Tag: florida homeowners

Hurricane Helene’s Unyielding Wrath on Florida’s Insurance Market

John B.
Hurricane Helene in Florida

Devastating Storm Hits the Southeast Making landfall late Thursday night, Hurricane Helene unleashed its fury on Florida and extended its reach far inland to the Southeast and Appalachia. The storm’s torrential rains and fierce winds resulted in extensive flooding and property damage, marking one of the most severe weather events of the year. As the storm battered homes, it left behind a daunting trail of destruction, with early estimates suggesting up to $6 billion in private insurance losses. This catastrophic event has once again underscored the vulnerabilities within Florida’s already…

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Citizens Insurance in Florida: A Balancing Act for Solvency

Marc
citizens insurance and florida home insurance balance

The Challenge of Solvency for Citizens Insurance Florida’s Citizens Insurance is at a critical juncture. Initially created as the state-backed insurer of last resort, Citizens has evolved into Florida’s largest insurer, currently holding over 1.2 million policies. This is far from its intended goal of 400,000 to 500,000 policies, and the company now faces significant challenges in maintaining financial solvency, particularly with the looming threat of hurricanes. Citizens’ Policy Shortfall: Aiming for 400,000, Holding Over 1.2 Million Citizens Insurance was designed to provide coverage when private insurers could not, yet…

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Federal Inquiry into Florida’s Homeowners Insurance Crisis: Causes and Solutions

Marc
Florida Insurance Crisis

How bad is Florida’s homeowners insurance crisis? The federal government wants to know. Lawmakers dove into that question to gain a greater understanding and explore the growing insurance problems across the country. But amidst the challenges, there are actionable solutions for homeowners. Many are feeling the brunt of rising insurance premiums, so much so that people are shying away from buying a home in Florida after learning that there’s no escaping the insurance problems. Weather disasters are becoming more and more prevalent, even in previously safe areas like Tallahassee. However,…

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Is Florida’s New Legislation Set to Lower Insurance Premiums?

Nordstrom
Florida Legislative Changes - Home Premiums to go down

In a significant development for Florida homeowners, the Office of Insurance Regulation has approved a 3.3% rate decrease for Heritage Insurance Holdings Inc.’s homeowner policies. This rate reduction, effective August 20, 2024, for both new and renewal policies, is anticipated to be a precursor to broader trends in the state’s insurance market. This article explores the implications of recent legislative changes and their potential impact on insurance premiums in Florida. Florida Legislative Changes Driving the Shift SB 2A (2022) The passage of SB 2A in 2022 introduced several critical reforms…

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Thousands of Florida insurance customers lose their home policies

Nordstrom
Florida insurance - Losing home policies

Just ahead of the Atlantic hurricane season, homeowners are being dropped by their insurers As Atlantic hurricane season approaches, thousands of homeowners have found that their Florida insurance companies are dropping them, as they started receiving letters of non-renewal. ASI-Progressive has been issuing the letters Now, ahead of one of the most high-risk times of the year, Florida insurance customers are being left to look for replacement coverage in time to ensure they won’t be left without a policy. ASI-Progressive made an announcement last year that it intended to drop…

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