florida home insurance coverage Archives

Could the Florida home insurance crisis end with wind mitigation investments?

December 22, 2023December 22, 2023 G. Turner

Florida home insurance Crisis - Analyzing Stats

The property coverage ecosystem in the state does appear to be easing compared to the last dramatic years. While the Florida home insurance market looks like it may be leveling out, it remains clear that considerable funding is still required to harden homes in the state against the extreme winds that come with the increasingly common and severe hurricanes blowing through every year. This could help to prevent substantial losses for both policyholders and insurers, said risk experts. “Mitigation is a huge issue. If you think about how do you…

Progressive to cease renewal of some Florida home insurance policies

October 10, 2023October 5, 2023 H. Cutner

Home insurance Renewal Denied - keyboard

The insurer has confirmed that it wasn’t leaving the state but that it wouldn’t always renew coverage. Progressive has confirmed that it has decided not to renew some home insurance policies in Florida once they reach their expiration date. Regulatory filings from the company have already started and notices will start being issued soon. A spokesperson from Progressive has confirmed the home insurance company’s intention to stop renewing certain policies in Florida. It has started the necessary regulatory filings for this move and will be issuing the first wave of…

Would sending Floridians cash help them to afford home insurance?

September 29, 2023September 28, 2023 G. Turner

One lawmaker wants to direct the state’s $10 billion budget surplus to that specific cause. As Florida continues to struggle to find a way to slow the rising cost of home insurance, one lawmaker from Palm Beach County has suggested that it’s time to offer Floridians money to help them to keep up. House Bill 41 has been introduced for the upcoming legislative session in the state. “Right now, we have to focus on real solutions,” said Rep. Jervonte Edmonds (D-West Palm Beach). Edmonds introduced House Bill 41 for the…

Self-insurance is becoming increasingly popular in Florida

September 22, 2023September 21, 2023 Logan B.

A new survey has shown that rising premiums are driving Floridians to look to alternative options. The Insurance Information Institute (III) has released the results of a recent survey showing that a growing number of homeowners in Florida are choosing self-insurance for their homes. This is a worrying trend, as there is a substantial amount of risk associated with this type of coverage. “It is very risky for homeowners to self-insure,” said Florida’s Insurance Consumer Advocate Tasha Carter when discussing the topic of the growing self-insurance trend in the state.…

Florida approves 4 new home insurance companies for operation in the state

September 4, 2023September 1, 2023 Marc

Home insurance Three wooden homes and Florida state flag

The state’s property market is edging on crisis and has been bleeding insurers in recent years. Florida property owners are about to have an additional choice of coverage from four new home insurance companies that have just received their approval to sell in the state from the Florida Office of Insurance Regulation (OIR). The state has been in desperate need of new players in its property coverage market. The most recent home insurance companies to enter the state were Orion180 Select Insurance Company and Orion180 Insurance Company. Shortly before they…

Florida home insurance rate hikes lead to protest at 55+ community

August 24, 2023August 23, 2023 Nordstrom

The demonstration broke out in response to skyrocketing premiums making their properties unaffordable. Hundreds of homeowners recently held a protest at their Florida 55+ living community called Century Village in response to the latest increase to their monthly home insurance fees. According to the seniors living in the community, many are being forced to sell because of this added cost. The Pembroke Pines, Florida community has been watching their monthly housing fees steadily climb due to the exploding home insurance costs as the state fights a crisis in its property…

New Florida force-placed insurance regulations now in effect

July 5, 2023July 4, 2023 G. Turner

As of last weekend insurers and mortgage lenders have new rules to which they must comply. Starting on July 1, Florida force-placed insurance regulations have been updated, requiring insurers and mortgage lenders to face certain tighter restrictions on the implementation of those policies. The change is the result of a new bill approved by Florida lawmakers earlier in 2023. House Bill 793 took effect at the start of this month, with the intention of banning what some have referred to as lender “double dipping.” That occurred when lenders put force-placed…