Florida's insurance industry is in flux as Idalia cleanup begins

Florida's insurance industry is in flux as Idalia cleanup begins

"A thinning insurance market that is beset by more regular hurricanes has caused insurance policy costs to skyrocket. 

• An average home premium in Florida is about $6,000 per year, according to the Insurance Information Institute, an industry trade organization. The U.S. average is about $1,700.

The state’s insurance industry is preparing to lose four insurers since last year — Farmers Insurance, Bankers Insurance, Centauri Insurance and Lexington Insurance. 

Farmers Insurance announced just last month that it intends to leave Florida, affecting about 100,000 policy holders, and that it would not be writing new policies...

That could mean that, as the costs for insurers rise further, Floridians’ premiums will be affected...