Tag: Florida home insurance

Hurricane Ian sends Florida homeowners insurance company into insolvency

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Insurance company - Hurricane Ian destruction

United Property & Casualty Insurance Co. experienced larger losses than expected from the storm. United Property & Casualty Insurance Company was hit harder than predicted by Hurricane Ian and regulators have now taken steps to place the insurer into receivership after the storm sent it into insolvency. The process has now been triggered to obtain court approval to send the insurer into receivership. Interim Insurance Commissioner Michael Yaworsky issued a letter to Jimmy Patronis, Florida’s Chief Financial Officer, to launch the process to obtain approval from the courts to place…

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

Marc
Insurance deductibles - hurricane damage

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…

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

Marc
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…

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Florida insurance market reaches crisis point with another insurer bankruptcy

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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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Florida property insurance special session set to tackle crisis

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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…

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