At Valbridge Property Advisors | Orlando | Tampa | Jacksonville, we are tracking the “insurer exodus” from Florida’s housing market. Over the past 18 months, 15 insurance companies, including Farmers Insurance, have left the state, creating uncertainty for homeowners. Read the full Fortune article here.

The Insurance Information Institute calls this a “man-made” crisis due to legal system abuse and claims fraud. Consequently, Florida homeowners now face insurance premiums averaging $6,000 per year, starkly above the national average of $1,700.

Florida’s insurance industry has been financially unstable since 2016, culminating in a $1.4 billion underwriting loss and a $900 billion net income loss last year. This volatility has deterred insurers, leading to their exit or increased premiums.

In this environment, choosing the right valuation services provider is critical, as insurers only accept reports from professionals they deem qualified. An insurable value appraisal can play an important role in determining an accurate replacement cost for buildings and other assets, helping owners to secure adequate coverage. A proper insurable valuation needs to be completed by a licensed appraiser using the latest software designed for insurance replacement-cost purposes (e.g., Xactware 360Value®, Marshall & Swift Commercial Estimator®).

At Valbridge Property Advisors | Orlando | Tampa | Jacksonville, our licensed staff have successfully completed thousands of insurable value appraisals, including appraisals for Citizens Insurance, which has among the most stringent standards in the industry. Licensed appraisers are the only specifically named professional group that are permitted by Citizens Insurance to provide insurable valuations.

Do you have questions about insurable value or commercial property appraisal? If so, please consider Valbridge Property Advisors | Orlando | Tampa | Jacksonville for all of your commercial appraisal, valuation and consulting needs.  Through a detailed understanding of the local property market and a comprehensive approach to property valuation, we can help you make informed decisions. We invite you to give us a call toll free at 844-822-7825 and dial extension 1.