Live Insurance News

Florida homeowners insurance bill passes this week

May 2, 2013May 1, 2013 Dan

Florida homeowners insurance, Citizens Property

Lawmakers pass bill concerning Citizens and homeowners insurance Florida lawmakers having been toiling over legislation concerning Citizens Property Insurance and the state’s homeowners insurance market. Senate Bill 1770, as it is called, has been a controversial issue for the state’s Legislature. The original iteration of the bill would have introduced significant changes to Citizens Property Insurance, which accounts for the majority of homeowners insurance policies in the state. The bill would have forced the state-run insurer to raise rates on coverage, a provision that proved unpopular among the general population.…

Homeowners insurance bill swoops through Florida Senate

April 17, 2013April 16, 2013 Nordstrom

Bill addressing homeowners insurance races through Florida Legislature Last week, a controversial legislation concerning homeowners insurance flew through the Florida Senate. The legislation received strong backing from the state’s lawmakers, whom have become exceedingly involved in the problems surrounding the state’s Citizens Property Insurance organization. The state-run insurer, which accounts for the majority of the homeowners insurance policies in Florida, has been, thus far, unable to address its own problems, leading lawmakers to get more involved in these issues and create legislation designed to put some of these problems to…

Lawmakers looking to get involved in homeowners insurance in Florida

April 15, 2013April 14, 2013 Logan B.

Homeowners insurance may soon become a political battlefield The drama surrounding Florida’s Citizens Property Insurance continues to unfold as state lawmakers begin to play a larger role in the state-run insurers struggle to free itself from the financial burdens of its past. The state-run insurer was recently rattled by an onslaught of corporate scandals that aroused the ire of the Florida Legislature. The insurer claims that it has successfully reduces its risk exposure over the past year, but lawmakers are seemingly unconvinced by the organization’s claims. It is becoming increasingly…

Homeowners insurance costs eclipse mortgages in Florida

March 28, 2013April 30, 2013

Florida homeowners now paying more for insurance than for their homes One of the highest expenses facing Florida families has long been the mortgage on their homes. Mortgages in the state, just as elsewhere throughout the U.S., put a large amount of financial pressure on families. While mortgages have been the highest expense for many families in the state, these families are beginning to pay more for their homeowners insurance coverage, according to the Insurance Information Institute. The non-profit organization suggests that consumers are paying more for their homeowners, auto,…

Insurance News Broadcast

March 28, 2013 S.Vagus

Welcome to our Live Insurance News Broadcast! Join us every week as we annouce news Fresh Of The Press! Catch this week in the industry… Check out a summary of today’s headline articles as well as a link directly to the source! Health insurance exchange approved in Minnesota Early this week, Minnesota lawmakers passed a legislation that calls for the creation of a health insurance exchange that is managed by the state. Opponents of the state-run health insurance exchange argue that it will simply be too expensive for…

Homeowners insurance in Florida could become more expensive

March 21, 2013March 20, 2013 Logan B.

Homeowners insurance rates may spike if new proposals are successful Homeowners insurance rates in Florida are expected to increase in the coming months depending on the fate of two proposals concerning the Florida Hurricane Catastrophe Fund (Cat Fund). The Cat Fund was established to ensure that homeowners insurance claims could be paid in the case of a severe hurricane. Because Florida is prone to such natural disasters, the fund was considered a viable form of protection for both consumers and insurance companies. Two new proposals aims to shrink the Cat…

Homeowners insurance in Florida becomes more complicated due to spate of sinkholes

March 13, 2013March 12, 2013 Logan B.

Sinkholes causing problems for Florida’s homeowners insurance sector Early this week, a large sinkhole opened up in a neighborhood in the Tampa area of Florida. The sinkhole claimed the life of one man and destroyed that man’s house, as well as causing some damage to neighboring properties. Two days after this incident, another sinkhole opened up in the same area. These sinkholes have caused something of a panic for homeowners in Florida, many of whom do not have adequate coverage to cover the damage caused by sinkholes. Most homeowners insurance…