Live Insurance News

Citizens provides home insurance to three times the Floridians it used to

March 14, 2023March 13, 2023 Logan B.

As the state sinks further into a coverage crisis, the insurer of last resort’s use is ballooning. The recent inflation and regular severe hurricanes have caused massive home insurance challenges in Florida, forcing many homeowners to turn to the insurer of last resort, Citizens Property Insurance, for coverage. Lawmakers have been working to change regulations to dig out of the crisis, but the crisis is continuing. Both availability and price of home insurance coverage is becoming increasingly problematic in Florida, to the point that many property owners don’t have any…

Florida home insurance rates to spike by June, say industry experts

February 22, 2023February 21, 2023 G. Turner

Experts are warning property owners to prepare for premiums as high as 20-25 percent higher. Rising home insurance rates are nothing new for property owners in Florida, but industry experts are still warning that preparing for a substantial hike this year is a good idea, as rates could rise by as much as 20 to 25 percent by June. The state has been in crisis as severe storms become more frequent and inflation drives up prices. Former Citizens Property Insurance Chief Risk Officer John Rollins shared some insight into the…

Will stopgap measure dig Florida home insurance market out of crisis?

August 1, 2022July 30, 2022 Marc

Florida home insurance - Home in Florida

Regulators have announced a plan using Citizens to avoid consequences of financial ratings agency downgrades. Regulators have announced that they will be using Citizens as a part of a Florida home insurance stopgap plan in the hopes of avoiding the ramifications of financial ratings agency downgrades across several property insurers. The plan is meant to provide a temporary fix, making sure residents will maintain their coverage. The Florida home insurance stopgap plan will use the state’s insurer of last resort, Citizens, as a financial backstop. The insurer will take on…

Florida passes homeowners insurance bill including $10k for home hardening

May 30, 2022May 28, 2022 Marc

State residents could receive $2 for every $1 they pay for upgrades to protect their homes from damage. Florida state lawmakers have passed a bill to update homeowners insurance regulations and bring back a 16-year-old program that would pay an owner as much as $10,000 for home hardening upgrades. The goal of the legislators was to help ease the sharply increasing rates residents are paying for coverage. The new program meant to help reign in the skyrocketing homeowners insurance rates is called My Safe Florida Home. It has been designed…

Homeowners insurance may become more expensive in Florida

February 13, 2013February 12, 2013 Nordstrom

Homeowners insurance in Florida facing major changes due to new legislation Florida’s Citizens Property Insurance, a state-run organization that offers homeowners insurance coverage throughout the state, has been laboring under the weight of significant financial problems for the past few years. Last year, the state-run company was tasked by Florida lawmakers to make drastic changes to its business structure in order to overcome its financial challenges. The number of policies represented by the insurer and the premiums associated with these policies have been the major focus on this restructuring. A…