Tag: Florida property insurance

Florida approves 6 new home insurance companies

Logan B.
Insurance companies - Approval - Thumbs Up

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…

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Progressive to cease renewal of some Florida home insurance policies

H. Cutner
Home insurance Renewal Denied - keyboard

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…

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Self-insurance is becoming increasingly popular in Florida

Logan B.
Self-insurance - Home - Family

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.…

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Home Insurance Premiums in Florida Creating A Wide Range of Variations

Logan B.
Home insurance - Premiums Variable

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…

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New Florida laws target home insurance affordability

H. Cutner
Home insurance Affordability - Florida Law -

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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