Florida property insurance market is circling the drain, says Citizens CEO

Florida Property Insurance - Homes in Florida

The state’s insurer of last resort has bloated to an enormous size as the market spirals downward. The Florida property insurance market has reached a critical state, said the CEO of Citizens, the state’s insurer of last resort. The cost of coverage has caused Citizens to become bloated, with thousands of new homeowners signing on every week, slashing chunks out of the market. The result is that the market as a whole in the state has reached a point in which it is collapsing. “The reality is the marketplace in…

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Florida auto insurance costs more than coverage in most other states

Florida Auto Insurance

Research has shown that car coverage in the state costs up to 25 percent more than the U.S. average. According to newly released data from Insure.com, drivers in Florida are still facing very expensive auto insurance, to the point that they are paying up to 25 percent more than the average across the rest of the country. The report on the data analysis determined that Florida is the eighth most expensive state in the U.S. The average amount paid for auto insurance premiums in Florida was $1,654. When compared to…

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Homeowners insurance costs in Florida are finally leveling off

Homeowners Insurance Florida

The state is approaching the hurricane season’s statistical peak very soon and property policies remain comparatively reasonable. Next Wednesday, on September 10, the hurricane season will has reached its peak, and so far, Florida has managed to make its way through another year without being affected by any serious storms, and this good luck has had a highly positive impact on the cost of homeowners insurance in the state. This was not the case when Hurricane Andrew struck the state and left devastation behind 22 years ago. That storm altered…

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Legislation targeting the insurance industry passes in Florida

Florida insurance industry

New legislation stands to benefit consumers throughout the state of Florida New legislation has been passed in Florida that aims that is meant to modernize insurer solvency throughout the state. The legislation is expected to benefit Florida consumers as it will provide them with new protections and make changes to state regulations that have become considered archaic. Senate Bill 1308, as it is called, is heavily based on the national standards that have recently been introduced by the National Association of Insurance Commissioners. Legislation is based on national standards from…

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Florida prepares to open its own health insurance exchange

Florida health insurance

Florida moves to open a state-run exchange Florida may soon be operating its own health insurance exchange. The state has become a well known opponent of the Affordable Care Act , going so far as to seek the dismantling of the federal health care reform law through the Supreme Court as well as banning insurance navigators from working in the state. The state has missed its deadline to develop and operate a working exchange last year, meaning that a federal exchange has been set up for the state’s residents. Now,…

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