Tag: florida homeowners

Citizens Insurance in Florida: A Balancing Act for Solvency

Marc
citizens insurance and florida home insurance balance

The Challenge of Solvency for Citizens Insurance Florida’s Citizens Insurance is at a critical juncture. Initially created as the state-backed insurer of last resort, Citizens has evolved into Florida’s largest insurer, currently holding over 1.2 million policies. This is far from its intended goal of 400,000 to 500,000 policies, and the company now faces significant challenges in maintaining financial solvency, particularly with the looming threat of hurricanes. Citizens’ Policy Shortfall: Aiming for 400,000, Holding Over 1.2 Million Citizens Insurance was designed to provide coverage when private insurers could not, yet…

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Federal Inquiry into Florida’s Homeowners Insurance Crisis: Causes and Solutions

Marc
Florida Insurance Crisis

How bad is Florida’s homeowners insurance crisis? The federal government wants to know. Lawmakers dove into that question to gain a greater understanding and explore the growing insurance problems across the country. But amidst the challenges, there are actionable solutions for homeowners. Many are feeling the brunt of rising insurance premiums, so much so that people are shying away from buying a home in Florida after learning that there’s no escaping the insurance problems. Weather disasters are becoming more and more prevalent, even in previously safe areas like Tallahassee. However,…

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Is Florida’s New Legislation Set to Lower Insurance Premiums?

Nordstrom
Florida Legislative Changes - Home Premiums to go down

In a significant development for Florida homeowners, the Office of Insurance Regulation has approved a 3.3% rate decrease for Heritage Insurance Holdings Inc.’s homeowner policies. This rate reduction, effective August 20, 2024, for both new and renewal policies, is anticipated to be a precursor to broader trends in the state’s insurance market. This article explores the implications of recent legislative changes and their potential impact on insurance premiums in Florida. Florida Legislative Changes Driving the Shift SB 2A (2022) The passage of SB 2A in 2022 introduced several critical reforms…

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

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…

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Self-insurance is becoming increasingly popular in Florida

Logan B.
Self-insurance - Home - Family

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.…

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Florida Senator says property insurance crisis needs Governor DeSantis to “come home”

Logan B.
Property Insurance Crisis - Image of home over person's hand

Lawmakers in the state are calling for greater accountability as coverage prices break records. As Florida faces some of its highest ever property insurance rates – with more increases on their way – lawmakers are calling for greater accountability in the industry. Rate hikes and policy cancellations are reaching their worst ever level in the state. Now, a Senator representing Jacksonville is pushing for Florida Governor Ron DeSantis to call another special property insurance session this summer, for the one purpose of generating savings and benefits for homeowners. Florida Senator…

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