Experts are warning property owners to prepare for premiums as high as 20-25 percent higher. Rising home insurance rates are nothing new for property owners in Florida, but industry experts are still warning that preparing for a substantial hike this year is a good idea, as rates could rise by as much as 20 to 25 percent by June. The state has been in crisis as severe storms become more frequent and inflation drives up prices. Former Citizens Property Insurance Chief Risk Officer John Rollins shared some insight into the…
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Florida home insurance companies withdraw, spurring lawmakers to act
Homeowners’ rates have been spiking in the state and lawmakers are working on a plan. Florida home insurance companies have been hiking rates, cancelling policies or simply leaving the state, sending lawmakers to scramble to get the situation under control. State lawmakers are working on a plan to help control rates and keep insurers from withdrawing. According to Florida home insurance companies, fraud and excessive litigation are forcing them to leave the state’s market. Only last Tuesday, Lighthouse Property Insurance announced that it wouldn’t be writing any more new homeowners’…
Read MoreFlorida homeowners insurance market draws concern after building collapse
Increasingly destructive hurricane seasons were already worrying insurers about the state’s coastlines. The Surfside collapse has killed at least 97 people as of the writing of this article and is now causing greater concerns over the Florida homeowners insurance market. The coastal community has already been facing rising pressure from climate change. Economists are now taking another look at the concerns growing in the Florida homeowners insurance market. They are now looking to parts of the United States that are reaching the point that they are too risky to insure…
Read MoreNew Florida hurricane insurance option to be deductible- and inspection-free
Coverage has always been important to homeowners as it is regularly threatened by the storms. A new Florida hurricane insurance option is being launched to make claims more straightforward for property owners. Millions of homeowners in the state are used to the time and expense still required after a claim. Standard Florida hurricane insurance requires a homeowner to have to pay a deductable when a claim is made for storm damage. In many cases, that deductible is high that the customer ends up paying the entire repair cost. For many…
Read MoreUSI acquires Best Insurance Company from Florida
The Insurance services firm has now purchased the homeowners, auto, motorcycle, watercraft and boat insurer. USI Insurance Services has now revealed that it has acquired the Best Insurance company, which is headquartered in Tamarac, Florida, and sells a range of different types of coverage within the state. The Best Insurance sells several different kinds of coverage to customer in Florida, North and South Carolina and Georgia. The terms of the purchase of the insurance company had not been disclosed at the time of the writing of this article. The Best…
Read MoreLargest private homeowners insurance company in Florida turning a profit
Universal flipped into the black when it saw a positive result from the fourth quarter. In the fourth quarter, the largest privately owned homeowners insurance company, Universal Insurance, flipped to a profit, showing considerable improvements over the year before. In 2011, the company had posted a loss of $2.3 million in the same quarter. For 2012, the homeowners insurance company, based in Fort Lauderdale, posted a net income of $4.4 million. It also saw its direct premiums written rise to $174.6 million during that last quarter, when compared to 2011…
Read MoreHomeowners insurance reforms needed in Florida, says Governor
Gov. Scott and a panel of lawmakers have called for changes that will provide greater awareness. Governor Rick Scott, along with a number of lawmakers in Florida, have announced that they will be seeking to provide residents of the state with better education regarding the hidden costs linked with homeowners insurance and the “house of cards” that will collapse in the wake of a major storm. The governor spoke at a summit at Disney for the Florida Chamber of Commerce. He explained that solid efforts are required to make certain…
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