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Florida's insurance market is facing challenges with a significant reduction in policy count due to Citizens Insurance's 'depopulation' efforts. Researchers from Harvard, Columbia, and the Federal Reserve Board highlight concerns about the financial stability of many small insurers in the state, impacting their ability to meet federal guidelines for backing mortgaged homes. The cost of construction insurance in Florida is causing developers to reconsider investments in the state.
Op-ed: The cost of construction insurance in #Florida is having developers second-guess their willingness to invest in the Sunshine State https://t.co/Os9LP44527
The vast majority of small insurers operating in #Florida are so financially weak that they wouldn’t typically meet federal guidelines allowing them to back mortgaged homes. https://t.co/EL2sm1F04x via @lmower3
Florida’s property insurance struggles are no secret. It might be worse than you think https://t.co/TbifNWcFIE