Florida insurance market shows recovery signs after steep rate increases

Florida's home insurance rates have significantly increased due to an insurance crisis, with several companies going insolvent since 2020. Despite recent reforms, experts warn the industry is still not fully stable. However, new insurance companies are entering the market, indicating some improvement. Factors such as material costs, severe weather, and lawsuits have contributed to rate increases. Over the past three years, policyholders have seen a 102% cumulative increase in rates. Future rate increases are expected to stabilize due to recent reforms.