Gulfshore Insurance > Client Alerts & Insurance News > Home Insurance Rates are Skyrocketing in Florida. Here’s Why.

Despite legislative reforms passed during the 2021 Legislative Session, Florida’s homeowners have continued to see dramatic property rate increases. At the same time, the insurance industry is losing billions to unnecessary lawsuits from third-party contractors. In the first three quarters of 2021, financial results show that property insurers had $1.22 billion in underwriting losses. So, what does this have to do with your property insurance rates going up? Everything. The infographic below from the Florida Association of Insurance Agents (FAIA) explains Florida’s ailing insurance market.

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Gulfshore Insurance is a Naples, Florida based insurance agency specializing in home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your high net worth risks and exposures. Gulfshore Insurance services Naples, North Naples, Port Royal, Park Shore, Pelican Bay, The Moorings, Naples Beach, Marco Island, Bonita Springs, Sanibel Island, Captiva, Fort Myers, Sarasota, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.