Tag Archives: florida home insurance

Florida Lawmakers May Allow Takeout Offers to Citizens’ Policyholders

13 Mar

Lawmakers in Florida are moving closer to allowing specific insurer types to make offers to policyholders currently with Citizen’s Property to insure their vacation or second home.  SB 1716 this week cleared the Senate’s Fiscal Policy Committee for the takeout offers after the Senate’s Banking and Insurance Committee approved the measure earlier this month.  This […]

Florida Homeowners Advance From Citizens into Private Companies

05 Dec

Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]

5 New Homeowners Insurance Companies Step into the Florida Insurance Market

27 Sep

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 […]

2023 Average Florida Property Insurance Rates

04 Aug

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 […]

Farmers Insurance Will No Longer Offer Home Insurance in Florida

21 Jul

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 […]

Florida Agency Sells Bonds to Backstop the Homeowner’s Insurance Industry. 

05 Jul

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 […]

Florida Has a New Property Insurance Law – Will it Benefit Homeowners?

09 Feb

The Florida homeowners insurance market has been in trouble for years now and the recent hurricane season that resulted in Hurricane Ian hitting the west coast of Florida and Hurricane Nicole hitting the east coast weeks later certainly hasn’t helped. Insurers that have been struggling for years had a hard time covering all the claims that came out […]

Will Florida’s High Homeowners Insurance Premiums Continue in 2023?

27 Jan

According to the Insurance Information Institute, the pain Florida homeowners have been feeling in recent years regarding sky high homeowners premiums will continue in 2023. The Insurance Information Institute is predicting an average increase of about 40% this year for Florida homeowners. This is despite the fact that Florida lawmakers approved sweeping reforms in a […]