Tag: Florida home insurance crisis

Is a homeowners insurance crisis heading to California?

Marc
Insurance crisis - Homeowners insurance

Louisiana and Florida area already scrambling to keep their industries alive, but is California next? As premiums have been rapidly climbing in various parts of the industry in California, experts are starting to wonder if it will be the next state facing a homeowners insurance crisis. State legislators are pushing Commissioner Ricardo Lara to take action to support residents. Condominium policy premiums have been climbing particularly fast in the state. A number of state legislators have written to Insurance Commissioner Ricardo Lara in a push to take action to support…

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

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…

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Florida insurance market reaches crisis point with another insurer bankruptcy

Nordstrom
Florida insurance - Bankruptcy Sign

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…

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