The state has been scrambling to unload some of the policies currently carried by Citizens. In the middle of what many people have been calling a coverage crisis, Florida has now approved 6 new home insurance companies in a move to help the insurer of last resort, state-backed Citizens, unload some of its policies. Citizens has been overloaded with policies, having reached record highs in recent months. Insurance companies have been failing in the state and have been choosing to withdraw, have been going bankrupt, or have been deciding to…
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Progressive to cease renewal of some Florida home insurance policies
The insurer has confirmed that it wasn’t leaving the state but that it wouldn’t always renew coverage. Progressive has confirmed that it has decided not to renew some home insurance policies in Florida once they reach their expiration date. Regulatory filings from the company have already started and notices will start being issued soon. A spokesperson from Progressive has confirmed the home insurance company’s intention to stop renewing certain policies in Florida. It has started the necessary regulatory filings for this move and will be issuing the first wave of…
Read MoreWould sending Floridians cash help them to afford home insurance?
One lawmaker wants to direct the state’s $10 billion budget surplus to that specific cause. As Florida continues to struggle to find a way to slow the rising cost of home insurance, one lawmaker from Palm Beach County has suggested that it’s time to offer Floridians money to help them to keep up. House Bill 41 has been introduced for the upcoming legislative session in the state. “Right now, we have to focus on real solutions,” said Rep. Jervonte Edmonds (D-West Palm Beach). Edmonds introduced House Bill 41 for the…
Read MoreFlorida home insurance companies were warned by regulators about Hurricane Idalia
New laws in the state provide some accountability toward insurers, but consumers are also limited. Based on the massive number of complaints filed by Florida home insurance customers following Hurricane Ian, regulators warned insurers that they would not be allowing the same situation to develop following Hurricane Idalia. Regulators received complaints about insurers from nearly 8,000 victims of Hurricane Ian. As a result, following the destruction left by Hurricane Idalia, state regulators warned home insurance companies of possible punishment if claims were not properly managed. “We’re gonna be watching,” said…
Read MoreFlorida approves 4 new home insurance companies for operation in the state
The state’s property market is edging on crisis and has been bleeding insurers in recent years. Florida property owners are about to have an additional choice of coverage from four new home insurance companies that have just received their approval to sell in the state from the Florida Office of Insurance Regulation (OIR). The state has been in desperate need of new players in its property coverage market. The most recent home insurance companies to enter the state were Orion180 Select Insurance Company and Orion180 Insurance Company. Shortly before they…
Read MoreHome Insurance Premiums in Florida Creating A Wide Range of Variations
While premiums have been sharply rising, quotes vary widely from one insurer to another. Though the average home insurance premiums for residents of Florida are very high and rising, the actual amount people are paying depends on a range of factors, and the spectrum is enormous. Homeowners are struggling to find out what they will need to pay for their coverage. The one thing that appears to be standard across the board is that home insurance premiums in the state are climbing. Florida has been edging on a crisis as…
Read MoreNew Florida laws target home insurance affordability
The new legislation is taking aim at the rapidly rising cost and reducing availability of property coverage. Skyrocketing home insurance rates in Florida have become a massive problem for many property owners in the state who are struggling to be able to find coverage they can afford. The state has been teetering on the edge of crisis, and the situation is continuing to worsen recently. Depending on the area, Florida home insurance rates have been spiking to the point that they are well out of reach of many property owners.…
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