Tag Archives: florida

Florida’s Broward Commissioner is Asking Congress to Lower Insurance Rates

01 Apr

A bill in the U.S. House called the Natural Disaster Reinsurance Plan, hopes to lower insurance costs for policyholders in states that opt-in to the program which will scale back the requirements regarding the amount of reinsurance that insurance companies need to purchase.  Currently, a Broward commissioner is asking Congress to pass legislation he claims […]

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 has 7 New Home Insurance Companies Entering the Market

01 Mar

Recently, Florida has seen seven new insurance companies enter the market for homeowners coverage. Currently, the average premium for homeowners coverage is $6,000 a year in the Sunshine state compared to a nationwide average of just $1,700 a year, according to the Insurance Information Institute.  The Insurance Information Institute is hopeful that the new insurance […]

Florida Homeowners See Rates Higher Due to Re-Insurance Coverage Increase

22 Dec

A recent forecast by one of the largest re-insurance companies in the world is not great news for Florida homeowners. The forecast predicts that insurance companies will be paying more for re-insurance coverage in the new year and those costs are typically passed on to policyholders via higher premiums. Re-insurance is coverage your insurance company […]

Fall 2023: Florida Homeowners Insurance Premium Update

24 Oct

Despite the fact that the Florida legislation finally passed a couple of bills to deal with the ever-increasing cost of homeowners insurance, it seems unlikely that premiums will start to fall anytime soon according to a report put out by Karen Clark & Company (KCC), a risk modelling firm. The recent report, titled “Managing Expectations: […]

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 Hurricane Idalia – Clean Up Begins & What Now for Florida Homeowners

08 Sep

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 […]

Experts See Optimism About Florida’s Homeowners Insurance Market

31 Aug
Florida home insurance companies and rates

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 […]

Florida Insurers to Take Policies from Citizens Property

22 Aug

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 […]

Florida Car Insurance Premiums Increase 25% Since Ron DeSantis

14 Aug

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 […]