Category: Florida Insurance

Could Percentage Deductibles Save a Badly Beaten Property Casualty Market?

Loreen
homeowners insurance percentage deductible

This pivotal question probes whether the shift to percentage deductibles could revitalize a property casualty market suffering from severe strain. The answer hinges on multiple facets that influence the stability and attractiveness of the insurance market. Understanding Percentage Deductibles Percentage deductibles are calculated as a percentage of the insured value of the property, rather than a fixed dollar amount. For instance, if your home is insured for $300,000 and you have a 2% deductible, you would be responsible for $6,000 in the event of a claim. This approach is commonly…

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Oscar-winning actor says that celebrity status didn’t boost health insurance access

Nordstrom
Health insurance - Oscar trophy

Hilary Swank recently shared that despite her accolades, she couldn’t afford coverage Hilary Swank recently revealed that while people make assumptions about the wealth of award-winning actors, not everyone sees great advantage to their finances or health insurance access just because they win a trophy. Days after winning her Oscar, she didn’t have coverage Only days after Swank received the Oscar for her Boys Don’t Cry role in 2000, she went to the pharmacy to pick up some medication. That said, when she arrived at the counter to pay for…

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California Insurance Commissioner and Farmers CEO: A Groundbreaking Dialogue on the Insurance Crisis

Angela Linders
california insurance crisis a

California continues to struggle with a growing insurance crisis, as homeowners face towering premiums and the daunting task of securing coverage. Amidst this turmoil, insurers have retreated, leaving many Californians in a lurch. But in a recent twist, the path to resolution may hinge on a compromise that allows insurers to adjust rates based on future risk assessments. State Insurance Commissioner Ricardo Lara, spearheading new regulations to mitigate the crisis, likens his relationship with the insurance industry to a “forced marriage” — staying together for the larger family’s sake. This…

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Florida Homeowners Insurance Market Sees Promising Shift with Depopulation Program

Angela Linders
florida insurance homeowers

The landscape of Florida’s homeowners insurance industry is undergoing significant changes as private insurers have absorbed 275,324 policies from the state-run Citizens Property Insurance Corp so far in 2023. These changes, spotlighted during the recent Citizens Board of Governors meeting, demonstrate a strategic attempt to balance the market through a process called “depopulation.” What Depopulation Means for Consumers For consumers, the depopulation program has a direct impact on their insurance decisions. Here’s what it boils down to: if a private insurance company extends an offer that exceeds a policy owner’s…

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Skepticism Abounds as Florida Welcomes New Property Insurance Companies

Angela Linders
Florida Property Insurance - Skeptical

Eight New Florida Property Insurance Companies Amid Market Shakeup In a concerted effort to inject stability into Florida’s property insurance market, a fleet of eight new insurance companies has embarked on a mission to provide a reprieve from the soaring premiums and to fill the void left by the withdrawal of large national insurers. This proactive stance comes in the wake of an alarming 68% surge in home insurance premiums recorded between May 2021 and May 2023, positioning Florida at the pinnacle of the US in terms of homeowners’ coverage…

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Florida Insurance Crisis Intensifies With Predictions of a Harsh Hurricane Season

Kirk Chivas
Florida insurance crisis - hurricane image on radar

Florida Homeowners Brace for Busy Hurricane Season Amid Skyrocketing Insurance Rates Florida homeowners, already bearing insurance rates that nearly triple the national average, now face the grim prospect of an “explosive” hurricane season, casting shadows on the financial resilience of the state’s insurer of last resort. With home insurance premiums in the Sunshine State escalating to an average of $6,000 a year—a stark contrast to the national average of approximately $1,700—Governor Ron DeSantis has called the state-run Citizens Property Insurance Corp. “not solvent,” sparking concerns over its potential inability to…

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Unraveling Florida’s Insurance Exodus: Weather or More?

G. Turner
florida insurance

Florida, a state synonymous with sun-kissed beaches and, unfortunately, hurricanes, is caught in a whirlwind of an insurance crisis. Insurance companies seem to be abandoning ship despite a 2023 mild hurricane season. The exodus begs the question: What’s really prompting these insurers to run for the hills? Weather Warnings vs. Reality The threat of hurricanes has long cast a shadow over the sunshine state, prompting persistent fears that insurers are dwindling due to natural disasters. And indeed, the increased risk of such events has influenced insurers’ decisions. But to attribute…

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