Some insurers have stopped selling new policies in states like California and Florida. "We're seeing escalating catastrophe risk, a historic rise in inflation, and the cost to recover and rebuild homes is increasing." Still, Friedlander doesn't see Florida's insurance market improving any time soon. Beyond the rising risk of disaster, property insurers are also dealing with construction costs that are outpacing inflation, according to an analysis by the Insurance Information Institute. Insurers saw a 55% increase in rebuilding and replacement costs between 2019 and 2022.

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Persons: Carole Walker, Walker, Mark Friedlander, Friedlander, Ian, Ron DeSantis Organizations: Service, Rocky Mountain Insurance Association, State Farm, Allstate, Colorado Division of Insurance, FAIR, Property Insurance Corporation, Insurance, Research, Institute, Contractors Locations: California, Florida . Colorado, Gulf Coast, California , Colorado , Florida , Louisiana, Texas, Colorado , New Mexico , Utah, Wyoming, Colorado, California , Louisiana, Florida