Florida home insurance crisis Archives

California Insurance Commissioner and Farmers CEO: A Groundbreaking Dialogue on the Insurance Crisis

April 15, 2024April 14, 2024 Angela Linders

California continues to struggle with a growing insurance crisis, as homeowners face towering premiums and the daunting task of securing coverage. Amidst this turmoil, insurers have retreated, leaving many Californians in a lurch. But in a recent twist, the path to resolution may hinge on a compromise that allows insurers to adjust rates based on future risk assessments. State Insurance Commissioner Ricardo Lara, spearheading new regulations to mitigate the crisis, likens his relationship with the insurance industry to a “forced marriage” — staying together for the larger family’s sake. This…

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…

Insurance rates are climbing sharply in hurricane-affected US states

October 12, 2023October 11, 2023 Marc

home Insurance rates on the rises in hurricane states

Insurers are leaving or reducing their selling activities in states where severe storms are common. Though Florida has been the state most commonly in the spotlight as its insurance rates skyrocket due to the increasing risk and cost associated with the rising frequency and severity of hurricanes, other states affected by these storms are also experiencing climbing premiums. Climate change has been raising the risk of hurricane damage while inflation drives up repair costs. This means that while property owners continue to face rising expenses for everyday products and services,…

Progressive to cease renewal of some Florida home insurance policies

October 10, 2023October 5, 2023 H. Cutner

Home insurance Renewal Denied - keyboard

The insurer has confirmed that it wasn’t leaving the state but that it wouldn’t always renew coverage. Progressive has confirmed that it has decided not to renew some home insurance policies in Florida once they reach their expiration date. Regulatory filings from the company have already started and notices will start being issued soon. A spokesperson from Progressive has confirmed the home insurance company’s intention to stop renewing certain policies in Florida. It has started the necessary regulatory filings for this move and will be issuing the first wave of…

New Florida laws target home insurance affordability

August 1, 2023July 31, 2023 H. Cutner

Home insurance Affordability - Florida Law -

The new legislation is taking aim at the rapidly rising cost and reducing availability of property coverage. Skyrocketing home insurance rates in Florida have become a massive problem for many property owners in the state who are struggling to be able to find coverage they can afford. The state has been teetering on the edge of crisis, and the situation is continuing to worsen recently. Depending on the area, Florida home insurance rates have been spiking to the point that they are well out of reach of many property owners.…

Citizens covers 1.7 million home insurance policies in Florida

July 24, 2023July 24, 2023 Marc

Home insurance - 1.7 million policies Florida

As more insurers withdraw from the state, the insurer of last resort is bloated with policies. Citizens Property Insurance is slated to reach 1.7 million home insurance policies in Florida by the end of the year. This is over three times the number of policies it had in 2020 and far more than it was designed to cover. The issue leading so many home insurance customers to have to turn to Citizens is that insurers have been leaving the state, going under, or issuing non-renewal notices to thousands of customers…

Rising home insurance rates are causing real estate buyers to think twice

April 26, 2023April 26, 2023 G. Turner

Home insurance - Rising rates - Arrow wooden homes

A recent report pointed to skyrocketing premiums as a deterrent to purchasing homes in Florida. Rising home insurance rates are nothing new to property owners in Florida, but recent hikes have been particularly high, and with an additional 1% emergency assessment fee to be applied to policies, real estate agents are seeing increased hesitation from customers. The state has been attempting to come up with a strategy to overcome a coverage crisis. The emergency assessment fee was announced earlier this month and is intended to help deal with the issues…