WEST PALM BEACH, Fla. — With hurricane season only a few weeks away, WPTV is taking a look at the status of Florida's insurance market.
Homeowners insurance is still a sticking point with many as a new storm season approaches. Right now, it's a mix of optimism and frustration.
WATCH BELOW: 2025 hurricane season: What's the status of insurance market?
"In tandem with the increase in damages and increase in the strength of hurricanes, we've seen a continuing deterioration in the financial condition of insurance companies," Martin Weiss of Weiss Ratings in Palm Beach Gardens.
He hinted that the industry is still fragile and difficult for policyholders, including a growing number of denied claims in the last few years.
"There's a creeping or increasing deliberate strategy by insurance companies to deny claims right off the bat and see what happens," Weiss said.
However, state leaders point to a growing number of flooding events and a lack of flood coverage for the denied claims. They also point to reforms and new companies, which is now leading to stability.
"There's a quiet majority or quiet group out there saying, 'My rates are going down, but I really don't want anybody to know about it,' and we've actually seen that over and over again because they just hear about rates going up," state Rep. Toby Overdorf, R-Stuart, said.
Yet in South Florida — a prime target for hurricanes — it is common to keep hearing about rates going the other way.
"My renewal, last year I paid $9,035, and this year's renewal, which is June 17, is going to $11,511," one homeowner told WPTV.
The frustration is also leading many Florida residents to drop their insurance. However, that's a risk that experts say takes a lot of planning and careful thought.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
