Tag: Florida home insurance

Florida’s Home Insurance Crisis Deepens Amid Revelations of Financial Practices

Tate Ellison
Florida’s Home Insurance Crisis

Lawmakers Begin Scrutiny of Insurance Industry Practices Florida’s property insurance market has been a focal point of concern for years, with homeowners facing skyrocketing premiums and limited options. However, new information has surfaced, shedding light on financial practices within the insurance industry that raise serious questions about transparency. A report from March 2022, commissioned by the state’s Office of Insurance Regulation, has now become central to this discussion. Though it was completed over a year ago, it wasn’t made public at the time. It was only obtained recently through a…

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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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Thousands of Florida insurance customers lose their home policies

Nordstrom
Florida insurance - Losing home policies

Just ahead of the Atlantic hurricane season, homeowners are being dropped by their insurers As Atlantic hurricane season approaches, thousands of homeowners have found that their Florida insurance companies are dropping them, as they started receiving letters of non-renewal. ASI-Progressive has been issuing the letters Now, ahead of one of the most high-risk times of the year, Florida insurance customers are being left to look for replacement coverage in time to ensure they won’t be left without a policy. ASI-Progressive made an announcement last year that it intended to drop…

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Mortgage struggles on the horizon as Florida home insurance problems continue

G. Turner
Home Insurance - Mortgage calculations - Florida Flag

As the coverage crisis continues in the state, there is a risk of a real estate market downturn. As the home insurance crisis drags on in Florida, the risk could increase for a downturn in the state’s real estate market, with a threat of mortgage struggles. Major insurers have been stepping out of the state and have stopped selling new policies. Home insurance customers in Florida are paying the highest premiums in the United States. Residents of the state pay an average $6,000 annual premium to private insurers according to…

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Florida prepares for homeowners insurance changes in next legislative session

H. Cutner
Homeowners insurance - Legislation - Changes

Several ideas have been proposed by lawmakers to help the state repair its current crisis. As Florida state lawmakers take on the annual legislative session, one of the top issues their constituents have been pushing to tackle has to do with the homeowners insurance crisis there. Lawmakers and industry officials aren’t currently in alignment about the changes required for this outcome. Governor Ron DeSantis already proposed a budget in December in which he intended to cut taxes to homeowners insurance. That said, this type of move would have only a…

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US Senate Budget Committee is taking a closer look at Florida Citizens Insurance

Marc
Citizens Insurance Focus - home insurance

The Senate Panel is seeking to answer big questions about the insurer’s exposure if a storm hits. The US Senate Budget Committee has requested a slew of documents and information from Florida’s Citizens Insurance, the home insurer of last resort in the state. The investigation has raised questions regarding climate risk and whether a major hurricane would cause the insurer to have to obtain help from the federal government. The committee is aiming to learn more about the insurer’s ability to pay claims in worst case situations. Governor Ron DeSantis…

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