Hurricane Ian will be a serious test of Florida’s unusual home-insurance market, where dozens of small to midsize carriers and a state-run insurer of last resort play a leading role in paying claims.
These relatively obscure private-sector insurers and the rapidly growing state-run carrier are backed up by reinsurance companies. There is enough coverage available to handle claims, even if Hurricane Ian lands in Tampa, officials said. But insurers could be hurt by a wave of lawsuits driving up their costs, or by another increase in premium rates charged by reinsurers.
