Florida's Insurance Market is About to be Upended

The rules around selling policies for Florida's state-backed insurer of last resort Citizens Property Insurance Corp. are about to change as a bill signed into law by Governor Ron DeSantis last month comes into effect on July 1.

Under House Bill 1503, insurance agents in the Sunshine State will be required to have at least three appointments with authorized carriers before they can sell policies for Citizens. Until now, insurance agents were required to have only one appointment.

The law comes at a time when Florida homeowners are struggling with skyrocketing premiums and limited policy offers as a crisis in the sector is unfolding in the state. Excessive litigation, fraud and the growing risk of more frequent and more severe natural disasters, fueled by climate change, have all contributed to the rise in insurance costs and to an exodus of private insurers in the state in the past few years.