Search Results for: home insurance market

Florida’s home insurance market could suffer deeply if this happens in 2024

G. Turner
Hurricane season Ahead 2024 - Florida

If the hurricane season this year is an active one for the state, policyholders will pay the price Florida’s home insurance market has already been in crisis mode for the last few years, worsening with each passing hurricane season.  If this year is another active one, it could be “detrimental” to the market in the state. Unfortunately, predictions aren’t good Though predictions are far from fact, the current predictive models are indicating that there will be a number of storms during this hurricane season.  This is leading to rising concerns…

Allstate’s One Step Forward Two Steps Back in California Home Insurance Market

H. Cutner
California home insurance - investigating

In a move that has sent waves across the California home insurance market, Allstate, one of the nation’s leading insurance providers, has hinted at a conditional return to the state’s insurance landscape. This announcement comes amidst a backdrop of increasing challenges faced by homeowners and insurance companies alike, primarily due to the escalating risks of wildfires and other natural catastrophes. How Allstate’s Conditional Return Could Reshape California’s Home Insurance Market Allstate’s potential policy changes signify a critical juncture for California’s home insurance market. The insurer’s reliance on catastrophic modeling to…

California legislators fail to repair home insurance market before end of session

Nordstrom
Home insurance - Failure and frustration

Though several deals arrived at the last moment, none of them included the sought-after proposal. Even as a slew of deals appeared at the last moment ahead of the close of California’s legislative session, none were the home insurance market fix many were waiting for to help keep insurers in the state despite the rapidly climbing wildfire risks. The key deadline came and went without a bill that would help to stave off a crisis in the state. As a new home insurance bill didn’t appear in the last session,…

Will stopgap measure dig Florida home insurance market out of crisis?

Marc
Florida home insurance - Home in Florida

Regulators have announced a plan using Citizens to avoid consequences of financial ratings agency downgrades. Regulators have announced that they will be using Citizens as a part of a Florida home insurance stopgap plan in the hopes of avoiding the ramifications of financial ratings agency downgrades across several property insurers. The plan is meant to provide a temporary fix, making sure residents will maintain their coverage. The Florida home insurance stopgap plan will use the state’s insurer of last resort, Citizens, as a financial backstop. The insurer will take on…

FedNat Holding Company withdrawing from Louisiana home insurance market

Marc
Louisiana home insurance

The insurer is the fourth largest in the state and is leaving due to hurricane-related losses. The fourth largest Louisiana home insurance company, FedNat Holding, has announced that it will stop renewing policies due to the losses it has suffered over the last 15 months from hurricane claims. The homeowners’ insurer has stated that it will also be making its way out of Texas for the same reason. According to the announcement from FedNat, made by its CEO Michael H. Braun, it will be leaving the Texas and Louisiana home…