Category: Florida Insurance

The Roof Rule That’s Blocking Homebuyers Nationwide

Nordstrom
Roof rule that homebuyers need to know

Homebuyers Struggle to Navigate Insurance Obstacles with Older Roofs Buying a home is a major milestone, but for an increasing number of buyers, the road to homeownership is becoming more complicated. Across the country, insurance companies are tightening their underwriting requirements, and aging roofs are emerging as a significant hurdle. Many homebuyers are finding themselves caught in a frustrating cycle—unable to secure insurance policies that mortgages require for closing. This growing challenge is leaving buyers and sellers searching for creative solutions to keep deals intact. Why Are Insurers Focusing on…

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Florida’s Property Insurance Shake-Up: What Homeowners Need to Know

H. Cutner
Florida's Property Insurance

State-Backed Citizens Insurance Plans to Raise Rates Residents across Florida are bracing for another surge in property insurance costs as Citizens Property Insurance, the state’s insurer of last resort, inches closer to finalizing a 14% rate increase for 2025. This proposal, already approved by Citizens’ board, seeks to align rates with the private market while continuing efforts to reduce the insurer’s policyholder count. But as Floridians juggle rising premiums and limited options, the bigger question remains—what’s the way forward? Why Are Florida Insurance Rates Rising? Florida’s property insurance market faces…

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Florida House Bill 13 Aims to Shake Up Home Insurance in the Sunshine State

G. Turner
Citizens Insurance Focus - home insurance

Expanding Citizens Insurance to Address Windstorm Damage Florida is no stranger to the wrath of hurricanes. With the state regularly experiencing some of the costliest natural disasters in the United States, reliable home insurance has become both a necessity and a challenge. Enter House Bill 13, a proposal that could significantly alter the insurance landscape. Sponsored by Rep. Hillary Cassel of Broward County, this legislation seeks to make Citizens Property Insurance Corp. — a state-run insurer — available to all Florida property owners for windstorm coverage. The bill primarily targets…

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Unpacking Citizens Insurance Rate Increase Delays

H. Cutner
Citizens Insurance

Florida Citizens Property Insurance Rate Hikes Remain Unresolved Amid Policy Shifts Florida’s largest government-backed insurer, Citizens Property Insurance Corporation, is dealing with unfinalized rate hikes for 2025. Initially proposed by the Board of Governors in June 2024, the increases include an average 13.5% rate hike for homeowners’ multi-peril coverage and 14.2% for condominium policies. However, with no formal decision from the Office of Insurance Regulation (OIR) as of January, these adjustments may not take effect until at least May 2025. The delay leaves policyholders in uncertainty. Citizens’ President and CEO,…

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Major Decision by Florida Court of Appeals Shakes Up Insurance Landscape

H. Cutner
Florida court of appeals

Florida Court Ruling Redefines Assignment of Benefits (AOB) and Its Impact on Homeowners Insurance A recent ruling by a Florida court of appeals has established that a “direction to pay” (DTP) by a policyholder does not equate to an “assignment of benefits” (AOB). This decision serves as a significant milestone reinforcing the legislative reform introduced through Senate Bill 2-A in 2023. The reform prohibits insurance policy benefits issued after January 1, 2023, from being assigned to third parties. The objective of Senate Bill 2-A is to curb the extensive litigation…

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Florida Home Insurance Premiums on the Rise Again

G. Turner
Florida Home Insurance

Why Florida’s Insurance Rates Are Climbing Faster Than Ever Home insurance premiums in Florida are climbing higher, sparking fresh concerns among homeowners and consumer advocates. While stabilized rates in early 2024 offered respite, recent data from the third quarter show an uptick in costs, reversing the trend of slowing increases. Understanding the factors behind these changes is vital for homeowners and industry leaders alike, as new dynamics including inflation, reinsurance prices, and storm recovery efforts take center stage. Rising Insurance Premiums in Florida An analysis of data from Florida’s Office…

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2025 Florida Insurance Bills Stir Debate Amid Rising Rates and Hurricane Risks

Spencer Wright
Florida Insurance 2

Key Insurance Highlights in the Upcoming Florida 2025 Legislative Session The Florida Legislature’s 2025 session, beginning in March, is set to tackle a range of critical issues, with several insurance-related bills being hot topics. These proposed measures aim to address housing durability, financial relief for homeowners, and protection amid escalating hurricane activity in the state. Here’s a detailed look at some of the most notable insurance legislation that could reshape the landscape for residents and property owners. Citizens Insurance Windstorm Coverage Expansion One of the most discussed legislative proposals is…

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