Florida homeowners insurance Archives

Florida homeowners’ insurance customers are giving up on coverage

May 21, 2024May 18, 2024 Nordstrom

Insurance customers - Florida - No thank you

Skyrocketing rates have sent many property owners to choose to skip policies altogether A recently released report has underscored the continuation and growth of a trend in Florida in which home insurance customers have chosen not to pursue coverage anymore due to sharp increases in the premiums they would need to pay in order to keep up their policies. The trend among insurance customers started to take off following Hurricane Ian For many property owners in the state, the premiums they are required to pay to remain insurance customers have…

Florida home insurance company fined $1 million for policyholder mistreatment

May 16, 2024May 15, 2024 Nordstrom

Home insurance - Florida Flag - Hurricane Sign - Pay Fine

Victims of Hurricane Ian were mistreated by this insurer, which must now pay a fine One of the largest home insurance companies in Florida has agreed to pay a fine of $1 million after having been accused of policyholder mistreatment. Affected customers are those who were victims of Hurricane Ian According to state Insurance Commissioner Michael Yaworsky, Heritage Property and Casualty Insurance was in violation of Florida law for failure to pay or deny home insurance claims within 90 days. Hurricane Ian was just easing out of Category 5 status…

Florida Homeowners Insurance Market Sees Promising Shift with Depopulation Program

April 12, 2024April 11, 2024 Angela Linders

The landscape of Florida’s homeowners insurance industry is undergoing significant changes as private insurers have absorbed 275,324 policies from the state-run Citizens Property Insurance Corp so far in 2023. These changes, spotlighted during the recent Citizens Board of Governors meeting, demonstrate a strategic attempt to balance the market through a process called “depopulation.” What Depopulation Means for Consumers For consumers, the depopulation program has a direct impact on their insurance decisions. Here’s what it boils down to: if a private insurance company extends an offer that exceeds a policy owner’s…

Property owners in Florida are dropping their home insurance

March 20, 2024March 19, 2024 G. Turner

Floridians are placing themselves at risk in the event that they face a natural disaster. As the cost of home insurance continues to increase tremendously in Florida, there is a growing number of property owners choosing not to continue to pay for coverage or who decide that they can no longer afford it. Florida residents without a mortgage have the choice Floridians who still have a mortgage are required to keep their home insurance as a part of their loan agreement. That said, those who own their homes outright can…

Mortgage struggles on the horizon as Florida home insurance problems continue

January 24, 2024January 23, 2024 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…