The problem
From
ChaoS to comeback:
The shifting landscape of Florida’ s property insurance market
By: Dillon Marksbury, MBA Commercial Producer Atlas Insurance Agency
Phone: 941 / 366-8424 Email: dmarksbury @ atlasinsuranceagency. com
As we turn the page on another difficult year of catastrophic losses, many fear the repercussions will soon become unsustainable for community associations across Florida. Since 2017, property premiums have increased significantly, placing immense financial stress on unit owners and leading many to question the long-term viability of property ownership in the state.
This blog seeks shed light on the current state of the market, while offering hope to community associations that the future is, in fact, looking brighter. But first, we need to understand how we got here.
The problem
The Florida property insurance market is heavily dependent on reinsurance- the insurance that insurers purchase to protect themselves from massive financial losses. With billions of dollars of insurable assets across Florida, insurance companies alone do not have the type of capital to withstand the onslaught of losses from hurricanes every year. Without it, insurance companies could not survive.
From 2017 to 2024, 6 out of 11 hurricanes hit the west coast of Florida at a category 3 or higher, causing billions of dollars in damage. Adding fuel to the fire, litigation costs soared. Florida carriers paid out over $ 51 billion, with 71 % of those funds going towards attorneys’ fees and public adjusters and only 8 % directly benefiting claimants. Combine the billions of dollars in damage with the litigious nature of our state, and you get an unprecedented collapse of the Florida property insurance market.
40 WWW. CAIWESTFLORIDA. ORg community • December 2025