Homeowners insurance on its way up yet again in Florida

Florida Homeowners Insurance

Three top insurers in the state are all primed to send rates skyward. Residents of Florida will need to dig a little deeper, yet again, as three major homeowners insurance companies are all seeking to raise their rates. Allstate, Universal Insurance Co. of North America, and State Farm are all aiming for higher prices. Allstate’s Florida subsidiaries are seeking increases in homeowners insurance rates by 21.9 percent and 32.7 percent across the state. Similarly, Universal is looking into an average statewide hike of 22 percent. State Farm is also planning…

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Citizens premiums skyrocketing as it aims to shrink its number of customers

Florida Insurance

In an effort to reduce its number of policyholders by over 675,000, Citizens Property Insurance is sending its rates skywards. In an effort to take up to 678,000 policyholders out of its state-run coverage program and resume its position as a last resort carrier, Citizens Property Insurance has been rapidly raising its Florida homeowners insurance rates while decreasing the coverage it provides. Citizens is justifying its dramatic “depopulation” strategy by saying it will prevent financial ruin in the state. The insurer used its revised budget proposal to unveil both the…

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