Tag: Florida insurance market

Allstate and Other Insurers Seek Approval for Huge Premium Hikes in Florida

G. Turner
florida home insurance rates

Allstate, the second-largest home insurance provider in the United States according to the Insurance Information Institute (Triple-I), is known for its comprehensive coverage for homeowners across the country since 1931. However, two insurance companies, including one owned by Allstate, are currently seeking approval for significant premium increases exceeding 50% for homeowners in Florida. Castle Key Indemnity Company Proposes a 53.5% Rate Increase Castle Key Indemnity Company, an Allstate subsidiary that provides insurance for condominium owners, has proposed a substantial rate hike of 53.5%. An Allstate spokesperson confirmed to WESH 2…

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State Farm Boldly Upholds Commitment to Florida’s Home Insurance Landscape

Nordstrom
Home insurance - Safe in Florida

Even as Farmers and AAA reduce their business in the state, the insurer says it’s not leaving. State Farm has announced that it has no plans to leave Florida’s home insurance market like other insurers have done, and even as that insurer did that exact thing this year in California. Florida’s market has been riding the line on the edge of a crisis, but State Farm isn’t leaving. According to State Farm, it continues to see an opportunity in Florida’s home insurance market, particularly due to recent reforms for the…

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AAA’s Decision to Drop Auto and Home Insurance Customers in Florida Spells Trouble for Policyholders

G. Turner
Home insurance - home and auto gone

Shortly after Farmers made a similar announcement, this insurer followed suit. AAA has announced that it will not be renewing auto and home insurance policies for some of its existing Florida customers, becoming the next in a growing list of insurers scaling back their business in the struggling state. Florida has been facing disasters in increasing frequency and severity, sending insurers fleeing. With the number of hurricanes and tropical storms leaving catastrophes behind in Florida, auto and home insurance companies in Florida are choosing not to renew policies for some…

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Florida insurance market reaches crisis point with another insurer bankruptcy

Nordstrom
Florida insurance - Bankruptcy Sign

As insurers rapidly depart the market, even recent legislation isn’t having a fast enough impact. The Florida insurance market for property coverage has been rapidly stumbling again following storms in recent years. As a result, the insurers that aren’t withdrawing are going bankrupt. FedNat is the latest of the insurers to cancel the homeowners’ policies it’s been selling in the state. Florida insurance has reached a desperate level. This latest withdrawal of FedNat will cancel another 68,200 policies in the state, following a massive trend of coverage cancellation there. Homeowners…

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Nearly 100 insurance rate increases get the nod in Florida

G. Turner
Insurance rate increases - Florida neighborhood

The state Office of Insurance Regulation green lighted the hikes, suggesting a struggling sector. The Florida Office of Insurance Regulation has given its approval to almost 100 property insurance rate increases across the state. This indicates that the industry conditions in the state have reached a difficult point. The approvals were issued to dozens of homeowners and business insurers that filed for the hikes. According to a report published by News 6 WKMG, dozens of property insurers filed court documents with the intention of obtaining approval for insurance rate increases…

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