florida home insurance companies Archives

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 home insurance soon to include surcharge

September 13, 2022September 11, 2022 Logan B.

The additional fee on monthly bills is intended to cover several insolvent companies in the state. Florida home insurance customers can expect to see a new surcharge on their upcoming monthly bills, to act as coverage for insolvent companies in the state. The surcharge will help FIGA to cover the claims from insurers that have gone into receivership. The added surcharge Florida home insurance customers will be paying is intended to make sure claims made on policies sold by insolvent insurers will still be paid. They will support the claims…

Louisiana home insurance coverage at risk as Atlantic hurricane season picks up

July 6, 2022July 5, 2022 G. Turner

Louisiana home insurance - Hurricane Season

The state is facing problems that have been compared to the coverage crisis in Florida. As has been the case in Florida’s market, Louisiana home insurance struggles are leaving thousands of residents of the state wondering how to find coverage. The need is becoming particularly urgent as the US predicts a busy Atlantic hurricane season. Meteorologists have been warning that the Atlantic hurricane season will be an active on this year. With theses risks ahead, a number of Louisiana home insurance companies have withdrawn from the market, just as has…

Florida home insurance companies withdraw, spurring lawmakers to act

February 17, 2022February 16, 2022 Nordstrom

Florida home insurance - Withdrawing Insurance

Homeowners’ rates have been spiking in the state and lawmakers are working on a plan. Florida home insurance companies have been hiking rates, cancelling policies or simply leaving the state, sending lawmakers to scramble to get the situation under control. State lawmakers are working on a plan to help control rates and keep insurers from withdrawing. According to Florida home insurance companies, fraud and excessive litigation are forcing them to leave the state’s market. Only last Tuesday, Lighthouse Property Insurance announced that it wouldn’t be writing any more new homeowners’…

Florida legislation could move consumers from Citizens Property Insurance to more risk surplus lines.

February 7, 2012February 7, 2012 Nordstrom

It is no secret that the Florida Citizens Property Insurance group is under financial stress. The state-run insurance company has offered affordable insurance policies to Floridians for decades. This affordability has attracted thousands of consumers, making Citizens the largest insurer in the state, but it has also come at a cost. The insurer now has more policies than it can handle efficiently and is not generating enough revenue to continuing operating viably. State legislators have been working on a way to trim the number of policies covered by the company.…

Insurance reform takes a backseat in Florida Legislature, Insurance Council continues to press forward with changes

January 6, 2012January 6, 2012 Marc

As insurance reform loses momentum amongst legislators, the Florida Insurance Council says that it will continue pushing for major changes to the state’s regulations and the Citizens Property Insurance group. Reform has fallen to the wayside in the current session of the state’s Legislature, which will begin next week. While lawmakers focus more on budget and redistricting, the much needed insurance changes are not to be considered until the next legislative session, which will happen much later in the year. The Insurance Council is pushing for changes to the state’s…

Insurance companies now face massive losses due to sinkholes in Florida

January 4, 2012January 4, 2012 Julie Campbell

Sinkholes that are destroying Florida houses are now costing insurance companies in that state hundreds of thousands of dollars as claims begin rolling in. In fact, in three claims alone linked to sinkholes that cracked floors and broke water pipes, insurers had to pay out over $500,000. Among those three houses in question, none of the homeowners used the money to try to repair their homes. Instead, they are among the hundreds living in Florida’s “sinkhole alley” – which consists of the counties of Hillsborough, Hernando, Pasco, and Pinellas –…