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Florida prepares for homeowners insurance changes in next legislative session

January 9, 2024January 8, 2024 H. Cutner

Homeowners insurance - Legislation - Changes

Several ideas have been proposed by lawmakers to help the state repair its current crisis. As Florida state lawmakers take on the annual legislative session, one of the top issues their constituents have been pushing to tackle has to do with the homeowners insurance crisis there. Lawmakers and industry officials aren’t currently in alignment about the changes required for this outcome. Governor Ron DeSantis already proposed a budget in December in which he intended to cut taxes to homeowners insurance. That said, this type of move would have only a…

Home Insurance Premiums in Florida Creating A Wide Range of Variations

August 4, 2023August 3, 2023 Logan B.

While premiums have been sharply rising, quotes vary widely from one insurer to another. Though the average home insurance premiums for residents of Florida are very high and rising, the actual amount people are paying depends on a range of factors, and the spectrum is enormous. Homeowners are struggling to find out what they will need to pay for their coverage. The one thing that appears to be standard across the board is that home insurance premiums in the state are climbing. Florida has been edging on a crisis as…

Florida home insurance prices heading as much as 60% higher

April 5, 2023April 4, 2023 G. Turner

Florida home insurance - Home - Price - Dollar Signs

As state lawmakers scramble to get the industry under control, consumers will be paying more. The Florida home insurance industry has been in a dire situation for some time now, and even as lawmakers implement strategies to help, the situation is only getting more expensive for the state’s property owners. Last year, state lawmakers held two special sessions to deal with the serious property coverage problems. According to many of those lawmakers, the Florida home insurance situation isn’t getting better, as the goal right now is to simply try to…

Florida insurance market reaches crisis point with another insurer bankruptcy

June 23, 2022June 22, 2022 Nordstrom

As insurers rapidly depart the market, even recent legislation isn’t having a fast enough impact. The Florida insurance market for property coverage has been rapidly stumbling again following storms in recent years. As a result, the insurers that aren’t withdrawing are going bankrupt. FedNat is the latest of the insurers to cancel the homeowners’ policies it’s been selling in the state. Florida insurance has reached a desperate level. This latest withdrawal of FedNat will cancel another 68,200 policies in the state, following a massive trend of coverage cancellation there. Homeowners…

Citizens wants to address the rising cost of homeowners insurance coverage

March 24, 2016March 23, 2016 Nordstrom

Florida homeowners insurance, Citizens Property

Citizens may petition governor to investigate rising homeowners coverage premiums A member of Florida’s Citizens Property Insurance’s governing board has suggested that the state-run insurer should ask Governor Rick Scott to convene a special panel to address concerns regarding rising water damage costs. The panel would also highlight litigation that may be leading to higher homeowners insurance premiums in South Florida. Citizens Property Insurance is concerned that such litigation is eroding the financial standing of insurance companies throughout the state. Insurers are facing major financial risks due to rising costs…

Homeowners insurance from Citizens may be getting pricier (again)

January 19, 2016January 17, 2016 H. Cutner

Louisiana residents with this coverage may soon be paying more for their coverage later in 2016. Residents of Louisiana who purchase the homeowners insurance of last resort in the state may soon find that their rates are going to be higher than they had been last year, if Citizens gains approval for an increase request that they have submitted. The increases wouldn’t go into effect until later this year, but property owners should prepare themselves. Should the homeowners insurance rate increases be approved, it will be residents of Terrebonne and…

Citizens aims to change language of homeowners insurance policies

December 16, 2015December 15, 2015 Marc

Citizens Property Insurance intends to change policy language concerning water damage Florida’s Citizens Property Insurance is looking to make changes to the language in its homeowners insurance policies in order to mitigate the growth of claims associated with water damage. These claims are beginning to flow from South Florida, where many homeowners are beginning to experience water damage from various issues, ranging from rainfall to faulty plumbing. The changes that Citizens Property Insurance wants to make will adjust the way water damage claims are handled. Changes must be made in…