Category: Florida Insurance

Major Decision by Florida Court of Appeals Shakes Up Insurance Landscape

H. Cutner
Florida court of appeals

Florida Court Ruling Redefines Assignment of Benefits (AOB) and Its Impact on Homeowners Insurance A recent ruling by a Florida court of appeals has established that a “direction to pay” (DTP) by a policyholder does not equate to an “assignment of benefits” (AOB). This decision serves as a significant milestone reinforcing the legislative reform introduced through Senate Bill 2-A in 2023. The reform prohibits insurance policy benefits issued after January 1, 2023, from being assigned to third parties. The objective of Senate Bill 2-A is to curb the extensive litigation…

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Florida Home Insurance Premiums on the Rise Again

G. Turner
Florida Home Insurance

Why Florida’s Insurance Rates Are Climbing Faster Than Ever Home insurance premiums in Florida are climbing higher, sparking fresh concerns among homeowners and consumer advocates. While stabilized rates in early 2024 offered respite, recent data from the third quarter show an uptick in costs, reversing the trend of slowing increases. Understanding the factors behind these changes is vital for homeowners and industry leaders alike, as new dynamics including inflation, reinsurance prices, and storm recovery efforts take center stage. Rising Insurance Premiums in Florida An analysis of data from Florida’s Office…

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2025 Florida Insurance Bills Stir Debate Amid Rising Rates and Hurricane Risks

Spencer Wright
Florida Insurance 2

Key Insurance Highlights in the Upcoming Florida 2025 Legislative Session The Florida Legislature’s 2025 session, beginning in March, is set to tackle a range of critical issues, with several insurance-related bills being hot topics. These proposed measures aim to address housing durability, financial relief for homeowners, and protection amid escalating hurricane activity in the state. Here’s a detailed look at some of the most notable insurance legislation that could reshape the landscape for residents and property owners. Citizens Insurance Windstorm Coverage Expansion One of the most discussed legislative proposals is…

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Windstorm Coverage for All? The Bold New Proposal for Citizens Insurance

G. Turner
Citizens Insurance

Florida House Bill 13 Proposes Transformations for Citizens Insurance A significant proposal aimed at reforming Florida’s state-backed Citizens Property Insurance Corporation is currently under review for the 2025 legislative session. House Bill 13, introduced by Representative Hillary Cassel of Broward County, suggests making Citizens Insurance available to all Florida property owners while limiting its coverage exclusively to windstorm damage. This proposal has sparked considerable debate, with varying opinions emerging on its potential effectiveness. Expanding Windstorm Coverage to All Floridians House Bill 13 proposes transforming Citizens Insurance into a windstorm-only insurance…

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Unveiling the Housing Crisis – Where Homeowners Are Losing Insurance at Alarming Rates

Logan B.
home insurance - Non-Renewals and where are the most in the US

Climate Change Sparks Surge in Dropped Home Insurance Policies The United States faces a quiet yet profound crisis as climate-related disasters reshape the home insurance market. According to a recent congressional investigation, more than 1.9 million home insurance contracts nationwide have been dropped by insurers since 2018. The practice of “nonrenewal” has surged, putting countless American homeowners in precarious positions. This shift has far-reaching consequences for mortgages, property values, and entire communities. Rising Non-renewals Expose the Insurance Housing Crisis Once considered a steady and predictable industry, the U.S. home insurance…

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The Truth About Rising Insurance Costs and What It Means for Your Wallet

Ben Jones
Rising Insurance Costs

Rising Insurance Costs in High-Climate Risk Regions: Causes and Implications Insurance costs are soaring in regions with high climate risks, leaving many homeowners grappling with affordability. Driven by factors such as inflation, legal system abuse, and government rate suppression, these rising premiums are reshaping the insurance landscape. While extreme weather events are often seen as the main culprit, a deeper analysis reveals a complex web of contributing factors. The resulting instability has pushed some consumers toward government insurance programs, underscoring the need for balanced, sustainable solutions. Factors Driving Insurance Costs…

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Florida Cracks Down on Insurers, Returns $6 Million to Consumers

Ryan Cox
Florida Cracks Down on Insurers

Florida Insurance Commissioner Returns Nearly $6 Million to Consumers Following Insurance Investigations This Year The Florida Office of Insurance Regulation (FLOIR), under the leadership of the state’s insurance commissioner, has taken significant action against insurers failing to meet administrative and consumer protection standards. Throughout 2024, these efforts have culminated in nearly $6 million being returned to consumers. This regulatory crackdown highlights the state’s commitment to holding insurance companies accountable and ensuring Florida residents receive fair treatment in handling claims and other insurance-related processes. Details of Fines and Investigations FLOIR’s efforts…

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