Property buyers are stepping back from otherwise affordable homes due to high coverage costs. Home insurance agents aren’t the only professionals feeling for their clients as rates continue to rise to crisis levels in Florida. Real estate agents are also finding that their customers are frustrated with the additional expense of a prospective new house when they see what their premiums would be. Floridians looking to buy their dream houses aren’t just stressed about the price of the property. Property prices are already climbing fast, but even among those who…
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Insurance rates are climbing sharply in hurricane-affected US states
Insurers are leaving or reducing their selling activities in states where severe storms are common. Though Florida has been the state most commonly in the spotlight as its insurance rates skyrocket due to the increasing risk and cost associated with the rising frequency and severity of hurricanes, other states affected by these storms are also experiencing climbing premiums. Climate change has been raising the risk of hurricane damage while inflation drives up repair costs. This means that while property owners continue to face rising expenses for everyday products and services,…
Read MoreFlorida approves 6 new home insurance companies
The state has been scrambling to unload some of the policies currently carried by Citizens. In the middle of what many people have been calling a coverage crisis, Florida has now approved 6 new home insurance companies in a move to help the insurer of last resort, state-backed Citizens, unload some of its policies. Citizens has been overloaded with policies, having reached record highs in recent months. Insurance companies have been failing in the state and have been choosing to withdraw, have been going bankrupt, or have been deciding to…
Read MoreProgressive to cease renewal of some Florida home insurance policies
The insurer has confirmed that it wasn’t leaving the state but that it wouldn’t always renew coverage. Progressive has confirmed that it has decided not to renew some home insurance policies in Florida once they reach their expiration date. Regulatory filings from the company have already started and notices will start being issued soon. A spokesperson from Progressive has confirmed the home insurance company’s intention to stop renewing certain policies in Florida. It has started the necessary regulatory filings for this move and will be issuing the first wave of…
Read MoreSelf-insurance is becoming increasingly popular in Florida
A new survey has shown that rising premiums are driving Floridians to look to alternative options. The Insurance Information Institute (III) has released the results of a recent survey showing that a growing number of homeowners in Florida are choosing self-insurance for their homes. This is a worrying trend, as there is a substantial amount of risk associated with this type of coverage. “It is very risky for homeowners to self-insure,” said Florida’s Insurance Consumer Advocate Tasha Carter when discussing the topic of the growing self-insurance trend in the state.…
Read MoreHome Insurance Premiums in Florida Creating A Wide Range of Variations
While premiums have been sharply rising, quotes vary widely from one insurer to another. Though the average home insurance premiums for residents of Florida are very high and rising, the actual amount people are paying depends on a range of factors, and the spectrum is enormous. Homeowners are struggling to find out what they will need to pay for their coverage. The one thing that appears to be standard across the board is that home insurance premiums in the state are climbing. Florida has been edging on a crisis as…
Read MoreNew Florida laws target home insurance affordability
The new legislation is taking aim at the rapidly rising cost and reducing availability of property coverage. Skyrocketing home insurance rates in Florida have become a massive problem for many property owners in the state who are struggling to be able to find coverage they can afford. The state has been teetering on the edge of crisis, and the situation is continuing to worsen recently. Depending on the area, Florida home insurance rates have been spiking to the point that they are well out of reach of many property owners.…
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