Florida's property insurance market is crumbling: what comes next?
Thousands more Florida homeowners will soon be without property insurance.
Last week the Floria Office of Insurance Regulation moved forward with placing United Property & Casualty Insurance Co. into receivership. This comes after the insurer was declared insolvent following higher-than-expected losses from Hurricane Ian.
“UPC failed because of a high volume of Hurricane Ian claims combined with the fact they did not have an adequate level reinsurance coverage which insurers typically need to make sure they don’t fail after a major loss like a hurricane,” said Mark Friedlander with the Insurance Information Institute.