New company begins offering flood insurance policies in Florida

home flood insurance coverage

Florida homeowners have another option when it comes to flood protection A new company has entered into the flood insurance market in Florida and will serve as an alternative to the National Flood Insurance Program (NFIP). Called TypTap Insurance, it is the first company licensed in Florida to focus exclusively on flood protection. Homeowners can use the insurer’s online platform to purchase the coverage they need. Typically the only place homeowners can find flood protection is through the federal program, but this is beginning to change. The flood market may…

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Citizens aims to change language of homeowners insurance policies

Florida homeowners insurance, Citizens Property

Citizens Property Insurance intends to change policy language concerning water damage Florida’s Citizens Property Insurance is looking to make changes to the language in its homeowners insurance policies in order to mitigate the growth of claims associated with water damage. These claims are beginning to flow from South Florida, where many homeowners are beginning to experience water damage from various issues, ranging from rainfall to faulty plumbing. The changes that Citizens Property Insurance wants to make will adjust the way water damage claims are handled. Changes must be made in…

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Health insurance premiums to see a modest rise in Florida

Florida health insurance

Florida regulators announce rate hikes for policies sold through exchange The Florida Office of Insurance Regulation has announced that it has approved an increase in health insurance premiums for coverage sold through the state’s exchange. Florida’s insurance exchange in managed by the federal government, and consumers looking for policies can find them through HealthCare.gov, the federal exchange network. The rate increases in Florida are more modest than what is being reported in other states and consumers are expected to experience a small increase in premiums for coverage in 2016. Premiums…

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Health insurance rates may be going down in Florida

Florida health insurance

Premiums could be lower than expected for some consumers beginning in 2015 Florida residents that purchase health insurance policies through the state’s exchange next year are likely to spend less in monthly premiums, according to an analysis from the White House. State officials had been warning that those purchasing individual coverage would be paying more for their policies in 2015, but this may not be the case for many of the state’s residents. While some may see higher rates due to purchasing better coverage or having to deal with the…

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Life insurance proposal for teachers disliked by regulators

insurance benefits teacher

The officials in Florida have spoken out against the plan, voiding “significant doubts”. Regulators of life insurance in Florida have now stated that they have “significant doubts” regarding an unconventional proposal that has been made by a consulting firm for providing teachers in the state with coverage that would be paid for by investors. The offer had been being considered by the Pasco County School District. The decision of that school district had been waiting on the Florida Office of Insurance Regulation’s opinion on the matter, back in May. Now…

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Homeowners insurance market in Florida may be stabilizing

Florida Homeowners Insurance

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.…

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Affordable Care Act creates strife for Florida regulators

homeowners insurance policy multiple claims

Regulators struggling to enact provisions of Affordable Care Act Insurance regulators in Florida are having a hard time complying with the Affordable Care Act. Late last week, regulators approached a legislative committee concerning the matter, informing lawmakers that they face a range of complex issues that inhibit them from making progress. Regulators cite a multitude of legal requirements and filings coming from the state’s health insurers as major factors in prohibiting their ability to implement key provisions of the Affordable Care Act. Legislative direction thought by state’s regulators Regulators are…

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