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

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?

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

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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Could the Florida home insurance crisis end with wind mitigation investments?

Florida home insurance Crisis - Analyzing Stats

The property coverage ecosystem in the state does appear to be easing compared to the last dramatic years. While the Florida home insurance market looks like it may be leveling out, it remains clear that considerable funding is still required to harden homes in the state against the extreme winds that come with the increasingly common and severe hurricanes blowing through every year. This could help to prevent substantial losses for both policyholders and insurers, said risk experts. “Mitigation is a huge issue. If you think about how do you…

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Self-insurance is becoming increasingly popular in Florida

Self-insurance - Home - Family

A new survey has shown that rising premiums are driving Floridians to look to alternative options. The Insurance Information Institute (III) has released the results of a recent survey showing that a growing number of homeowners in Florida are choosing self-insurance for their homes. This is a worrying trend, as there is a substantial amount of risk associated with this type of coverage. “It is very risky for homeowners to self-insure,” said Florida’s Insurance Consumer Advocate Tasha Carter when discussing the topic of the growing self-insurance trend in the state.…

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