Florida flood insurance rates are on the rise in April

Florida Flood Insurance - Flooding on road - flood insurance rates

This month, homeowners will start to pay more for their coverage against water damage. Homeowners are being advised that Florida flood insurance is getting more expensive this month. In fact, the majority of residents will find themselves paying significantly more. Flood insurance premiums will be on the rise regardless of whether or not a claim has ever been made. The upward trend of Florida flood insurance rates has been worrying for the state. That said, the insurance industry is hoping to assuage consumer fears. There are still many ways that…

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Citizens Property Insurance to shed more policyholders

Florida homeowners insurance, Citizens Property

Five more insurers in Florida have now been approved to take on the homeowners policies of the state-backed giant. In recent property insurance news, state regulators have now given their approval to five homeowners insurers based in the state in order to give Citizens the opportunity to unload up to 132,441 more policies. Citizens will start to shift more of its homeowners policies outward to those insurers, beginning in February. This will help Citizens to be able to better pursue its goal of removing as many property insurance policies as…

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Homeowners insurance rates could go up in Florida because of lawsuits

Florida Homeowners Insurance

Citizens Property Insurance may be open to “bad faith” lawsuits in the future Rates for homeowners insurance policies through Florida’s Citizens Property Insurance could be on the rise once again. The Florida Supreme Court is weighing a decision on whether or not the state-funded insurance company is liable for “bad faith” lawsuits. The 1st District Court of Appeals believes that the insurer should be open to such lawsuits, but Citizens argues that it should be exempt due to the way the company was formed. Citizens Property Insurance was created by…

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Homeowners insurance rate reductions coming to Florida

Florida homeowners insurance, Citizens Property

Citizens announces rate reductions for 2015, affecting most of the insurer’s policies Florida’s Citizens Property Insurance, the state’s largest provider of homeowners insurance coverage, has announced rate reductions for 2015. This will be the first time the state-run insurance organization has been able to offer a rate reduction in several years. The insurer has been facing monumental financial problems recently and has been struggling to overcome these issues while also complying with it duty to provide coverage to its policyholders. The forthcoming rate reduction may go a long way in…

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Homeowners insurance group having trouble with depopulation

Florida homeowners insurance, Citizens Property

Citizens Property Insurance is shedding homeowners insurance policies slowly Florida’s Citizens Property Insurance has been working to depopulate itself over the past year and a half. The state-run organization is typically the last and best place for people in Florida to find homeowners insurance coverage, but the organization itself has been crippled by financial problems for the past several years. Citizens Property Insurance exists as a major financial liability for the state, which is why the organization has been forced by lawmakers to shed policies. This endeavor, however, has been…

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Homeowners insurance claims from sinkholes rising in Florida

Florida Sinkhole Homeowners Insurance

The increase in this type of damage is starting to make a mark on several of the state’s industries. Although sinkholes have always been around, there has been a sudden increase in the number of homeowners insurance claims relating to their damage throughout Florida, causing engineers, scientists, real estate developers, and other experts at a difficult conflict. Many believe that it is the activity of humans that is causing this spike in sink holes. There are some geological experts that have stated that they feel that there is a growing…

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Homeowners insurance market in Florida may be stabilizing

Florida Homeowners Insurance

Florida’s homeowners insurance market may be calming down The homeowners insurance market in Florida is notorious throughout the U.S. for being somewhat volatile and unstable. The state is considered a very high risk zone to the homeowners insurance sector and has regularly fallen victim to natural disasters in the past. These disasters have created a sense of unease among homeowners insurance companies, many of whom are unwilling to do business in some parts of the state. There are signs that the homeowners insurance market is finally starting to stabilize, however.…

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