homeowners in recent years, are unlikely to drop.

That’s the word from Karen Clark & Co., a respected catastrophe modeling firm, which released a report this week.

“Already enacted legislation should have a major impact on excess litigation in Florida, and therefore, significantly mitigate future premium increases,” reads the report. “In other words, without the recent legislation, Florida homeowners premiums would be higher.”

Read More on Insurance Journal