Nationwide insurance company recently informed the North Carolina Department of Insurance (NCDOI) that it will not be renewing homeowner policies for 10,525 homeowners in North Carolina. Over 1,000 of those non-renewals are in the Dare County, NC. The NCDOI claims that more the half of the non-renewals are based on the “hurricane hazard assessment tool,” […]
Soon, hundreds of thousands of Citizens Property Insurance Company policyholders will be getting a letter in their mailbox asking them to move their policy to a private insurance company and away from Citizens, the state-backed insurer of last resort. Citizens Property is using the letters as part of its “Depopulation” effort that was approved by […]
Florida’s property insurance disaster may be taking baby steps in the right direction as five new insurers step into the Florida market, taking over hundreds of thousands from Citizens Property, Florida’s insurer of last resort. This could lead to more insurance options for residents of the Sunshine State soon. The five companies in the mix […]
Bundling insurance policies simply means buying different types of insurance policies from the same insurance company. The most common type of bundling is usually a car insurance and home insurance policy, but bundling can include other policy types such as life insurance or even an umbrella policy. However, while bundling is a pretty common tactic, […]
Homeowner insurance premiums are dramatically heading up this year, particularly in states that are prone to natural disasters. According to a new report from Policygenius, the average homeowner policy went up 21% nationally which is on top of a 12% increase that homeowners endured last year. As usual, Florida is at the top of the […]
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 […]
Homeowners insurance can be a financial lifesaver if your home is damaged or destroyed by a covered peril. However, there can be coverage gaps that can leave a homeowners covering repair bills out of their own pocket if the damage exceeds their coverage levels or the policy has an unexpected deductible. We thought it might […]
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 […]
As the cost of homeowners insurance continues to head up, it is more important than ever to look for ways to keep your premium affordable. According to Money Magazine, the average home insurance premium is expected to climb to $1,784 in 2023 which is a shocking 9% increase from 2022. We thought it might be […]
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 […]