Tag: Florida homeowners insurance

Florida’s state-run property insurance company to dump thousands of policies

H. Cutner
Insurance company Dumps home insurance policyholders

Citizens is expected to drop tens of thousands of policyholders into the state’s private market. The largest insurance company in Florida is its state-run Citizens insurance, and that insurer has become massively bloated with policies over the last couple of years due to the ongoing crisis in the state. The insurer is supposed to be the last resort for homeowners seeking coverage in Florida. That said, after picking up over a million policies since the start of 2022, it is expected to take action to unload at least tens of…

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Citizens provides home insurance to three times the Floridians it used to

Logan B.
Home insurance - Form with a pen

As the state sinks further into a coverage crisis, the insurer of last resort’s use is ballooning. The recent inflation and regular severe hurricanes have caused massive home insurance challenges in Florida, forcing many homeowners to turn to the insurer of last resort, Citizens Property Insurance, for coverage. Lawmakers have been working to change regulations to dig out of the crisis, but the crisis is continuing. Both availability and price of home insurance coverage is becoming increasingly problematic in Florida, to the point that many property owners don’t have any…

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Florida Senate gives the nod to homeowners insurance overhaul

Logan B.
Homeowners insurance - Policy

The changes will involve new lawsuit limits, among others to ease the burden to property owners. This week, the Florida Senate gave its approval to overhauling homeowners insurance in the state, targeting the areas causing property owners – and therefore insurers – the largest amount of pain. The industry in the state will be undergoing a number of critical changes to help lift it out of crisis. Among the changes to the homeowners insurance industry that received approval include a new limit on lawsuits. There are also changes designed to…

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Florida property insurance market must tackle substantial issues before special session

Marc
Property insurance

Another special session will take place later in December, but some challenges must be handled first. Former Republican Florida Senator Jeff Brandes, who launched a petition calling for lawmakers to convene this spring to tackle Florida’s critical property insurance market, is now calling for additional reforms to take place ahead of this month’s additional special session. The former senator has been making these moves from the sideline to try to push more reforms along. “It’s the most urgent pocketbook problem facing Florida today,” said former Senator Brandes, who previously represented…

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Hurricane Ian places more strain on Florida’s insurance crisis

Marc
Hurricane Ian - A hurricane over Florida

Last week’s massive storm could prove to be among the most expensive in the country’s history. It remains too early to know precisely how much damage Hurricane Ian left behind as measured in dollars, but experts from Enki Research expect that the massive storm will likely have caused between $30 billion and $60 billion in damages and economic losses. The storm struck the west coast of Florida at 150 miles per hour and smashed its way through the state. The insurance industry currently predicts that it will face losses of…

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