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There are several issues about insurance in FL, particularly for homeowners.

First, most homes that are wiped out by hurricanes on the cost are from storm surge, not wind. Hence, property insurance is not liable.

Secondly, hurricane damage can be classified in one of two categories. Either the house is wiped out, or the damage is less than $10K. There aren't many claims in between. It is a bi-modal distribution. With a 2% hurricane deductible on a $200K replacement cost, thats $4k out of pocket before insurance kicks in. With a conservative annual insurance premium of $3-4K, the insurance company is only out $2-3K on a claim at $10K and that's just on that one property in one year with the lowest deductible. With a 5% deductible, that's $10K out of pocket before insurance kicks in at all! Guess what - insurance doesn't pay a dime even though the homeowner is paying $3-4K a year in insurance! The insurance company made money on that homeowner, even after a storm hit!

So factoring in storm surge, flooding and high deductibles, insurance companies aren't in as bad a situation they claim. Now with rates almost doubling this year again, the insurance company would make a profit even if a low deductible homeowner filed a claim for typical storm damage.

Throw in the cherry picking who they cover and they are quite ahead. I personally believe they are lying when they say they can't make a dime in FL. They, and their numbers, are not to be trusted, IMHO.

The other thing that does not make sense is paying more for insurance than for one's mortgage. With roughly 5% of the home's replacement cost going to insurance every year, you will have paid your replacement cost in 20 years, before your mortgage is even paid if it's a new purchase in today's market. In other words, the insurance company is betting your home will be wiped out within 20 years time. Or, in 20 years, every home will need to be replaced in FL. That does not make statistical sense at all. Just based on that, I call shennannigans on the insurance companies and the legislature is right to get their brooms.