Tag: Florida home insurance crisis

Citizens covers 1.7 million home insurance policies in Florida

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…

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

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…

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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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