Florida homeowners insurance market draws concern after building collapse

Florida homeowners insurance - homes in Florida on coastline

Increasingly destructive hurricane seasons were already worrying insurers about the state’s coastlines. The Surfside collapse has killed at least 97 people as of the writing of this article and is now causing greater concerns over the Florida homeowners insurance market. The coastal community has already been facing rising pressure from climate change. Economists are now taking another look at the concerns growing in the Florida homeowners insurance market. They are now looking to parts of the United States that are reaching the point that they are too risky to insure…

Governor DeSantis signs overhaul of Florida homeowners insurance law

Florida homeowners insurance - Homes in Florida

Insurers are hopeful that this could help to ease losses but say more changes are still needed. Governor Ron DeSantis recently signed a Florida homeowners insurance overhaul into law. This will change many of the regulations regarding property coverage. Starting in July, the state will launch efforts to halt contractors pushing policyholders to add repairs. The legislation is meant to help stop contractors from pressuring policyholders from approving unnecessary repairs that will then be charged to Florida homeowners insurance companies. Moreover, it will also limit the capacity of adjustors to…

Hurricanes and lawsuits to send Florida homeowners insurance rates higher

Florida homeowners insurance rates - home - car - US dollar

Another busy storm season and rising claims litigation explain insurer policy premiums hikes. Florida homeowners insurance rates will be heading upward for policyholders across the central part of the state next year. Insurers point to consecutive active hurricane seasons and a steadily rising claims litigation trend to explain the rising prices. Insurance companies face higher expenses due to the continual record-setting hurricane seasons. The state has suffered damage from several record-setting hurricane seasons. Between those damage claims and the rising lawsuits regarding those claims, insurers are raising Florida homeowners insurance…

Florida homeowners insurance expensive despite decade without a hurricane

Florida Homeowners Insurance

The season for these major storms has now come to a close but rates still aren’t dropping. The official close to the hurricane season was on Monday, but even though there hasn’t been one that has struck Florida in ten years, homeowners insurance rates remain high and many are wondering why they aren’t falling due to the improvements in natural disaster damage. Insurance companies have stated that the reason doesn’t have to do with storm frequency as much as building cost. The price of building materials has been rising very…

Florida homeowners insurance may be stable this hurricane season

Florida hurricane insurance rates

Florida’s Cat Fund is equipped to handle a significant natural disaster Florida may be able to withstand a major hurricane thanks to the financial capabilities of the state’s Hurricane Catastrophe Fund, also known as the Cat Fund. The fund is designed to provide a financial safety net for homeowners insurance companies that face significant losses in relation to a major storm. The Cat Fund has been used many times in the past to help the state recover from serious losses, but Florida has not suffered a major hurricane in nine…

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…

Florida homeowners insurance rates continue to rise

Florida Homeowners Insurance

Homeowners coverage continues to grow more expensive The Florida homeowners insurance industry is notoriously risky. Many insurers have chosen not to participate in the state market due to the liability they are exposed to, leaving homeowners to rely on state-run Citizens Property Insurance to find the coverage they need. One of the reasons that private companies are unwilling to participate in the Florida market is the frequency with which natural disasters hit the state. These disasters have caused home insurance rates to explode over the past several years, despite the…