JACKSONVILLE, Fla. – In the wake of two powerful hurricanes, Helene and Milton, six major property insurance companies are outlining their future plans in Florida. The insurance industry is facing potential rate hikes, and one Fort Myers insurance agent is weighing in on what homeowners should expect.
Hurricane Milton alone caused an estimated $55 billion in property damage across Florida. Despite these losses, the six insurers that came out with statements are reaffirming their commitment to Floridians.
In a statement to News4JAX, Citizens Property Insurance, Florida’s state-backed insurer, said:
“Citizens right now is in a very strong financial position. We’ve seen about 80,000 claims related to Milton. We expect to pay all claims from both Milton and Helene without needing to levy assessments on non-Citizens policyholders.”
State Farm echoes this sentiment, emphasizing their dedication to Florida’s insurance market:
“We plan to maintain a responsible growth strategy to preserve financial strength. We are encouraged by recent reforms and will continue collaborating with the Florida Legislature and the Office of Insurance Regulation.”
Universal Property & Casualty Insurance and American Platinum Property and Casualty Insurance Company assure Floridians:
“We’ve been providing property insurance in Florida since 1998. As Floridians ourselves, we’re committed to the state, with most of our employees based here.”
Progressive Home Insurance adds: “We have implemented changes to rebalance our exposure, but we continue to write property insurance in Florida.”
Slide Insurance and Castle Key Indemnity Company also remain committed, stating they are working to maintain long-term stability and protect Florida customers.
Potential rate increases looming
Despite reassurances from insurers, experts warn of potential premium increases.
Brian Wilcox, a commercial insurance agent at Five County Insurance, believes that hurricanes Helene and Milton could result in higher insurance rates for property owners across Florida.
“I project that there’s going to be a spike in insurance across the board. Even if you didn’t file a claim, we’re all in this pool together,” he said.
Wilcox advises homeowners to review their insurance carriers, particularly those with lower financial ratings, which may be more vulnerable after such catastrophic events.
According to industry experts, any potential increases in insurance premiums would not be immediate. The global insurance market’s reaction over the next 9 to 10 months will be a key factor in determining if and when rates will rise.