Part 5/9:
A significant challenge remains the limited number of insurance carriers in Florida. The current landscape is precarious, as it leaves consumers with few choices, thereby driving premiums up. The state must explore pathways to attract more carriers into the market, which would, in turn, distribute risk more evenly and allow for competitive pricing.
The issue further complicates the situation; when a carrier exits the market, it not only leaves customers without adequate coverage but also places additional strain on those remaining. This dynamic creates a doomsday scenario where only a handful of insurers serve the large population of Floridians seeking relief, which ultimately whittles down consumer options.