Gov DeSantis says ‘significant reforms’ coming to Florida home insurance

Florida home insurance - Reforms

Another insurer has dropped 64,000 policies, sending the state into an even worse condition. With only a week and a half left until the Atlantic hurricane season begins, the Florida home insurance crisis has achieved urgent status. Property owners across the state have been scrambling to obtain the coverage they require. Even worse, in a market already bleeding policies and insurers, FedNat Insurance Company and its sister companies have dropped over 68,000 Florida home insurance policies. This insurance news has arrived just as the special legislative session has been scheduled…

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Homeowners insurance companies impacted by late home buying trend from Millennials

Homeowners insurance - buyers

The change in trends between generations is leading to challenges for coverage providers. The results of new research have found that Millennials and the youngest of the Gen X generation have experienced substantial delays in buying homes, and this trend is affecting homeowners insurance companies. This trend has been made only worse by the trends in out-of-state migration from those same generations. Those trends toward migrations out of state are driven in part by the COVID-19 pandemic. That behavior is posing a risk to homeowners insurance companies. These, among other…

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Average wildfire insurance claim is $224,000, says State Farm

Wildfire insurance Claims

The insurer recently released its most recent data in the category as well as damage reduction tips. According recently released State Farm data, the average wildfire insurance claim payment is currently $224,000, which is an increase of 8 percent over what it was in 2021. The states from which the majority of claims have been made in recent years are California, Oregon and Colorado. National Interagency Fire Center (NIFC) data showed that last year, there were almost 59,000 wildfires in the United States. They burned a total of about 7…

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These states generate the most hurricane insurance claims in the US

Hurricane insurance claims

State Farm released a list of the locations where the severe storms cause the most covered damage. State Farm received 119,000 hurricane insurance claims last year, and they all came from policyholders that had covered properties in 9 states. There was a total of approximately $1.2 billion in claims paid out to the affected policyholders. The hurricane insurance claims were paid for the repair and rebuilding of homes damaged by the storms. The State Farm data from last year include the storms called Henri, Nicholas, and Ida. They impacted 9…

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Why Preparing Your Estate in Your Lifetimes Should be a Priority

Preparing your estate plan in your lifetime should be a priority. Although it’s not something many people want to think about, it is an essential task to complete before you die. Preparing an estate plan means you are able to choose who inherits your assets and all the things that you’ve worked your whole life for. Protect your loved ones by making a detailed plan with all the information they will need, and keep family drama at bay by making it clear which person will get what. Keep loved ones…

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Flood insurance rate increases will affect 81 percent of policyholders

Flood Insurance - Increased Rates

FEMA’s NFIP overhaul was intended to increase premiums primarily for larger, high-value homes. A year ago, when the Federal Emergency Management Agency overhauled the National Flood Insurance Program it expected that larger, high-value homes would see most of the rate increases. It anticipated that about 90 percent of policyholders would either keep their existing rates or would even experience a reduction in their premiums. This month, when the changes went into effect, the situation proved to be considerably different. Now that the changes in the National Flood Insurance Program (NFIP)…

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Florida property insurance special session set to tackle crisis

Florida property insurance - Crisis

Governor Ron DeSantis is calling lawmakers back in May to take on the market’s critical health. State Governor Ron DeSantis has announced that he will be calling a special Florida property insurance session in May, bringing lawmakers back to work to try to repair the worst components of the crisis. Atlantic Hurricane Season is rapidly approaching and the homeowners policy market is in a critical state. With Atlantic Hurricane Season about to start on June 1, the governor is holding a special legislative session in May to take on the…

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