Live Insurance News

Sinkhole insurance lacks among homeowners despite threat

July 17, 2017July 15, 2017 Logan B.

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,…

Citizens wants to address the rising cost of homeowners insurance coverage

March 24, 2016March 23, 2016 Nordstrom

Florida homeowners insurance, Citizens Property

Citizens may petition governor to investigate rising homeowners coverage premiums A member of Florida’s Citizens Property Insurance’s governing board has suggested that the state-run insurer should ask Governor Rick Scott to convene a special panel to address concerns regarding rising water damage costs. The panel would also highlight litigation that may be leading to higher homeowners insurance premiums in South Florida. Citizens Property Insurance is concerned that such litigation is eroding the financial standing of insurance companies throughout the state. Insurers are facing major financial risks due to rising costs…

New company begins offering flood insurance policies in Florida

March 18, 2016March 16, 2016 S.Vagus

Florida homeowners have another option when it comes to flood protection A new company has entered into the flood insurance market in Florida and will serve as an alternative to the National Flood Insurance Program (NFIP). Called TypTap Insurance, it is the first company licensed in Florida to focus exclusively on flood protection. Homeowners can use the insurer’s online platform to purchase the coverage they need. Typically the only place homeowners can find flood protection is through the federal program, but this is beginning to change. The flood market may…

Citizens aims to change language of homeowners insurance policies

December 16, 2015December 15, 2015 Marc

Citizens Property Insurance intends to change policy language concerning water damage Florida’s Citizens Property Insurance is looking to make changes to the language in its homeowners insurance policies in order to mitigate the growth of claims associated with water damage. These claims are beginning to flow from South Florida, where many homeowners are beginning to experience water damage from various issues, ranging from rainfall to faulty plumbing. The changes that Citizens Property Insurance wants to make will adjust the way water damage claims are handled. Changes must be made in…

Florida homeowners insurance expensive despite decade without a hurricane

December 3, 2015December 1, 2015 Julie Campbell

The season for these major storms has now come to a close but rates still aren’t dropping. The official close to the hurricane season was on Monday, but even though there hasn’t been one that has struck Florida in ten years, homeowners insurance rates remain high and many are wondering why they aren’t falling due to the improvements in natural disaster damage. Insurance companies have stated that the reason doesn’t have to do with storm frequency as much as building cost. The price of building materials has been rising very…