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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New Florida law aims to address homeowners insurance concerns

Florida Homeowners Insurance

Florida’s homeowners insurance market continues to pose significant risks Citizens Property Insurance has been Florida’s last resort for homeowners insurance for several years. Property owners throughout the state rely heavily on the state-run insurance organization in order to receive the coverage they need. The homeowners insurance market in the state has been somewhat turbulent for years due to the disaster prone nature of Florida. Because Citizens Property Insurance accounts for the majority of homeowners insurance policies in the state, it is also liable for the majority of the financial burden…

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Homeowners insurance rates continue to grow in Florida

homeowners insurance

Homeowners insurance rates growing in Florida despite lack of hurricanes Florida is notorious in the U.S. as being the target for hurricanes. The state is often considered one of the most active natural disaster zones, specifically in regards to hurricanes, in the country. This has made the state relatively unattractive to the homeowners insurance sector. Because the state as a whole is considered a high-risk market, homeowners insurance companies have been wary of doing businesses in many parts of the state, particularly those close to coastal regions. Florida has, however,…

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Homeowners insurance at Citizens shedding some weight

Florida homeowners insurance, Citizens Property

Lawmakers have given the state backed insurer the ability to take action to reduce its policyholders. The state backed homeowners insurance company, Citizens, in Florida, will now be reducing its number of policyholders following the approvals that it has recently received from lawmakers. Hundreds of thousands of policies will no longer belong to Citizens but will be shifted to the private market. Certain areas are being affected more heavily than others. Many lawmakers are using this as a kind of pilot program to be able to decide how reforms for…

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Homeowners insurance reform bill for Citizens once again delayed

Florida homeowners insurance, Citizens Property

The overhaul for the state backed insurer is being held back yet again in Florida. On Wednesday, a vote that had been scheduled for a sizeable overhaul of homeowners insurance in Florida was delayed, yet again, which may suggest that the fear of sending rates skyward is holding the bill down in the state Senate. It is not that the bill is without the necessary support, but the sponsor is seeking additional time. The sponsor of the bill is Senator David Simmons (R-Altamonte Springs). He indicated that he has already…

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Homeowners insurance bill swoops through Florida Senate

Florida Homeowners Insurance

Bill addressing homeowners insurance races through Florida Legislature Last week, a controversial legislation concerning homeowners insurance flew through the Florida Senate. The legislation received strong backing from the state’s lawmakers, whom have become exceedingly involved in the problems surrounding the state’s Citizens Property Insurance organization. The state-run insurer, which accounts for the majority of the homeowners insurance policies in Florida, has been, thus far, unable to address its own problems, leading lawmakers to get more involved in these issues and create legislation designed to put some of these problems to…

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Lawmakers looking to get involved in homeowners insurance in Florida

Florida Homeowners Insurance

Homeowners insurance may soon become a political battlefield The drama surrounding Florida’s Citizens Property Insurance continues to unfold as state lawmakers begin to play a larger role in the state-run insurers struggle to free itself from the financial burdens of its past. The state-run insurer was recently rattled by an onslaught of corporate scandals that aroused the ire of the Florida Legislature. The insurer claims that it has successfully reduces its risk exposure over the past year, but lawmakers are seemingly unconvinced by the organization’s claims. It is becoming increasingly…

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