Panic over Florida's fragile insurance market is reignited by Hurricane Ian

The property insurance market in Florida was already the most unstable in the US before Hurricane Ian emerged, and it will probably only get worse after the storm.

Since January 2020, a dozen Florida-based insurance companies have shut down. This year, six were found to be insolvent.

Most recently, a court determined that due to ongoing financial difficulties, FedNat Insurance Co. would need to be liquidated, cancelling 56,000 policies.

With a possible cost of more than $258 billion for restoration, more than 1 million properties on the Florida Gulf Coast are currently in danger due to Hurricane Ian.

A massive storm might further endanger the nearly 30 Florida insurance companies that are already on the state regulator's "Watch List" for financial instability.

To help Floridians, Republican Florida Governor Ron DeSantis in May signed a bipartisan property insurance reform bill into law.

The law allocated $150 million in a grant program for hurricane retrofitting and $2 billion in a reinsurance relief program.

Despite the efforts of state lawmakers, many people didn't believe they had gone far enough to safeguard Florida policyholders.

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