Home insurance rates are going up again in Florida, as rate increases by reinsurers get passed on to homeowners. Reinsurers are reacting partly to five years of outsize losses from catastrophes around the globe, though Florida has been largely spared. Many are concerned that storms and wildfires are intensifying as a result of climate change. Reinsurers backup insurers, helping them pay claims. There’s another driver for higher rates in Florida. The state suffers from what insurers see as sham roof claims and excessive litigation tied to these claims. Those costs have hurt profits for insurers and reinsurers. The state has passed legislation to limit the lawsuits but insurers say problems persist. The reinsurers’ pullback in Florida drove up prices for insurers and homeowners as Florida-focused home insurers lined up contracts for this year’s hurricane season. Negotiating those […]