Search Results for: florida homeowners

Florida homeowners insurance rates are highest in the US

Marc
Florida Homeowners Insurance

Florida continues to have trouble with insurance rates Homeowners in Florida are no strangers to high insurance rates. Homeowners insurance premiums throughout the state have often drawn criticism for being quite high and on the verge of being uncontrolled. A new report from the National Association of Insurance Commissioners aims to shed some light on the issue by comparing Florida homeowners insurance rates with those found in other states. Notably, other states that have experienced more natural disasters than Florida in recent years have lower insurance rates by comparison. Report…

Florida homeowners insurance rates continue to rise

S.Vagus
Florida Homeowners Insurance

Homeowners coverage continues to grow more expensive The Florida homeowners insurance industry is notoriously risky. Many insurers have chosen not to participate in the state market due to the liability they are exposed to, leaving homeowners to rely on state-run Citizens Property Insurance to find the coverage they need. One of the reasons that private companies are unwilling to participate in the Florida market is the frequency with which natural disasters hit the state. These disasters have caused home insurance rates to explode over the past several years, despite the…

Florida homeowners insurance exchange seeks providers

Nordstrom
Florida homeowners insurance, Citizens Property

Homeowners insurance exchange picks up momentum in Florida Florida’s Citizens Property Insurance has been experiencing major renovations in recent years. The state-run organization accounts for the majority of homeowners insurance policies in Florida, but has been strapped with serious financial issues that have left it somewhat crippled. Florida lawmakers have been forcing change upon the organization in an effort to mitigate its financial risk. In some cases, this had led to higher homeowners insurance rates, but Citizens Property Insurance may soon offer affordable coverage for consumers through its new exchange.…

Florida homeowners insurance bill passes this week

Dan
Florida homeowners insurance, Citizens Property

Lawmakers pass bill concerning Citizens and homeowners insurance Florida lawmakers having been toiling over legislation concerning Citizens Property Insurance and the state’s homeowners insurance market. Senate Bill 1770, as it is called, has been a controversial issue for the state’s Legislature. The original iteration of the bill would have introduced significant changes to Citizens Property Insurance, which accounts for the majority of homeowners insurance policies in the state. The bill would have forced the state-run insurer to raise rates on coverage, a provision that proved unpopular among the general population.…

Florida homeowners in danger of losing their flood insurance coverage

S.Vagus
Flood Insurance and reinsurance

Florida law could exclude the state from NFIP coverage, according to FEMA. Florida lawmakers are working to expedite the availability of new building permits, but this may have put homeowners at risk of losing the flood insurance coverage they receive from the National Flood Insurance Program (NFIP).  Flood insurance has become a very problematic issue throughout the country, but has been especially problematic in Florida recently. The troubles of flood insurance are linked to NFIP, a federal program which provides the majority of the country’s flood insurance coverage. The program…