Florida may be experiencing one of the most significant influxes of new residents, but its also experiencing a mass departure - of insurance companies. Homeowners and property owners alike are receiving cancellation notices from their insurance carriers with no real warning. It's not just a few policies here and there either. Some insurance carriers are pulling out of the state of Florida entirely. Similar to when California wildfires led insurance carriers to flee, residents and businesses are scrambling to secure coverage for their property. But unlike in California, there has been no regulation put in place to stop insurance carriers from pulling out. Now, Florida property owners are at risk of losing coverage during high-risk times and seek new ways to protect their assets amidst the carrier cancellations.
We are currently facing the most significant wave of inflation in close to 40 years. This March experienced 8.5% higher prices compared to the year prior, making it the biggest price increase since the 1980s. These rising costs are affecting every aspect of the American economy, from its manufacturing, distribution, laborers, and consumers. As the cost of goods goes up, so does the cost to insure them. Many people are concerned with the steady rise in costs and wonder, how will this affect my insurance plan? Can I still afford to protect my home, business, and other vulnerable assets? Inflation is caused by a variety of factors, but it's likely going to remain or increase over the next year or two. Understanding how inflation is affecting the insurance marketplace is key to being prepared for years ahead.