A recent report by ValuePenguin looked at the new risk ratings that the Federal Emergency Management Agency’s (FEMA) will be using when determining premiums for flood insurance in the National Flood Insurance Program (NFIP). The report found that millions of homeowners could see noticeable increases in flood insurance costs. FEMA’s new rating system is called […]
Homeowners in Florida can look forward to yet another year of insurance increases in the Sunshine State according to a new Value Penguin article. Insurers have already started filing rate increase requests for 2021. Allstate has requested a 13.8 percent rate increase for the new year and other insurers are sure to follow shortly. Florida […]
Homeowners in Central Florida will most likely be seeing higher property insurance premiums next year, these increases are the result of a record hurricane season as well as lawsuits. Insurers have requested rate increases from the Florida Office of Insurance Regulation (FOIR) that exceed 30 percent for next year. This year, the skyrocketing premiums are […]
Angry Florida homeowners have seen shocking increases to their homeowner insurance costs over the last year and are now putting pressure on state lawmakers to step up and help lower the sky-high cost of property insurance in the Sunshine State. Property owners have seen premium hikes as high as 30% to 40% at policy renewal. […]
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 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 […]
According to national insurance expert and actuary, J. Robert Hunter, a package of homeowner insurance bills that California lawmakers are considering could lead to premium hikes of at least 40 percent across the state. It will also increase the number of California homeowners who are struggling to find coverage for their homes. AB 2167 (Daly-Anaheim), […]
Another sign of Florida’s troubled property insurance market popped up this week as Windhaven Insurance alerted employees and agents that it is winding down and its assets are being foreclosed on by their lender who will eventually sell the company to another insurer. Windhaven’s problems extend beyond Florida, Windhaven National Insurance Co. which is a […]
Homeowners in Florida may be in for a price increase in 2020, despite the fact that lawmakers passed an assignment of benefits reform bill las year. Insurers are requesting major price increases this year, it looks like the prediction of higher insurance rates after Hurricane Irma is finally here. Executives from National Specialty Insurance Co., […]
According to a recent editorial on Yoursun.com, the legislation passed last year to bring assignment of benefits (AOB) lawsuits to end has not succeeded in bringing down homeowner insurance costs for Florida residents. In 2019, zero hurricanes came ashore. In fact, only Hurricane Dorian (which was a category 5) threatened the Sunshine State but ended […]