Tag: Florida home insurance

Mortgage struggles on the horizon as Florida home insurance problems continue

G. Turner
Home Insurance - Mortgage calculations - Florida Flag

As the coverage crisis continues in the state, there is a risk of a real estate market downturn. As the home insurance crisis drags on in Florida, the risk could increase for a downturn in the state’s real estate market, with a threat of mortgage struggles. Major insurers have been stepping out of the state and have stopped selling new policies. Home insurance customers in Florida are paying the highest premiums in the United States. Residents of the state pay an average $6,000 annual premium to private insurers according to…

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Florida prepares for homeowners insurance changes in next legislative session

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…

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US Senate Budget Committee is taking a closer look at Florida Citizens Insurance

Marc
Citizens Insurance Focus - home insurance

The Senate Panel is seeking to answer big questions about the insurer’s exposure if a storm hits. The US Senate Budget Committee has requested a slew of documents and information from Florida’s Citizens Insurance, the home insurer of last resort in the state. The investigation has raised questions regarding climate risk and whether a major hurricane would cause the insurer to have to obtain help from the federal government. The committee is aiming to learn more about the insurer’s ability to pay claims in worst case situations. Governor Ron DeSantis…

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Florida homeowners insurance through Citizens includes random home inspections

H. Cutner
Homeowners insurance - Inspection Form - Florida Flag

Policyholders are worried about the way this new requirement will impact their rates. The largest homeowners insurance company in Florida has added a new requirement to its coverage, which is to conduct random home inspections of its customers. The state-run Citizens insurer has been taking steps to control the rates it charges its policyholders. Citizens, like all homeowners insurance companies in the state, has been required to continually raise its rates as the market in Florida becomes an increasingly costly place to do business. While many insurers have left the…

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Insurance rates are climbing sharply in hurricane-affected US states

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,…

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