Florida passes homeowners insurance bill including $10k for home hardening

Homeowners insurance - money house

State residents could receive $2 for every $1 they pay for upgrades to protect their homes from damage. Florida state lawmakers have passed a bill to update homeowners insurance regulations and bring back a 16-year-old program that would pay an owner as much as $10,000 for home hardening upgrades. The goal of the legislators was to help ease the sharply increasing rates residents are paying for coverage. The new program meant to help reign in the skyrocketing homeowners insurance rates is called My Safe Florida Home. It has been designed…

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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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Homeowners insurance rate reductions coming to Florida

Florida homeowners insurance, Citizens Property

Citizens announces rate reductions for 2015, affecting most of the insurer’s policies Florida’s Citizens Property Insurance, the state’s largest provider of homeowners insurance coverage, has announced rate reductions for 2015. This will be the first time the state-run insurance organization has been able to offer a rate reduction in several years. The insurer has been facing monumental financial problems recently and has been struggling to overcome these issues while also complying with it duty to provide coverage to its policyholders. The forthcoming rate reduction may go a long way in…

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Homeowners insurance rates continue to grow in Florida

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Homeowners insurance rates growing in Florida despite lack of hurricanes Florida is notorious in the U.S. as being the target for hurricanes. The state is often considered one of the most active natural disaster zones, specifically in regards to hurricanes, in the country. This has made the state relatively unattractive to the homeowners insurance sector. Because the state as a whole is considered a high-risk market, homeowners insurance companies have been wary of doing businesses in many parts of the state, particularly those close to coastal regions. Florida has, however,…

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Homeowners insurance rates to be affected by hurricane season

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Property owners in Florida will be paying more for their coverage even though there haven’t been hurricanes in years. Despite the fact that Florida hasn’t been struck by a hurricane since 2005, the homeowners insurance rates are still on their way up as the season for these violent storms gets under way this year. In 2004 through 2005, the state was struck by eight different hurricanes, the last being Wilma. Hurricane Wilma slashed its way across the southern edge of the state and lead to billions of dollars in damage…

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