Gov DeSantis says ‘significant reforms’ coming to Florida home insurance

Florida home insurance - Reforms

Another insurer has dropped 64,000 policies, sending the state into an even worse condition. With only a week and a half left until the Atlantic hurricane season begins, the Florida home insurance crisis has achieved urgent status. Property owners across the state have been scrambling to obtain the coverage they require. Even worse, in a market already bleeding policies and insurers, FedNat Insurance Company and its sister companies have dropped over 68,000 Florida home insurance policies. This insurance news has arrived just as the special legislative session has been scheduled…

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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…

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Florida property insurance could get special legislative session

Florida property insurance - Florida on map

Lawmakers are calling for the opportunity to work on this critical state in the issue. Senator Jeff Brandes (R-St. Petersburg) has formally asked his colleagues to support the call he made to hold a special legislative session to focus on the Florida property insurance crisis. The state has been losing insurers as they withdraw or go into liquidation. “We can no longer wait on this issue,” said Brandes, who issued a “template letter” to his colleagues so those lawmakers could send it to the Department of State. The goal is…

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9 Florida insurance companies selling homeowners’ coverage in liquidation

Florida insurance companies - Hurricane Season

Insurers selling home policies are dropping like flies as hurricane season rapidly approaches. Atlantic hurricane season is rapidly approaching, but homeowners are struggling to find Florida insurance companies to sell them affordable coverage. Premiums have been taking off, but despite the higher expense, policyholders are offered fewer protections. Florida insurance companies are facing a crisis as they attempt to survive in the state’s homeowners’ market. The situation is looking increasingly dire for property owners who are attempting to ensure that they have the coverage they need as the hurricane season…

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Lighthouse Property to acquire Prepared Insurance of Florida

Prepared Insurance of Florida - home insurance

The acquisition remains subject to official regulatory review as well as approval before it is finalized. Prepared Insurance of Florida, a domiciled P & C carrier in that state and Louisiana is to be acquired by Lighthouse Property Insurance Co. of Louisiana. This move doesn’t come as a surprise as efforts have been made for the acquisition since 2017. Lighthouse is authorized to write coverage in Louisiana as well as North Carolina, South Carolina and Texas. Prepared Insurance of Florida is authorized for writing in Florida as well Louisiana. The…

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New Florida hurricane insurance option to be deductible- and inspection-free

Florida hurricane insurance - Hurricane in Florida

Coverage has always been important to homeowners as it is regularly threatened by the storms. A new Florida hurricane insurance option is being launched to make claims more straightforward for property owners. Millions of homeowners in the state are used to the time and expense still required after a claim. Standard Florida hurricane insurance requires a homeowner to have to pay a deductable when a claim is made for storm damage. In many cases, that deductible is high that the customer ends up paying the entire repair cost. For many…

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Sinkhole insurance lacks among homeowners despite threat

Homeowners insurance claims from sinkholes rising in Florida

In Florida, two homes were recently swallowed up and several others had to be evacuated. Sinkhole insurance remains a rare thing among homeowners, even when they have seen other homes swallowed up by these occurrences. The reason for nearly all of them is exactly the same. That said, this wasn’t good news for the property owners whose lives have been devastated after losing their homes to a rapidly growing Florida sinkhole. The coverage isn’t without its appeal but it comes with a price tag many feel they cannot afford. Unfortunately,…

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