Tag: Florida homeowners insurance

Florida homeowners insurance expensive despite decade without a hurricane

Julie Campbell
Florida Homeowners Insurance

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…

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Florida’s Citizens aims to shed more homeowners insurance policies

S.Vagus
Homeowners Insurance in Florida

Insurer aims to become more consumer friendly by getting rid of additional policies Florida’s Citizens Property Insurance is looking to become more consumer friendly by shedding additional policies in order to become more financially sustainable. Over the past four years, Citizens, which is the last resort provider of homeowners insurance policies for consumers in the state, has shed approximately 1 million policies. These policies have been transferred to private insurers that are honoring the policies that were initially sold by Citizens. The insurer has been shedding these policies in order…

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Homeowners insurance rates on the rise in Florida

S.Vagus
Florida Homeowners Insurance

Citizens Property Insurance to raise rates in South Florida and elsewhere Water damage claims are becoming more common in South Florida, which is leading to an increase in homeowners insurance rates in the region. Florida’s Citizens Property Insurance had intended to reduce rates for homeowners in South Florida, but water damage claims have become more plentiful and more costly. Most of the state’s water damage claims originate from South Florida, which is no surprise considering the region’s proximity to the ocean and the storms it is exposed to. Rates had…

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Florida homeowners insurance may be stable this hurricane season

Marc
Florida hurricane insurance rates

Florida’s Cat Fund is equipped to handle a significant natural disaster Florida may be able to withstand a major hurricane thanks to the financial capabilities of the state’s Hurricane Catastrophe Fund, also known as the Cat Fund. The fund is designed to provide a financial safety net for homeowners insurance companies that face significant losses in relation to a major storm. The Cat Fund has been used many times in the past to help the state recover from serious losses, but Florida has not suffered a major hurricane in nine…

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Florida-run homeowners insurance provider sheds more policies

S.Vagus
Florida homeowners insurance, Citizens Property

Citizens Property Insurance removed more policies More than 30,000 homeowners insurance policies have been removed from Florida’s Citizens Property Insurance. These policies were removed as depopulation efforts continue by the insurer. These efforts are meant to reduce the overall number of policies that Citizens is responsible for, thereby reducing its financial responsibilities and making the insurer more sustainable in the future. The depopulation was sparked by serious issues the insurer faced in the wake of serious natural disasters that it did not have the financial capability to handle on its…

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