How to Navigate the Challenges of Hurricane Season as a Florida Homeowner

As hurricane season progresses, the threat of damage from catastrophic weather events is not the only factor contributing to the decrease in insurance capacity and the increase in insurance costs in Florida.

Eleven property and casualty insurance companies that used to provide homeowners insurance in Florida have gone out of business since 2017. And more insurance companies are choosing to leave the state, reducing the number of companies writing homeowners insurance in Florida even more. However, legislative measures have been implemented to mitigate disasters, offering hope for future relief.

Factors Driving the Insurance Crisis in Florida

Historically, Florida has always been a challenging market for insurance companies due to the high risk of widespread weather-related damage. However, the current crisis is driven by multiple, other factors, besides weather, converging simultaneously.

Some of those key factors are:

1. Fraudulent Roofing Claims: A significant number of fraudulent roofing claims have been filed, exacerbating the financial burden on insurance companies.
2. Legal Actions by Contractors: Contractors are increasingly taking legal action against insurance companies, further straining resources.
3. Legal Fees: The costs associated with fighting lawsuits are adding to the financial pressures on insurers.

How Florida Homeowners Can Help

Homeowners play a crucial role in mitigating these challenges and can take proactive steps to reduce the risk of increased premiums or nonrenewal of their insurance policies.

Here are some practical measures homeowners can implement:

1. Maintain Your Roof: Ensure your roof is clean, updated, and in good condition to prevent unnecessary claims and damage.
2. Install Wind Mitigation Features: Adding features such as storm shutters, reinforced garage doors, and roof tie-downs can significantly reduce the risk of damage.
3. Property Maintenance: Regularly maintain your property, including trimming trees and addressing potential hazards.
4. Educate Yourself: Understand the insurance market and the requirements as a homeowner. Staying informed helps you make better decisions and anticipate potential issues.

Next Steps for Florida Homeowners

By taking these steps, homeowners can contribute to a more stable insurance market and protect their properties during hurricane season. It is essential for homeowners to be educated about these measures to ensure better preparedness and resilience in the face of natural disasters.

Unfortunately, most homeowners do not have the education, knowledge, or expertise to mitigate the financial damage from weather incidents. That is where RMC Group comes in. Our insurance professionals are ready to keep you informed this hurricane season and help ensure that you have the insurance protection that you need.

Download our free Hurricane Guide for Homeowners here.

If you have any questions or need help reviewing your current homeowner’s insurance policy to make sure you have the proper coverage, contact us today at 239-298-8210 or rmc@rmcgp.com.