florida homeowners insurance rates Archives

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…

Hurricanes and lawsuits to send Florida homeowners insurance rates higher

December 3, 2020December 2, 2020 Logan B.

Florida homeowners insurance rates - home - car - US dollar

Another busy storm season and rising claims litigation explain insurer policy premiums hikes. Florida homeowners insurance rates will be heading upward for policyholders across the central part of the state next year. Insurers point to consecutive active hurricane seasons and a steadily rising claims litigation trend to explain the rising prices. Insurance companies face higher expenses due to the continual record-setting hurricane seasons. The state has suffered damage from several record-setting hurricane seasons. Between those damage claims and the rising lawsuits regarding those claims, insurers are raising Florida homeowners insurance…

Homeowners insurance rate reductions coming to Florida

June 25, 2014June 23, 2014 Nordstrom

Florida homeowners insurance, Citizens Property

Citizens announces rate reductions for 2015, affecting most of the insurer’s policies Florida’s Citizens Property Insurance, the state’s largest provider of homeowners insurance coverage, has announced rate reductions for 2015. This will be the first time the state-run insurance organization has been able to offer a rate reduction in several years. The insurer has been facing monumental financial problems recently and has been struggling to overcome these issues while also complying with it duty to provide coverage to its policyholders. The forthcoming rate reduction may go a long way in…

Homeowners insurance rates continue to grow in Florida

May 30, 2013May 28, 2013 Logan B.

Homeowners insurance rates growing in Florida despite lack of hurricanes Florida is notorious in the U.S. as being the target for hurricanes. The state is often considered one of the most active natural disaster zones, specifically in regards to hurricanes, in the country. This has made the state relatively unattractive to the homeowners insurance sector. Because the state as a whole is considered a high-risk market, homeowners insurance companies have been wary of doing businesses in many parts of the state, particularly those close to coastal regions. Florida has, however,…

Homeowners insurance rates to be affected by hurricane season

May 30, 2013May 28, 2013 H. Cutner

Property owners in Florida will be paying more for their coverage even though there haven’t been hurricanes in years. Despite the fact that Florida hasn’t been struck by a hurricane since 2005, the homeowners insurance rates are still on their way up as the season for these violent storms gets under way this year. In 2004 through 2005, the state was struck by eight different hurricanes, the last being Wilma. Hurricane Wilma slashed its way across the southern edge of the state and lead to billions of dollars in damage…

Homeowners insurance gets the attention of new lawmakers in Florida

March 11, 2013March 10, 2013 Logan B.

Florida lawmakers aim to take action on homeowners insurance Lawmakers from Southern Florida are looking to make get their hands on a larger share of the state budget as well as put a stringent cap on homeowners insurance rates throughout the state. The state’s upcoming legislative session will prove to be very important for homeowners insurance in Florida, as lawmakers continue to work toward solutions concerning the problems with the state’s Citizens Property Insurance as well as fraud. The lawmakers from Southern Florida claim that they are working to address…

Citizens Property Insurance continues to raise rates in Florida

January 3, 2013January 3, 2013 Marc

Florida homeowners insurance becoming more expensive due to Citizens Property Insurance Florida did not experience a calamitous storm throughout 2012. While the state did fall victim to some tropical storms, the damage caused by these events was modest when compared to that of Hurricanes Sandy and Irene, both of which caused serious problems along the East Coast. Despite the fact that the state seems to have skirted any major natural disaster, the cost of property insurance in Florida is on the rise, and Citizens Property Insurance may be the reason.…