Keep pulling the thread on Florida.
Before the 2022-2023 legislative reforms, Florida accounted for approximately 99% of all homeowners insurance lawsuits in the United States.
Florida passed legislation in 2022 and 2023 to reform its homeowners insurance market, with the effects still materializing.
The Florida bill proposing the gradual elimination of property taxes for homesteaded properties died in the appropriations committee in mid-March.
Prior to legislative reforms in 2022 and 2023, Florida had the highest number of lawsuits against homeowners insurance companies of any state in the U.S.
The cumulative increase in homeowners insurance rates in Florida from 2019 to 2024 was 54%.
Since Florida enacted insurance litigation reforms, 17 new insurance companies have entered the state's market.
Citizens Property Insurance Corporation, Florida's state-backed insurer, is experiencing a reduction in its number of policies.
FEMA changed its methodology for calculating flood insurance rates in 2022.
A legislative proposal in Florida suggested reducing the taxable value of homesteaded properties by $100,000 annually until 2037, at which point they would no longer pay non-school property taxes.
Florida's homestead exemption includes a 3% cap on the annual increase of a property's assessed value for tax purposes.