AAA Insurance says it will be issuing non-renewals for a select number of homeowners in Florida, adding to the ongoing property insurance crisis in the state.
earlier this week to be pulling out of Florida’s dwindling insurance market.
The state is in the midst of a property insurance crisis as more companies exit the state and the average property insurance rate in the state is more than triple the national average. In a news release, AAA blamed inflation, excessive litigation and last year’s “catastrophic” hurricane season for what it calls an “unprecedented rise in reinsurance rates, which affects the company’s profitability.
The company said it will continue to write new home and auto policies and plans to help the “small percentage” of people who will not get their policy renewed by helping them find alternate coverage.. A significant change made during the session was aimed at curbing litigation against insurance companies, which has been cited as driving up insurance costs.“We are encouraged by the statutory changes that have recently taken effect and believe they will provide positive results.
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