Tag: Florida property insurance

Florida’s Property Insurance Shake-Up: What Homeowners Need to Know

H. Cutner
Florida's Property Insurance

State-Backed Citizens Insurance Plans to Raise Rates Residents across Florida are bracing for another surge in property insurance costs as Citizens Property Insurance, the state’s insurer of last resort, inches closer to finalizing a 14% rate increase for 2025. This proposal, already approved by Citizens’ board, seeks to align rates with the private market while continuing efforts to reduce the insurer’s policyholder count. But as Floridians juggle rising premiums and limited options, the bigger question remains—what’s the way forward? Why Are Florida Insurance Rates Rising? Florida’s property insurance market faces…

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Mangrove Property Insurance Takes Root in Florida’s Growing Market

Live Insurance News
Florida Property Insurance

New Regulatory Changes Pave the Way for Florida’s Newest Insurer Florida’s tumultuous property insurance market welcomes a new player as Mangrove Property Insurance officially enters the scene. This new Florida-domiciled insurance carrier, spearheaded by Stephen Weinstein, aims to provide stability and comprehensive solutions for homeowners navigating one of the nation’s most challenging insurance landscapes. With its approval secured in mid-January 2025 from the Florida Office of Insurance Regulation (OIR), Mangrove has ambitious plans to assume about 81,000 policies from Citizens Property Insurance Corp. by mid-April. The launch of Mangrove comes…

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Major Decision by Florida Court of Appeals Shakes Up Insurance Landscape

H. Cutner
Florida court of appeals

Florida Court Ruling Redefines Assignment of Benefits (AOB) and Its Impact on Homeowners Insurance A recent ruling by a Florida court of appeals has established that a “direction to pay” (DTP) by a policyholder does not equate to an “assignment of benefits” (AOB). This decision serves as a significant milestone reinforcing the legislative reform introduced through Senate Bill 2-A in 2023. The reform prohibits insurance policy benefits issued after January 1, 2023, from being assigned to third parties. The objective of Senate Bill 2-A is to curb the extensive litigation…

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Windstorm Coverage for All? The Bold New Proposal for Citizens Insurance

G. Turner
Citizens Insurance

Florida House Bill 13 Proposes Transformations for Citizens Insurance A significant proposal aimed at reforming Florida’s state-backed Citizens Property Insurance Corporation is currently under review for the 2025 legislative session. House Bill 13, introduced by Representative Hillary Cassel of Broward County, suggests making Citizens Insurance available to all Florida property owners while limiting its coverage exclusively to windstorm damage. This proposal has sparked considerable debate, with varying opinions emerging on its potential effectiveness. Expanding Windstorm Coverage to All Floridians House Bill 13 proposes transforming Citizens Insurance into a windstorm-only insurance…

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Ben Albritton’s Bold Stand Against Hurricane Claim Denials

G. Turner
Hurricane Claim Denials

Can Albritton’s Reforms Save Florida’s Homeowners? In a pivotal moment marked by his first address as president of the Florida Senate, Ben Albritton made it clear that the state’s property insurance companies were under scrutiny. His speech came at a crucial time, following the devastating impacts of Hurricanes Helene and Milton, which left many Floridians reliant on their insurance providers for recovery and rebuilding. Albritton, representing the Republican stronghold in Bartow, emphasized the need for insurance companies to honor their commitments to policyholders who have consistently paid premiums over the…

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Florida homeowners’ insurance customers are giving up on coverage

Nordstrom
Insurance customers - Florida - No thank you

Skyrocketing rates have sent many property owners to choose to skip policies altogether A recently released report has underscored the continuation and growth of a trend in Florida in which home insurance customers have chosen not to pursue coverage anymore due to sharp increases in the premiums they would need to pay in order to keep up their policies. The trend among insurance customers started to take off following Hurricane Ian For many property owners in the state, the premiums they are required to pay to remain insurance customers have…

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Property owners in Florida are dropping their home insurance

G. Turner
Home Insurance - No thank you

Floridians are placing themselves at risk in the event that they face a natural disaster. As the cost of home insurance continues to increase tremendously in Florida, there is a growing number of property owners choosing not to continue to pay for coverage or who decide that they can no longer afford it. Florida residents without a mortgage have the choice Floridians who still have a mortgage are required to keep their home insurance as a part of their loan agreement. That said, those who own their homes outright can…

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