Navigating the Changing Florida Insurance Market: What You Need to Know

The Florida insurance market has been in a state of flux in recent years, with several significant changes impacting policyholders, adjusters and insurers. As a leading provider of insurance claims services in the Sunshine State, Wardlaw Claims Service has been closely monitoring these developments to ensure we can continue providing our clients the highest level of service. In this blog post, we'll look at some key changes in the Florida insurance market and what they mean for policyholders, adjusters and insurers.

One of the most significant changes in recent years has been the increasing frequency and severity of natural disasters, particularly hurricanes to hit the state. As we know, this has led to a surge in insurance claims, putting pressure on insurers, driving up premiums for policyholders or limiting their options to Florida’s insurer of last resort - Citizens Property Insurance Corporation.

In response to these challenges, many insurers have been forced to reevaluate their exposure in Florida and adjust their underwriting standards. Some have even chosen to exit the market entirely, leading to a reduction in competition and further pressure on rates. As a longtime claims service provider in Florida,  Wardlaw helps navigate the complex landscape for our clients that write P&C throughout the state.

One way we are doing this is through staying apprised of legislative changes such as Senate Bill 7052 which went into effect in July 2023. SB 7052 prohibits insurers from altering or amending an adjuster’s report without providing a detailed explanation as to why any change that reduces the estimate of the loss was made. The insurer must also create a list of changes and who made the change or retain all versions of the report.

At Wardlaw Claims Service, we have been adapting to these changes through extensive training of our leadership, desk adjusters and field adjusters who are  licensed in the state of Florida. We have also been working closely with our carrier partners to stay up-to-date on their latest policies and procedures, ensuring we can provide our clients with the most accurate and effective service possible.

Another key change in the Florida insurance market has been the increasing focus on fraud prevention and mitigation. Insurance fraud is a major problem in the state, with estimates suggesting that it costs insurers and policyholders billions of dollars each year. Let’s not forget the pivotal change brought about by Senate Bill 2-A on Assignment of Benefits. The reform of assigning any post-loss benefits under any residential property or any commercial property insurance policies issued after January 1, 2023 has had a major impact on the Florida Insurance market.

Despite these challenges, the Florida insurance market remains vital to the state's economy, providing essential protection for millions of residents and businesses. At Wardlaw Claims Service, we are committed to being a trusted partner for our clients, providing them with the expertise and support they need to navigate this complex and ever-changing landscape.

If you have any questions about the Florida insurance market or about claims handling or other services offered by Wardlaw, please don't hesitate to contact us. We are always here to help and are committed to being a valuable resource for our clients and community.