CEDAR KEY, Fla. — As cleanup begins in the aftermath of Hurricane Idalia, the storm has served as a stark reminder that Florida's insurance industry remains in flux.
But many of those homeowners face uncertainty amid the upheaval that has emerged in Florida's insurance industry in recent years.
A thinning insurance market that is beset by more regular hurricanes has caused insurance policy costs to skyrocket.
The state's insurance industry is preparing to lose four insurers since last year — Farmers Insurance, Bankers Insurance, Centauri Insurance and Lexington Insurance.
Aggravating the problem, 82% of Floridians do not have flood insurance, which is typically operated by the National Flood Insurance Program, a federal program run by the Federal Emergency Management Agency.
Persons:
Idalia, Chris Draghi, That's, Gregory Buck, Buck, Aimee Firestine, Firestine, Amy Bach, United, Bach, Mark Friedlander, Friedlander, Gabe Gutierrez, Phil McCausland, Melissa Chan
Organizations:
Insurance Information Institute, U.S, — Farmers Insurance, Bankers Insurance, Centauri Insurance, Lexington Insurance . Farmers Insurance, National, Experts Insurance, Homeowners, Insurance, Property Insurance Corp, National Flood Insurance, Federal Emergency Management Agency, Congress, First Street Foundation, FEMA, Cedar Key
Locations:
Fla, Florida's Big Bend, Florida, Georgia, Florida , Georgia, South Carolina, Cedar, America, Taylor County, Bend, New York City