Another busy storm season and rising claims litigation explain insurer policy premiums hikes. Florida homeowners insurance rates will be heading upward for policyholders across the central part of the state next year. Insurers point to consecutive active hurricane seasons and a steadily rising claims litigation trend to explain the rising prices. Insurance companies face higher expenses due to the continual record-setting hurricane seasons. The state has suffered damage from several record-setting hurricane seasons. Between those damage claims and the rising lawsuits regarding those claims, insurers are raising Florida homeowners insurance…
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Lighthouse Property to acquire Prepared Insurance of Florida
The acquisition remains subject to official regulatory review as well as approval before it is finalized. Prepared Insurance of Florida, a domiciled P & C carrier in that state and Louisiana is to be acquired by Lighthouse Property Insurance Co. of Louisiana. This move doesn’t come as a surprise as efforts have been made for the acquisition since 2017. Lighthouse is authorized to write coverage in Louisiana as well as North Carolina, South Carolina and Texas. Prepared Insurance of Florida is authorized for writing in Florida as well Louisiana. The…
Read MoreHomeowners insurance market in Florida may be stabilizing
Florida’s homeowners insurance market may be calming down The homeowners insurance market in Florida is notorious throughout the U.S. for being somewhat volatile and unstable. The state is considered a very high risk zone to the homeowners insurance sector and has regularly fallen victim to natural disasters in the past. These disasters have created a sense of unease among homeowners insurance companies, many of whom are unwilling to do business in some parts of the state. There are signs that the homeowners insurance market is finally starting to stabilize, however.…
Read MoreHomeowners insurance bill swoops through Florida Senate
Bill addressing homeowners insurance races through Florida Legislature Last week, a controversial legislation concerning homeowners insurance flew through the Florida Senate. The legislation received strong backing from the state’s lawmakers, whom have become exceedingly involved in the problems surrounding the state’s Citizens Property Insurance organization. The state-run insurer, which accounts for the majority of the homeowners insurance policies in Florida, has been, thus far, unable to address its own problems, leading lawmakers to get more involved in these issues and create legislation designed to put some of these problems to…
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