According to the recently released J.D. Power’s 2025 U.S. Property Claims Satisfaction Study, higher premiums and longer wait time for claim handling are making property owners less satisfied with their homeowners coverage. “Customers are, in essence, paying higher prices for slower service,” said Mark Garrett, director of insurance intelligence at J.D. Power in a press release. […]
Tag Archives: insurance companies
2024 Homeowners Insurance Outlook Receives Negative Rating
21
Nov
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
Florida’s failed home insurance market continues, will Louisiana be next?
15
Feb
The Louisiana Legislature, in a special session last week passed and funded legislation that is designed to deter insurers from leaving the Louisiana homeowners market. Recent hurricanes have caused financial stress for insurance companies operating in the state. In addition, several insurers have gone into insolvency. Experts have made comparisons between the Louisiana insurance market […]
What to do if your Florida Homeowners Policy is Cancelled
27
Jul
Recently, Demotech, a rating agency which rates 40 Florida-based insurance companies, announced that it plans to downgrade 17 Florida-based property insurance companies from an “A” rating to ratings of either “S” for substantial or “M” for moderate, according to the South Florida Sun Sentinel. A rating decrease will raise costs for these insurers which will […]
Another Florida Homeowners Insurance Company Is In Trouble
27
Apr
It looks like another homeowners insurance company is in trouble in Florida. Recently, FedNat Holding Company, which sell homeowners insurance and other insurance products under the name FedNat Insurance Company, was downgraded from A to S by Demotech, a consulting company that rates the financial health of insurance companies. According to Demotech, an A rating […]
Florida Property Insurance Companies Experiencing Financial Trouble
29
Oct
In a recent Florida Senate Banking and Insurance Committee meeting, Barry Gilway, the CEO of Citizens Property Insurance Co. informed lawmakers that it is not just a few Florida property insurance companies that are experiencing financial trouble, but the majority of insurers in the state. According to Gilway, almost every insurance carrier in the state […]
What is the National Association of Insurance Commissioners (NAIC)?
22
Jul
The National Association of Insurance Commissioners (NAIC) is the regulatory body that oversees the insurance industry. The NAIC helps standardize insurance agencies as well as their practices and policies in the United States. The NAIC is not a government organization, insurance is regulated at the state level via the NAIC. The NAIC was formed in […]
Florida Home Insurance Companies Increasing Home Inspections
02
Oct
As financial losses mount for insurance companies in Florida, many insurers are ordering more home inspections at both the beginning of a policy as well as at renewal time. Insurers are hoping to force homeowners to fix problems that may turn into a claim or to justify dumping homeowners whose property they consider risky. This […]
Florida Seeing Major Homeowner Insurance Rate Increases
29
Sep
Florida gains about 300,000 new residents every year and 2020 has been no exception, despite the challenges of the pandemic. Unfortunately, many of those new residents, as well as longtime residents of the Sunshine State will be looking at major homeowner insurance rate increases in the coming years. Florida is on the verge of large […]
Florida Homeowners Shifted to a Different Insurance Company
26
Feb
Florida’s property insurance market hit a new snag this month as tens of thousands of people will be shifted to a different insurance company in the spring due to the insurers financial trouble. Insurance regulators announced on Monday that they had reached an agreement to move 43,000 policyholders from Anchor Property and Casualty Insurance Co. […]