Citizens’ home insurance changes get the nod from Florida lawmakers

Home insurance - Green light - approval

Both the House and the Senate have given the green light to a bill about insuring second homes As Florida continues to seek new ways to unload policies from its home insurance company of last resort, Citizens Property, the House gave its approval to a bill that could shift some second homes off the insurer and into the private coverage market. The Senate already gave its approval to the bill HB 1503 was passed unanimously by the Florida House after it had already received the Senate’s approval. Its next stop…

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Texas wildfire victims often didn’t have home insurance coverage

Home insurance - fire destruction inside home- Texas flag

Many of the structures – including homes – that were taken by the fires lacked a policy. Many of the victims of the wildfires that blazed through parts of Texas were without home insurance coverage, leaving them without any financial support to help them to recover. As a result, man of those victims might never experience full financial recovery At a recent news conference, Texas Governor Greg Abbott said that many of the people who lost their homes to the wildfires “had no insurance.”  As a result, he pointed out…

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Sky-High Condo Association Insurance Rates Upend Lives, Rattle Industries

condo association insurance rates

Sweeping Increases Overwhelm Condo Associations and Owners In a dramatic turn of events that’s sending shockwaves through homeowner communities, insurance rates for condo associations have surged drastically. Across the nation, residents and HOA’s are overwhelmed with increases ranging from 50% to over 500%, with states like Hawaii and Florida facing staggering hikes due to their vulnerability to hurricanes. Financial Shock Hits Retirees Hard The cost of property insurance, the most significant expense for Hawaiian Homeowners Associations, has seen a dramatic rise. For instance, a 400-unit project that previously had an…

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Judge Rules on Allstate’s Million-Dollar Typo

insurance news

A case that pitted a Bend, Oregon couple against Allstate Insurance over a mistakenly high settlement offer culminates with the insurer’s error deemed non-binding by federal court. Court Rejects Allstate’s $1M Error The legal saga unfolded when Debra and Kevin Kilroy thought fortune had smiled on them, misled by a typo-infested settlement letter from Allstate which followed Debra’s traumatic encounter with an off-leash dog in 2020. A Painful Mishap with Life-Altering Consequences Debra, while walking on a local trail, suffered multiple fractures after being injured by the Great Pyrenees. The…

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North Carolina Commissioner rejects proposal to increase insurance rates

Home Insurance rates increases rejected

Drivers and property owners are reducing their coverage to afford their premiums North Carolina Commissioner Mike Causey has announced that he recently turned down a request made by insurers to boost homeowners’ insurance rates by an average of 42.2 percent.  In some beach areas, the hike would have been 99.4 percent According to Causey, he was not provided with adequate evidence to support the claim insurers made that they would need to increase insurance rates by that amount. “I haven’t seen the evidence to justify such a drastic rate increase…

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