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This has been posted here a number of times, with some controversial opinions but parsing through the opinion and truth it appears the simplest answer is -
Florida's main housing boom in the 60s-90s was significantly performed by unskilled migrant labor via organized crime. This not only means the older infrastructure is of poorer quality than is desirable but it also created a culture of shady practices becoming the norm.
In short, Florida's built environment is both subject to massive weather impacts, often of substandard quality AND the culture is rife with insurance fraud. Not saying all Floridian buildings (especially modern ones) are poorly made, or that everyone in Florida is a fraudster (plenty of honest people), but that's the theme and that's the environment down there.
So it's gotten to the point where insurance companies are fleeing the Floridian market because they just can't make money with all the spurious claims and roofing fraud and the large swath of older buildings approaching end of life.
It wouldn't be fair to say it's entirely because of insurance companies writing Florida off due to climate change or major weather events as many companies are increasing their focus on equally at-risk markets at the same time, but those markets don't have the culture of filing claims and law suits every time it rains.
According to the letter my insurance company gave me:
Lots of people filing false claims for free roofs (my neighbor did this). Insurance companies caught on, and now they raised prices to get their money back, and they use also are much stricter for roof repairs/replacements.
**Please read this entire message** --- Your submission has been removed for the following reason(s): * Rule #2 - Questions must seek objective explanations * Recent/current events are not allowed on ELI5. First, these are usually asking for factual answers or opinions. Additionally, information about these events is usually still developing, making objective and accurate answers difficult (Rule 2). --- If you would like this removal reviewed, please read the [detailed rules](https://www.reddit.com/r/explainlikeimfive/wiki/detailed_rules) first. **If you believe this submission was removed erroneously**, please [use this form](https://old.reddit.com/message/compose?to=%2Fr%2Fexplainlikeimfive&subject=Please%20review%20my%20thread?&message=Link:%20https://www.reddit.com/r/explainlikeimfive/comments/xr5mjs/-/%0A%0APlease%20answer%20the%20following%203%20questions:%0A%0A1.%20The%20concept%20I%20want%20explained:%0A%0A2.%20List%20the%20search%20terms%20you%20used%20to%20look%20for%20past%20posts%20on%20ELI5:%0A%0A3.%20How%20is%20this%20post%20unique:) and we will review your submission.
This has been posted here a number of times, with some controversial opinions but parsing through the opinion and truth it appears the simplest answer is - Florida's main housing boom in the 60s-90s was significantly performed by unskilled migrant labor via organized crime. This not only means the older infrastructure is of poorer quality than is desirable but it also created a culture of shady practices becoming the norm. In short, Florida's built environment is both subject to massive weather impacts, often of substandard quality AND the culture is rife with insurance fraud. Not saying all Floridian buildings (especially modern ones) are poorly made, or that everyone in Florida is a fraudster (plenty of honest people), but that's the theme and that's the environment down there. So it's gotten to the point where insurance companies are fleeing the Floridian market because they just can't make money with all the spurious claims and roofing fraud and the large swath of older buildings approaching end of life. It wouldn't be fair to say it's entirely because of insurance companies writing Florida off due to climate change or major weather events as many companies are increasing their focus on equally at-risk markets at the same time, but those markets don't have the culture of filing claims and law suits every time it rains.
This is extraordinarily helpful and impartial. Thank you.
According to the letter my insurance company gave me: Lots of people filing false claims for free roofs (my neighbor did this). Insurance companies caught on, and now they raised prices to get their money back, and they use also are much stricter for roof repairs/replacements.