Florida's Insurance Crisis Examined in Senate Hearing

Lawmakers debate climate change and inflation as key factors driving soaring premiums and market instability.

Sen. Sheldon Whitehouse criticizes Florida's insurance industry, calling it fragile and unprepared for climate change impacts.
Florida residents face the highest insurance premiums in the U.S., averaging more than $6,000 annually.
Experts highlight the role of climate change, inflation, and litigation in escalating insurance costs.
State-owned Citizens Property Insurance Corp. has seen a significant increase in market share due to private insurer exits.
Proposals include building stronger homes and reevaluating coastal development to mitigate future risks.