Live Insurance News

Florida home insurance rate hikes lead to protest at 55+ community

August 24, 2023August 23, 2023 Nordstrom

The demonstration broke out in response to skyrocketing premiums making their properties unaffordable. Hundreds of homeowners recently held a protest at their Florida 55+ living community called Century Village in response to the latest increase to their monthly home insurance fees. According to the seniors living in the community, many are being forced to sell because of this added cost. The Pembroke Pines, Florida community has been watching their monthly housing fees steadily climb due to the exploding home insurance costs as the state fights a crisis in its property…

New Florida force-placed insurance regulations now in effect

July 5, 2023July 4, 2023 G. Turner

As of last weekend insurers and mortgage lenders have new rules to which they must comply. Starting on July 1, Florida force-placed insurance regulations have been updated, requiring insurers and mortgage lenders to face certain tighter restrictions on the implementation of those policies. The change is the result of a new bill approved by Florida lawmakers earlier in 2023. House Bill 793 took effect at the start of this month, with the intention of banning what some have referred to as lender “double dipping.” That occurred when lenders put force-placed…

Citizens provides home insurance to three times the Floridians it used to

March 14, 2023March 13, 2023 Logan B.

As the state sinks further into a coverage crisis, the insurer of last resort’s use is ballooning. The recent inflation and regular severe hurricanes have caused massive home insurance challenges in Florida, forcing many homeowners to turn to the insurer of last resort, Citizens Property Insurance, for coverage. Lawmakers have been working to change regulations to dig out of the crisis, but the crisis is continuing. Both availability and price of home insurance coverage is becoming increasingly problematic in Florida, to the point that many property owners don’t have any…

Florida home insurance rates to spike by June, say industry experts

February 22, 2023February 21, 2023 G. Turner

Experts are warning property owners to prepare for premiums as high as 20-25 percent higher. Rising home insurance rates are nothing new for property owners in Florida, but industry experts are still warning that preparing for a substantial hike this year is a good idea, as rates could rise by as much as 20 to 25 percent by June. The state has been in crisis as severe storms become more frequent and inflation drives up prices. Former Citizens Property Insurance Chief Risk Officer John Rollins shared some insight into the…

Will stopgap measure dig Florida home insurance market out of crisis?

August 1, 2022July 30, 2022 Marc

Florida home insurance - Home in Florida

Regulators have announced a plan using Citizens to avoid consequences of financial ratings agency downgrades. Regulators have announced that they will be using Citizens as a part of a Florida home insurance stopgap plan in the hopes of avoiding the ramifications of financial ratings agency downgrades across several property insurers. The plan is meant to provide a temporary fix, making sure residents will maintain their coverage. The Florida home insurance stopgap plan will use the state’s insurer of last resort, Citizens, as a financial backstop. The insurer will take on…