Many parts of the Sunshine State are prone to hurricanes and as such most homeowners insurance includes cover for hurricanes. However, this does not compensate the homeowner for damages caused by the flood waters that often accompany hurricanes. Homeowners in Florida and other parts of the country need to ensure that they have adequate flood […]
The sinkhole that damaged a resort near Clermont, Florida, recently, has once again turned the spotlight on the dangers caused by sinkholes in Florida. While sinkholes are common in many parts of the country, Florida homeowners in general and Miami home owners in particular experience a lot of damage from them because of the limestone […]
According to a study published by the World Bank, Miami is one of the ten cities in the world that face the greatest risk of extensive flooding as sea levels rise due to climatic changes. As per the numbers quoted in the study, Miami is also likely to suffer the most in terms of economic […]
Florida state regulators recently approved a statewide average increase of 6.3 percent for homeowners who purchase homeowners insurance through the state-backed insurer, Citizens Property Insurance Corp. Citizens Property was created in 2002. Its mission is to provide windstorm and general property insurance for homeowners who were unable to find coverage in the private market. […]
It seems that people who live along the Atlantic Ocean and Gulf of Mexico coasts of the United States have to endure hurricanes and tropical storms almost throughout the year. The Atlantic hurricane season lasts for about six months of the year from June till the end of November and peaks during the middle of […]
Over the past decade or so, homeowners across the United States have seen a steady increase in their home insurance premium rates. The rates have risen by 36 percent across the nation from 2003 to 2010 and states such as North Carolina, South Carolina, Georgia, Florida, and Alabama have witnessed some of the sharpest spikes […]
Changes to the National Flood Insurance program are just around the corner and the steep increases in premiums many coastal residents will be seeing are having a negative impact on real estate prices. According to a recent article in the Tampa Tribune, owners of an older home in Treasure Island that has a flood elevation […]
According to MarketWatch, most basic home insurance policies in the United State do not suffice for the needs of homeowners. This is especially true of high-value property owners, many of whom have their houses dotting the coastal regions of Florida. In fact, according to the news publication, these homeowners with properties worth $1 million and […]
Harried homeowners in Florida can rejoice in the news that some of the consumer groups in the state have risen up in arms against the menace of force-placed insurance overcharges. The Consumer Federation of America and the Center for Economic Justice intend to appeal to the Florida Insurance Commissioner to investigate the growing menace of […]
The home insurance industry in Florida is staring at some major upheavals. According to the Tampa Bay Times, the Senate has passed a bill that will majorly impact home insurance policy activities of the state-run Citizens Property Insurance Corp. and may have far-reaching effects across diverse groups in the economy. By the Numbers According to […]