Mortgage struggles on the horizon as Florida home insurance problems continue

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…

Read More

Could the Florida home insurance crisis end with wind mitigation investments?

Florida home insurance Crisis - Analyzing Stats

The property coverage ecosystem in the state does appear to be easing compared to the last dramatic years. While the Florida home insurance market looks like it may be leveling out, it remains clear that considerable funding is still required to harden homes in the state against the extreme winds that come with the increasingly common and severe hurricanes blowing through every year. This could help to prevent substantial losses for both policyholders and insurers, said risk experts. “Mitigation is a huge issue. If you think about how do you…

Read More

Florida approves 6 new home insurance companies

Insurance companies - Approval - Thumbs Up

The state has been scrambling to unload some of the policies currently carried by Citizens. In the middle of what many people have been calling a coverage crisis, Florida has now approved 6 new home insurance companies in a move to help the insurer of last resort, state-backed Citizens, unload some of its policies. Citizens has been overloaded with policies, having reached record highs in recent months. Insurance companies have been failing in the state and have been choosing to withdraw, have been going bankrupt, or have been deciding to…

Read More

Progressive to cease renewal of some Florida home insurance policies

Home insurance Renewal Denied - keyboard

The insurer has confirmed that it wasn’t leaving the state but that it wouldn’t always renew coverage. Progressive has confirmed that it has decided not to renew some home insurance policies in Florida once they reach their expiration date. Regulatory filings from the company have already started and notices will start being issued soon. A spokesperson from Progressive has confirmed the home insurance company’s intention to stop renewing certain policies in Florida. It has started the necessary regulatory filings for this move and will be issuing the first wave of…

Read More

Would sending Floridians cash help them to afford home insurance?

Home insurance - Florida Affordability

One lawmaker wants to direct the state’s $10 billion budget surplus to that specific cause. As Florida continues to struggle to find a way to slow the rising cost of home insurance, one lawmaker from Palm Beach County has suggested that it’s time to offer Floridians money to help them to keep up. House Bill 41 has been introduced for the upcoming legislative session in the state. “Right now, we have to focus on real solutions,” said Rep. Jervonte Edmonds (D-West Palm Beach). Edmonds introduced House Bill 41 for the…

Read More