Florida’s insurance industry is facing a period of upheaval amid the cleanup efforts of Hurricane Idalia. The powerful storm caused extensive damage to property and businesses, but is also expected to result in unprecedented losses for insurers in the state. In response, insurers are likely to increase their premiums and modify their coverage options, resulting in higher costs for homeowners, business owners, and renters. At the same time, insurers may limit coverage or drop policies altogether in response to the high costs of providing coverage in post-Idalia Florida. Policyholders should be aware of these changes and may need to shop around for more affordable coverage options.
