According to an AM Best analysis, Florida is the state with the most premiums in homeowner insurance lines. While Florida is the third most populous state in the country, it generated a whopping $12.4 billion of homeowners direct premiums in 2021 which is more than the most populous state, California. The Golden State generated $11.2 […]
If you are shopping for a homeowners insurance policy, there are a number of factors that will be consider when setting your premium. Insurer will look at a wide variety of risk factors when setting a premium, everything from your house, personal property, personal risk factors and regional risks will all be taken into account. […]
In Florida, a former state senator has been petitioning lawmakers to address Florida’s distressed property insurance market and is now advocating for reforms ahead of another special session that has been called to address the issue later this month. “It’s the most urgent pocketbook problem facing Florida today,” said former Republican state Sen. Jeff Brandes […]
Owning a home is huge financial commitment. There is the cost of the mortgage as well as maintenance costs and the cost of insuring your home. When it comes to insurance, the price you pay for coverage can vary dramatically depending on the variety of factors. Insurers consider the location of your home, the cost […]
Inflation is not only hitting consumer goods such as food and cars, but also impacting the cost of homeowners insurance. While the inflation rate recently hit 8.3 percent over the past 12 months, homeowner insurance has skyrocketed even more. Recently, Policygenius, ran the numbers and found that the cost to insure a home is up […]
Homeowners in Florida were already dealing with expensive and sometimes difficult to get homeowners insurance before Hurricane Ian hit and unfortunately the storm will most likely make the insurance market even more challenging. Many major insurance companies have pulled out of the Florida market altogether which means that most of the insurers in Florida are […]
All signs point to Florida homeowners seeing their homeowner insurance bills going up as the property insurance crisis in the Sunshine state continues to grow. In August, another insurance company went belly up, this was the 10thinsurer to go under since April of 2021. As insurers go under, the Florida Insurance Guaranty Association (FIGA) which […]
Most people rarely think about their house burning down or being destroyed by a natural disaster like a flood or tornado, but the truth is there is no guarantee that it will never happen to you. Disaster can strike at any time and if you are unprepared filing an insurance claim to cover the damage […]
As the wildfire season starts in California, and other states out West, homeowners should be aware that they may not be fully covered if their house is completely destroyed by a wildfire due to rising costs of materials and labor. Homeowners are finding out too late, often after their home has been destroyed by a […]
In yet another lousy week for the Florida property insurance market, an agency set up by the state that is designed to handle claims once an insurance company is insolvent, approved a plan to borrow $150 million, putting policyholders around the state on the hook for paying back the loan. The Florida Insurance Guaranty Association […]