Florida homebuyers can breathe easier as insurance market rebounds

It may be peak hurricane season, but homeowners and real estate professionals in Florida are feeling far more confident this year when it comes to all the possible weather-related what ifs that could result in a homeowner’s insurance claim. “The Florida insurance industry sits at its strongest financial position in more than a decade,” said Mark Friedlander, the senior director of media relations at the Insurance Information Institute. “A few years ago we were worried that the next storm could be the one to put all the carriers out of business. This is great news for consumers because they don’t need to worry about their insurance company being in financial strain or be concerned that if a hurricane strikes that their claim may not be paid.”This confidence and optimism stems from the influx of new and returning homeowners’ insurance carriers to the state after several years away. In 2022, at least eight insurance carriers in the state liquidated. “The market essentially shut down in that moment,” Emily Ernst, a Tampa-based division service leader at World Insurance Associates, said. “Carriers weren’t taking new clients and the underwriting became so strict that it was impossible fo...