Tag: Florida homeowners insurance

Homeowners insurance on its way up yet again in Florida

Marc
Florida Homeowners Insurance

Three top insurers in the state are all primed to send rates skyward. Residents of Florida will need to dig a little deeper, yet again, as three major homeowners insurance companies are all seeking to raise their rates. Allstate, Universal Insurance Co. of North America, and State Farm are all aiming for higher prices. Allstate’s Florida subsidiaries are seeking increases in homeowners insurance rates by 21.9 percent and 32.7 percent across the state. Similarly, Universal is looking into an average statewide hike of 22 percent. State Farm is also planning…

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Citizens insurance faces massive public outcry at Miami workshop

Auto Insurance Survey

Insurer intends to increase rates by 7.5 percent in 2013. The Citizens Insurance board received an angry scolding from homeowners and lawmakers alike during a Miami workshop in which it announced its intentions to increase its rates by 7.5 percent, on average, next year. The proposed rates increase would affect premiums across the state. Though almost all homeowners with Citizens Insurance coverage would find themselves with higher premiums, some areas would be harder hit than others. South Florida, for example, will have higher increases than other regions if the proposed…

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Homeowners insurance could rise by 15 percent for Florida policyholders with State Farm

Florida Homeowners Insurance

Third largest home insurer in the state has requested a statewide rate hike to fund intended changes. The third largest homeowners insurance company in Florida, State Farm, has submitted a request to increase its rates by 15 percent in order to pay for changes it hopes to make on the deductibles and discounts to its policies. Some of these alterations include bringing back or increasing various types of discounts. According to the company, these changes will require an average statewide increase in homeowners insurance policy rates by 14 percent, with…

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Citizens Insurance considers Manatee policy rate increases

Florida homeowners insurance, Citizens Property

This would mean higher premiums for approximately 1.5 million policyholders in Florida. The Citizens Insurance state run company in Florida is surrounded by controversy, while some feel that it is vital to the state and others are just waiting for the bottom to fall out. The company sells about 1,000 new policies every week, but may be headed toward financial ruin. Many experts are saying that though it is growing very rapidly, this massive insurer could face disaster if even a single major storm makes its way through the state,…

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Florida insurers seek political stability for the sake of the market

S.Vagus
Florida Insurance

Florida insurers gather to discuss concerns over state policies and regulations Florida’s relationship with the insurance industry has been somewhat tense in recent months. State legislators have been working to promote consumer-friendly policies and regulations, but have done little to accommodate the needs of insurers. This is the notion held by insurance executives who attended the Florida Association of Insurance Agents annual event last week. Amongst the topics touched upon during the event, insurers were keen to address the issue of rates for property coverage throughout the Florida market. Rate…

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