Florida insurance industry Archives

Mortgage struggles on the horizon as Florida home insurance problems continue

January 24, 2024January 23, 2024 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…

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…

Florida home insurance companies withdraw, spurring lawmakers to act

February 17, 2022February 16, 2022 Nordstrom

Florida home insurance - Withdrawing Insurance

Homeowners’ rates have been spiking in the state and lawmakers are working on a plan. Florida home insurance companies have been hiking rates, cancelling policies or simply leaving the state, sending lawmakers to scramble to get the situation under control. State lawmakers are working on a plan to help control rates and keep insurers from withdrawing. According to Florida home insurance companies, fraud and excessive litigation are forcing them to leave the state’s market. Only last Tuesday, Lighthouse Property Insurance announced that it wouldn’t be writing any more new homeowners’…

Florida homeowners insurance market draws concern after building collapse

July 21, 2021July 20, 2021 Nordstrom

Florida homeowners insurance - homes in Florida on coastline

Increasingly destructive hurricane seasons were already worrying insurers about the state’s coastlines. The Surfside collapse has killed at least 97 people as of the writing of this article and is now causing greater concerns over the Florida homeowners insurance market. The coastal community has already been facing rising pressure from climate change. Economists are now taking another look at the concerns growing in the Florida homeowners insurance market. They are now looking to parts of the United States that are reaching the point that they are too risky to insure…

New Florida hurricane insurance option to be deductible- and inspection-free

June 22, 2018June 21, 2018 H. Cutner

Florida hurricane insurance - Hurricane in Florida

Coverage has always been important to homeowners as it is regularly threatened by the storms. A new Florida hurricane insurance option is being launched to make claims more straightforward for property owners. Millions of homeowners in the state are used to the time and expense still required after a claim. Standard Florida hurricane insurance requires a homeowner to have to pay a deductable when a claim is made for storm damage. In many cases, that deductible is high that the customer ends up paying the entire repair cost. For many…

USI acquires Best Insurance Company from Florida

February 25, 2016February 24, 2016 H. Cutner

Insurance Company standards financial federal reserve

The Insurance services firm has now purchased the homeowners, auto, motorcycle, watercraft and boat insurer. USI Insurance Services has now revealed that it has acquired the Best Insurance company, which is headquartered in Tamarac, Florida, and sells a range of different types of coverage within the state. The Best Insurance sells several different kinds of coverage to customer in Florida, North and South Carolina and Georgia. The terms of the purchase of the insurance company had not been disclosed at the time of the writing of this article. The Best…

Largest private homeowners insurance company in Florida turning a profit

March 12, 2013March 11, 2013 H. Cutner

Universal flipped into the black when it saw a positive result from the fourth quarter. In the fourth quarter, the largest privately owned homeowners insurance company, Universal Insurance, flipped to a profit, showing considerable improvements over the year before. In 2011, the company had posted a loss of $2.3 million in the same quarter. For 2012, the homeowners insurance company, based in Fort Lauderdale, posted a net income of $4.4 million. It also saw its direct premiums written rise to $174.6 million during that last quarter, when compared to 2011…