Live Insurance News

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

July 20, 2023July 19, 2023 Nordstrom

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…

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

July 19, 2023July 18, 2023 G. Turner

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…

Florida insurance market reaches crisis point with another insurer bankruptcy

June 23, 2022June 22, 2022 Nordstrom

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…

Nearly 100 insurance rate increases get the nod in Florida

February 17, 2021February 16, 2021 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…

Homeowners insurance organization makes progress in Florida

December 2, 2013November 30, 2013 S.Vagus

Florida homeowners insurance, Citizens Property

Citizens Property Insurance finds financial success Florida’s Citizens Property Insurance has been struggling beneath a shroud of controversy for the past year. The state-run insurer has been cutting policies in an effort to depopulate itself and reduce financial strain while also raising rates on insurance policies that it has maintained. This has generate a great deal of criticism that has been issued against the state-run organization as well as lawmakers, but it has also placed Citizens Property Insurance in the “best financial shape” it has ever been in, according to…

Homeowners insurance market in Florida may be stabilizing

June 5, 2013June 4, 2013 Marc

Florida’s homeowners insurance market may be calming down The homeowners insurance market in Florida is notorious throughout the U.S. for being somewhat volatile and unstable. The state is considered a very high risk zone to the homeowners insurance sector and has regularly fallen victim to natural disasters in the past. These disasters have created a sense of unease among homeowners insurance companies, many of whom are unwilling to do business in some parts of the state. There are signs that the homeowners insurance market is finally starting to stabilize, however.…

Florida’s Citizens Property Insurance continues to shed policyholders

September 26, 2012September 26, 2012 S.Vagus

Citizens Property Insurance wants to see more policies taken over by private providers It is no secret that Florida’s Citizens Property Insurance has been strapped with serious financial problems in recent years. The state-run insurance group is often considered the last and best place to find affordable insurance coverage for Floridians who inhabit the natural disaster danger zone. Citizens Property Insurance attained this status through offering policies that were well below the average cost of those coming from private insurance groups. While this has been well received by consumers, this…