The Insurance Market is Softening for Beachfront Homeowners in Florida

In recent years, severe weather has dramatically increased beachfront homeowners' premiums and reduced their carrier options, ultimately making it more challenging than ever to secure luxury retreats.

High-net-worth clients hate watching the insurance bills for their second and third homes skyrocket as much as any other clients do.

Even if you never handle property or casualty coverage, and you refer all requests for that kind of coverage to colleagues, having a minimum level of property insurance literacy is critical.

Understanding this issue is especially important for financial advisors with high-net-worth clients who have beachfront property in Florida, for example.

Now, the tides are starting to turn. Due to recent legislation in the state, the hard property market has now softened. A new law created by Florida Senate Bill 2-D — SB 2-D — took effect earlier this year.

The new law is stabilizing the insurance market, lowering policyholder premiums and making property insurance more affordable for Florida homeowners.

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