Hi Harbour clients and friends.
I hope everyone is doing well. We have been busy at Harbour trying to help get final claims closed from Hurricane Ian. Fortunately, we only had a few claims from Hurricane Idalia. Most of our time and effort now is devoted to helping clients with their property and auto renewals. Most renewals are up at least 30-50%+ home and 15%+ auto and 20-40%+ business. It is a combination of inflation, limited insurance company options, litigation expenses and hurricane/flood losses. It is and has been a very trying time for everyone.
I will say that it “feels” like the market is stabilizing. There are institutional investors putting money into Florida insurance companies, the legislative reform on the Assignment of Benefits has reduced the number of lawsuits and the reinsurance treaties have stabilized. All good news.
Click here for a very in-depth article “Florida Homeowners Market Back From the Abyss” if you want to understand more about the crisis.
I do think that in the next 52 weeks that things will stabilize and start to trend down (not to 2022 prices). I can only hope that we do not have another weather event in 2023.
Please know that we the entire Harbour team is “all hands-on deck” working on your renewals. It is a very challenging time, and our team really cares about your upcoming renewals and is working hard to get you the best coverage possible.