Hurricane Idalia recently made landfall in Big Bend as a Category 3 storm, killing at least three people in Florida before moving onto Georgia and other East Coast states before it weakened into a tropical storm. The storm left over 330,000 people without power. In recent years, Florida communities have been hit by a string […]
While it may sound too good to be true, according to industry experts, there is finally a bit of optimism about Florida’s homeowners insurance market. While they don’t foresee rates dropping anytime soon, they are hopeful that the insurance market is stabilizing which could lead to minor rate drops next year or at least a […]
Starting in October, private insurance companies may start pulling customers from the state backed, insurer of last resort, Citizens Property Insurance Corp. According to a recent report, Insurance Commissioner Michael Yaworsky has approved private insurers to take up to 184,000 policies from Citizens Property. Yaworsky signed orders that will approve proposals by a variety of […]
According to a recent analysis by Newsweek, car insurance premiums have climbed a shocking 25 percent since Ron DeSantis won the election for governor in 2018. While car insurance premiums have been going up across the country according to the U.S. Bureau of Labor Statistics consumer price index (CPI), in fact they have climbed 17.1 […]
If you ever wondered, how much does the average Florida homeowner pay for property insurance, you are not alone. Unfortunately, the answer is not easy to find as estimates vary wildly. While estimates vary, in most cases, homeowners can agree that insurance rates are skyrocketing, and coverage is getting harder to find. While legislation was […]
According to Florida House Speaker Paul Renner, homeowners will have to continue waiting for lower Florida homeowner insurance rates. As premiums continue to soar due to insurers pulling out of the Florida market, local legislators say it will be years before premiums start to decline. In an interview with House Speaker Paul Renner that aired […]
Last week, Farmers Insurance announced it would no longer be selling home, auto, and umbrella policies in Florida, becoming the latest insurance company to pull out of the Florida market. Progressive said they needed to “effectively manage risk exposure.” “We have advised the Florida Office of Insurance Regulation (OIR) of our decision to discontinue offering […]
A state agency in Florida is selling municipal bonds to backstop the state’s homeowner’s insurance industry. This is due to a large number of claims and litigation that resulted in some insurers going bankrupt. The Florida Insurance Guaranty Association, which deals with the claims left behind by insolvent insurers, is planning to borrow $600 million […]
As we enter only the second week of hurricane season, two property insurance companies are scaling back homeowner policy sales and coverages, claiming that their vulnerability to natural disasters and flooding makes writing policies in some parts of Florida unsustainable. AIG and The Farmers Group joined a variety of other insurers in the decision to […]
Florida, renowned for its stunning coastline and warm weather, has long been a popular destination for homeowners. However, amidst the tranquil palm trees and sandy beaches, a notable segment of Floridians holds a deep-seated skepticism towards home insurance companies. While it is essential to acknowledge that not all residents share this sentiment, it is worth […]