Live Insurance News

Florida Senator says property insurance crisis needs Governor DeSantis to “come home”

July 21, 2023August 3, 2023 Logan B.

Property Insurance Crisis - Image of home over person's hand

Lawmakers in the state are calling for greater accountability as coverage prices break records. As Florida faces some of its highest ever property insurance rates – with more increases on their way – lawmakers are calling for greater accountability in the industry. Rate hikes and policy cancellations are reaching their worst ever level in the state. Now, a Senator representing Jacksonville is pushing for Florida Governor Ron DeSantis to call another special property insurance session this summer, for the one purpose of generating savings and benefits for homeowners. Florida Senator…

State Farm Boldly Upholds Commitment to Florida’s Home Insurance Landscape

July 20, 2023July 19, 2023 Nordstrom

Even as Farmers and AAA reduce their business in the state, the insurer says it’s not leaving. State Farm has announced that it has no plans to leave Florida’s home insurance market like other insurers have done, and even as that insurer did that exact thing this year in California. Florida’s market has been riding the line on the edge of a crisis, but State Farm isn’t leaving. According to State Farm, it continues to see an opportunity in Florida’s home insurance market, particularly due to recent reforms for the…

Part-time residents could see Citizens Florida home insurance rates doubling

June 28, 2023June 27, 2023 G. Turner

This particular group of Florida residents are expected to see a very large increase in their premiums. The spotlight is on Florida’s part-time residents at the moment, as their home insurance in particular is expected to skyrocket even more than that of people who are permanent residents of the state. Regardless of whether part-time residents live in condos or houses, the rates are heading to the moon. Citizens Insurance – the state home insurance of last resort – has asked regulators for permission to increase the rates of seasonal residents…

California auto insurance requires a lot of jumping through hoops

June 23, 2023June 22, 2023 Logan B.

Auto insurance - Business person standing on road looking at hoops to jump through

Drivers in the state are finding it particularly challenging to get the coverage they require. Drivers in California are finding themselves facing a slew of challenges to be able to get the auto insurance coverage they require, that is, when they’re not being outright declined. Some motorists are calling the hoops they’re jumping through a form of political ploy. California has been facing a tremendous challenge in the property coverage market, as large insurers such as Allstate and State Farm have announced that they are no longer selling new policies…

Erie Insurance company files suit against Maryland Insurance Administration

June 15, 2023June 14, 2023 Nordstrom

The insurer is suing over the administration’s race discrimination finding against the carrier. The Erie Insurance company has filed a federal court lawsuit against the Maryland Insurance Administration’s recent decision that the insurer had been pushing its agents to reject customers from parts of Baltimore where most of the population is Black. The lawsuit accuses the agency of having conducted an incomplete investigation into the insurer’s practices. According to the insurance company’s lawsuit, the Maryland Insurance Administration (MIA) did not conduct a complete investigation into the insurer’s practices. Moreover, it…