Florida to pay up to $5M in insurance deductibles for hurricane victims

Insurance deductibles - hurricane damage
News Bulletin: US asks insurers to ...
➡️ WATCH TOP INSURANCE NEWS STORIES IN: ENGLISH & SPANISH

Low- and moderate-income families most affected by Hurricane Ian may qualify for this support. The Florida Housing Finance Corporation is offering $5 million to help pay the insurance deductibles of low- and moderate-income victims of Hurricane Ian, announced Governor Ron DeSantis. The money is meant to help those families to cover the out-of-pocket portion of their home coverage. The corporation functions as the housing finance agency in the state and receives funding from the state for the SHIP program (State Housing Initiatives Partnership). There is $5 million reserved for use…

Read More

Hurricane Ian leaves an estimated $17 billion in uninsured damages behind

Hurricane Ian - Damage to home from a hurricane

Initial estimates from the storm’s destruction are now being released, and much of it is not covered. Homeowners in Florida and other states along Hurricane Ian’s path could face uninsured losses as high as $17 billion due to flooding damage, according to new estimates released by CoreLogic. The estimates show that damages not covered by insurance will be between $10 billion and $17 billion. The uninsured losses from Hurricane Ian are expected to be nearly the same as what the covered losses are predicted to be, which is somewhere in…

Read More

Florida insurance market reaches crisis point with another insurer bankruptcy

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…

Read More

Florida property insurance special session set to tackle crisis

Florida property insurance - Crisis

Governor Ron DeSantis is calling lawmakers back in May to take on the market’s critical health. State Governor Ron DeSantis has announced that he will be calling a special Florida property insurance session in May, bringing lawmakers back to work to try to repair the worst components of the crisis. Atlantic Hurricane Season is rapidly approaching and the homeowners policy market is in a critical state. With Atlantic Hurricane Season about to start on June 1, the governor is holding a special legislative session in May to take on the…

Read More

DeSantis calls special session for Florida property insurance

Property insurance - Home - House

Many have called the state’s current situation a crisis as insurers fold and withdraw coverage. Florida Governor Ron DeSantis has announced that he is calling a special legislature session to address the widespread property insurance struggles faced in the state. The Republican state governor said that the special session will be taking place in May. DeSantis said that the special legislative session will occur in May. Its primary focus will be on the “reform of the property insurance market” and may also focus on a number of other topics. He…

Read More

Florida Citizens Insurance rates might be climbing higher soon

Citizens Insurance - Higher Rates Florida

The insurer of last resort might become less affordable to people across the state. Homeowners in Florida could soon find that even insuring themselves with Citizens Insurance, the last resort coverage in the state, will lead to higher premiums. The state’s battered homeowners market is forcing policies into the state-backed insurer’s hands. As a growing number of homeowners leave Florida or find themselves in liquidation, many property owners find that they don’t have a choice other than to turn to Citizens Insurance for coverage. This has left the insurer covering…

Read More

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…

Read More