Why are so many insurance companies pulling out of providing coverage in Florida?
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Litigation is the main driver. Look at how hedge and investment firms have bought up law firms as they know money can be made suing insurance companies. Florida did just make some significant changes to deter the lawsuits but before that law passed, there was literally over 30,000 suits filed just to get them in before the law passed. Public adjusters and attorneys are the main reason they left. Don’t get me wrong, public adjusters can be of value for an insured but with how Florida is, it’s all about the money and not the rights of the individual insured and making them whole after a claim occurs.
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