There is an ongoing property insurance crisis in Florida due to legal system abuse and claim fraud. There were seven residential insurer insolvencies between February 2022 and 2023. However, there have since been legislative actions to improve the market, and seven new insurers are entering the market in 2024. The state has seen a successful depopulation of Citizens Property Insurance Corp., the state-backed insurer of last resort, with tens of thousands of policies being taken over by private insurers.