Florida insurance bills take steps nearer to becoming law

Florida insurance - Laws

Two bills meant to overcome the challenges to the industry in the state have moved ahead. Two Florida insurance bills taking aim at the rapidly rising homeowners and property rates have moved a step closer to becoming law in the state, having passed a key Senate subcommittee. Senate Bill 1728 was sponsored by Senator Jim Boyd (R-Bradenton). SB 1728 received overwhelming support in a vote by the Subcommittee on Agriculture, Environment and General Government of the Senate Appropriations Committee. The bill aims to make a string of changes. The largest…

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Florida home insurance companies withdraw, spurring lawmakers to act

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’…

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Hurricanes and lawsuits to send Florida homeowners insurance rates higher

Florida homeowners insurance rates - home - car - US dollar

Another busy storm season and rising claims litigation explain insurer policy premiums hikes. Florida homeowners insurance rates will be heading upward for policyholders across the central part of the state next year. Insurers point to consecutive active hurricane seasons and a steadily rising claims litigation trend to explain the rising prices. Insurance companies face higher expenses due to the continual record-setting hurricane seasons. The state has suffered damage from several record-setting hurricane seasons. Between those damage claims and the rising lawsuits regarding those claims, insurers are raising Florida homeowners insurance…

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