Florida Homeowners Face Financial Strain as Insurance Rates Surge

A new Florida law effective July 1 will require insurance agents to have at least three appointments with authorized carriers before selling policies for the state-backed Citizens Property Insurance Corp. This change aims to ensure Citizens remains a last-resort insurer amid a crisis of rising premiums and limited policy options due to excessive litigation, fraud, and climate change. The law also allows surplus lines insurers to take out Citizens policies on secondary homes, potentially reducing Citizens' policyholder numbers and mitigating insolvency risks.