Hurricane Ian places more strain on Florida’s insurance crisis

Hurricane Ian - A hurricane over Florida
State Farm insurance company sues A...
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Last week’s massive storm could prove to be among the most expensive in the country’s history. It remains too early to know precisely how much damage Hurricane Ian left behind as measured in dollars, but experts from Enki Research expect that the massive storm will likely have caused between $30 billion and $60 billion in damages and economic losses. The storm struck the west coast of Florida at 150 miles per hour and smashed its way through the state. The insurance industry currently predicts that it will face losses of…

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Florida home insurance soon to include surcharge

Florida home insurance - Home - cash

The additional fee on monthly bills is intended to cover several insolvent companies in the state. Florida home insurance customers can expect to see a new surcharge on their upcoming monthly bills, to act as coverage for insolvent companies in the state. The surcharge will help FIGA to cover the claims from insurers that have gone into receivership. The added surcharge Florida home insurance customers will be paying is intended to make sure claims made on policies sold by insolvent insurers will still be paid. They will support the claims…

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Regulators consider removing Florida Citizens Insurance $700K policy cap

Citizens Insurance - Policies Binder

The issue of the cap has pulled a notable amount of attention from counties with high-value home. As Florida homeowners continue to struggle to obtain coverage, industry regulators are now considering the removal of a $700,000 cap on Citizens Insurance policies. The insurer of last result is not legally permitted to cover more than $700K of a “replacement cost”. The only exception to that Citizens Insurance replacement cost limit is in Miami-Dade and Monroe counties, where there is a $1 million cap instead. The issue is that the home coverage…

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Gov DeSantis says ‘significant reforms’ coming to Florida home insurance

Florida home insurance - Reforms

Another insurer has dropped 64,000 policies, sending the state into an even worse condition. With only a week and a half left until the Atlantic hurricane season begins, the Florida home insurance crisis has achieved urgent status. Property owners across the state have been scrambling to obtain the coverage they require. Even worse, in a market already bleeding policies and insurers, FedNat Insurance Company and its sister companies have dropped over 68,000 Florida home insurance policies. This insurance news has arrived just as the special legislative session has been scheduled…

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Florida property insurance special session set to tackle crisis

Florida property insurance - Crisis

Governor Ron DeSantis is calling lawmakers back in May to take on the market’s critical health. State Governor Ron DeSantis has announced that he will be calling a special Florida property insurance session in May, bringing lawmakers back to work to try to repair the worst components of the crisis. Atlantic Hurricane Season is rapidly approaching and the homeowners policy market is in a critical state. With Atlantic Hurricane Season about to start on June 1, the governor is holding a special legislative session in May to take on the…

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Florida property insurance could get special legislative session

Florida property insurance - Florida on map

Lawmakers are calling for the opportunity to work on this critical state in the issue. Senator Jeff Brandes (R-St. Petersburg) has formally asked his colleagues to support the call he made to hold a special legislative session to focus on the Florida property insurance crisis. The state has been losing insurers as they withdraw or go into liquidation. “We can no longer wait on this issue,” said Brandes, who issued a “template letter” to his colleagues so those lawmakers could send it to the Department of State. The goal is…

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9 Florida insurance companies selling homeowners’ coverage in liquidation

Florida insurance companies - Hurricane Season

Insurers selling home policies are dropping like flies as hurricane season rapidly approaches. Atlantic hurricane season is rapidly approaching, but homeowners are struggling to find Florida insurance companies to sell them affordable coverage. Premiums have been taking off, but despite the higher expense, policyholders are offered fewer protections. Florida insurance companies are facing a crisis as they attempt to survive in the state’s homeowners’ market. The situation is looking increasingly dire for property owners who are attempting to ensure that they have the coverage they need as the hurricane season…

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