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…

Florida motorists now pay the most for their auto insurance

February 15, 2023February 14, 2023 Marc

Though Michigan had been the most expensive state for coverage, Florida drivers now shell out more. Drivers in Florida have a new reason to groan over the cost of vehicle ownership in the state, as the cost of auto insurance there is now more expensive than anywhere else in the country. Everything from the price of gas to the cost of vehicle repairs is on the rise, and so is coverage. The cost of auto insurance is increasing across the United States. Florida certainly isn’t alone in that. What has…

Will stopgap measure dig Florida home insurance market out of crisis?

August 1, 2022July 30, 2022 Marc

Florida home insurance - Home in Florida

Regulators have announced a plan using Citizens to avoid consequences of financial ratings agency downgrades. Regulators have announced that they will be using Citizens as a part of a Florida home insurance stopgap plan in the hopes of avoiding the ramifications of financial ratings agency downgrades across several property insurers. The plan is meant to provide a temporary fix, making sure residents will maintain their coverage. The Florida home insurance stopgap plan will use the state’s insurer of last resort, Citizens, as a financial backstop. The insurer will take on…

Florida flood insurance rates are too low, says recent study

March 19, 2021March 18, 2021 Logan B.

Florida flood insurance rates - water in house

New research shows that the National Flood Insurance Program is undercharging property owners. Florida flood insurance rates aren’t as high as they need to be to reflect the risk associated with the property, says the results of a recent study. It indicates that the National Flood Insurance Program is undercharging people and that it could justifiably raise its rates. Undercharging Floridians means that it is more affordable for people to live in dangerous locations. The Florida flood insurance rate findings were made following a new analysis by First Street Foundation.…

Alien abduction insurance readily available to Florida residents

July 22, 2019July 20, 2019 Logan B.

An insurer in the state sells a product for people concerned about UFOs and little green men. Whether or not you believe that beings from another world could take you away from the Earth, an alien abduction insurance can cover you, provided you live in Florida. An agency in the state is now offering limited and comprehensive policies against these abductions. St. Lawrence Agency owner Mike St. Lawrence in Altamonte Springs, Florida, created and sells a new type of coverage for its customers. This alien abduction insurance is being sold…

Florida health insurance program drops nearly 2k dependents without authentication

April 30, 2018April 27, 2018 G. Turner

Healthcare Industry – Explore Non-Medical Roles to Kick Start Your Career

Governor Rick Scott has required that state employees provide more documentation to qualify for coverage. A $950,000 investigation into the Florida health insurance program has caused 1,825 dependents to lose their coverage. The audit required state employees to submit birth certificates in order to verify a child’s eligibility. Moreover marriages required an IRS tax return transcript for authentication. Nearly two thousand people have been taken off the state-employee health insurance program as a result. As workers failed to provide the necessary child birth certificates and tax documents, their dependents were…

Florida no fault car insurance repeal moves ahead in state Senate

January 17, 2018September 15, 2020 G. Turner

Senator Tom Lee (R-Brandon) introduced the bill in the hopes of controlling skyrocketing premiums. The no fault car insurance bill meant to repeal the current system in Florida has cleared an important Senate committee. Should it become law, it would mean that drivers will need to purchase bodily injury coverage. The primary hurdle so far has been the argument that lawsuits and premiums would rise further. Many of the objections have come directly from insurance representatives. Should the no fault car insurance be repealed, it would mean that drivers in…