Category: Florida Insurance

Skepticism Abounds as Florida Welcomes New Property Insurance Companies

Angela Linders
Florida Property Insurance - Skeptical

Eight New Florida Property Insurance Companies Amid Market Shakeup In a concerted effort to inject stability into Florida’s property insurance market, a fleet of eight new insurance companies has embarked on a mission to provide a reprieve from the soaring premiums and to fill the void left by the withdrawal of large national insurers. This proactive stance comes in the wake of an alarming 68% surge in home insurance premiums recorded between May 2021 and May 2023, positioning Florida at the pinnacle of the US in terms of homeowners’ coverage…

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Florida Insurance Crisis Intensifies With Predictions of a Harsh Hurricane Season

Kirk Chivas
Florida insurance crisis - hurricane image on radar

Florida Homeowners Brace for Busy Hurricane Season Amid Skyrocketing Insurance Rates Florida homeowners, already bearing insurance rates that nearly triple the national average, now face the grim prospect of an “explosive” hurricane season, casting shadows on the financial resilience of the state’s insurer of last resort. With home insurance premiums in the Sunshine State escalating to an average of $6,000 a year—a stark contrast to the national average of approximately $1,700—Governor Ron DeSantis has called the state-run Citizens Property Insurance Corp. “not solvent,” sparking concerns over its potential inability to…

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Unraveling Florida’s Insurance Exodus: Weather or More?

G. Turner
florida insurance

Florida, a state synonymous with sun-kissed beaches and, unfortunately, hurricanes, is caught in a whirlwind of an insurance crisis. Insurance companies seem to be abandoning ship despite a 2023 mild hurricane season. The exodus begs the question: What’s really prompting these insurers to run for the hills? Weather Warnings vs. Reality The threat of hurricanes has long cast a shadow over the sunshine state, prompting persistent fears that insurers are dwindling due to natural disasters. And indeed, the increased risk of such events has influenced insurers’ decisions. But to attribute…

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Florida Leaders Champion Bill to Slash Homeowner Insurance Costs by 25%

Live Insurance News
florida homeowner insurance

Amid escalating homeowner insurance rates, a glimmer of hope emerges from South Florida as two political figures spearhead a legislative initiative aimed at significantly reducing these financial burdens on homeowners. The proposed congressional bill sets its sights on a 25% cut in property insurance costs nationwide, promising particularly dramatic relief for Floridian home and condo owners. The legislation, coined the Natural Disaster Reinsurance Plan, is championed by U.S. Rep. Jared Moskowitz, a Democrat from Coral Springs, and Steve Geller, a former Florida legislator and current Broward County commissioner. It boldly…

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