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As hurricane season approaches, Florida can do more to weather the property insurance storm
By JULIO FUENTES
As hurricane season has begun, Florida is starting to see some relief in the state’s property insurance market.
While Florida property insurance rates continue to be among the highest in the nation, the percentage at which those rates have increased has slowed some. Signaling further relief for Floridians, eight new insurance companies are expected to enter the state to help stabilize the market and lessen the burden on Citizens Property Insurance Corp., the state’s taxpayer-funded “insurer of last resort.” Additionally, lawsuits filed against insurers have dropped significantly, helping slow insurance rate increases.
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