Homeowners insurance surcharges may be reduced in Florida

Homeowners Insurance Florida

Florida Hurricane Catastrophe Fund remains financially strong, which may be a benefit for homeowners New estimates approved for the Florida Hurricane Catastrophe Fund show that it remains strong. The fund was established to help private insurance companies to help pay claims that they receive in the wake of a hurricane. The fund has been put to the test over the years and some have questioned its financially capabilities. Private insurers face significant risks in the Florida market due to the state’s exposure to natural disasters, but the fund remains financially…

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Florida homeowners insurance rates are highest in the US

Florida Homeowners Insurance

Florida continues to have trouble with insurance rates Homeowners in Florida are no strangers to high insurance rates. Homeowners insurance premiums throughout the state have often drawn criticism for being quite high and on the verge of being uncontrolled. A new report from the National Association of Insurance Commissioners aims to shed some light on the issue by comparing Florida homeowners insurance rates with those found in other states. Notably, other states that have experienced more natural disasters than Florida in recent years have lower insurance rates by comparison. Report…

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Homeowners insurance group having trouble with depopulation

Florida homeowners insurance, Citizens Property

Citizens Property Insurance is shedding homeowners insurance policies slowly Florida’s Citizens Property Insurance has been working to depopulate itself over the past year and a half. The state-run organization is typically the last and best place for people in Florida to find homeowners insurance coverage, but the organization itself has been crippled by financial problems for the past several years. Citizens Property Insurance exists as a major financial liability for the state, which is why the organization has been forced by lawmakers to shed policies. This endeavor, however, has been…

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Homeowners insurance bill swoops through Florida Senate

Florida Homeowners Insurance

Bill addressing homeowners insurance races through Florida Legislature Last week, a controversial legislation concerning homeowners insurance flew through the Florida Senate. The legislation received strong backing from the state’s lawmakers, whom have become exceedingly involved in the problems surrounding the state’s Citizens Property Insurance organization. The state-run insurer, which accounts for the majority of the homeowners insurance policies in Florida, has been, thus far, unable to address its own problems, leading lawmakers to get more involved in these issues and create legislation designed to put some of these problems to…

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Lawmakers looking to get involved in homeowners insurance in Florida

Florida Homeowners Insurance

Homeowners insurance may soon become a political battlefield The drama surrounding Florida’s Citizens Property Insurance continues to unfold as state lawmakers begin to play a larger role in the state-run insurers struggle to free itself from the financial burdens of its past. The state-run insurer was recently rattled by an onslaught of corporate scandals that aroused the ire of the Florida Legislature. The insurer claims that it has successfully reduces its risk exposure over the past year, but lawmakers are seemingly unconvinced by the organization’s claims. It is becoming increasingly…

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Winter Storm Nemo has mild impact on homeowners insurance

Snow Storm homeowners insurance

Homeowners insurance expected to fare well in wake of Nemo The northeastern U.S. has been suffering from a spate of natural disaster over the past few months. In October of last year, the East Coast was struck by Hurricane Sandy, which caused significant damage to homes and properties in New York and New Jersey. This month, a powerful blizzard swept across the northeast. Winter Storm Nemo, as it is called, buried much of the region in heavy snowfall, causing disruption of businesses in many states and causing further problems for…

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Florida Catastrophe Fund may be out of money

Florida Catastrophe Fund Insurance News

Florida Catastrophe Fund facing serious financial troubles It is no secret that Florida is prone to hurricanes and flooding disasters. This is one of the reasons many property insurers have chosen not to offer coverage in some parts of the state. In 2010 and 2011, Florida was pummeled by powerful storms that caused widespread damage to homes and businesses. Because many insurers were not liable to pay claims associated with damage they do not cover, consumers had to turn to the Florida Catastrophe Fund. Now, information is coming to light…

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