Florida property insurance special session set to tackle crisis

Florida property insurance - Crisis

Governor Ron DeSantis is calling lawmakers back in May to take on the market’s critical health. State Governor Ron DeSantis has announced that he will be calling a special Florida property insurance session in May, bringing lawmakers back to work to try to repair the worst components of the crisis. Atlantic Hurricane Season is rapidly approaching and the homeowners policy market is in a critical state. With Atlantic Hurricane Season about to start on June 1, the governor is holding a special legislative session in May to take on the…

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9 Florida insurance companies selling homeowners’ coverage in liquidation

Florida insurance companies - Hurricane Season

Insurers selling home policies are dropping like flies as hurricane season rapidly approaches. Atlantic hurricane season is rapidly approaching, but homeowners are struggling to find Florida insurance companies to sell them affordable coverage. Premiums have been taking off, but despite the higher expense, policyholders are offered fewer protections. Florida insurance companies are facing a crisis as they attempt to survive in the state’s homeowners’ market. The situation is looking increasingly dire for property owners who are attempting to ensure that they have the coverage they need as the hurricane season…

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Hurricanes and lawsuits to send Florida homeowners insurance rates higher

Florida homeowners insurance rates - home - car - US dollar

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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Hurricane season starts today and Jeff Atwater issued insurance advice

hurricane season insurance losses storm

The Florida Department of Financial Services CFO recommends that homeowners look again at their policies. Florida Department of Financial Services CFO Jeff Atwater cautioned state residents that the hurricane season begins. He reminded them that sooner is better than later when it comes to reviewing a business or homeowners insurance policy to ensure the right coverage is there. Should a storm be identified and named, it’s too late to contact an insurer to change protection levels. “For a better chance of a complication-free claims process, Floridians should carefully review all…

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Florida homeowners insurance may be stable this hurricane season

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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State requires fast action to strengthen the Florida Hurricane Catastrophe Fund

The 2012 Florida Legislature is rapidly approaching the end of its session, and the lawmakers there have yet to decide on a path for the reform of the Florida Hurricane Catastrophe Fund (nicknamed the “Cat Fund”), without which, the state will be left at a high degree of risk. Without arranging the Cat Fund before the end of session, all it would take is one sizeable hurricane to rip a tremendous chunk out of the state finances, as hundreds of thousands, if not millions of legitimate claims are made, but…

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Esurance begins offering homeowner’s insurance policies in Florida

American homeowners insurance rates - House

Esurance, the acclaimed car insurance provider, has announced that it will be branching out into the homeowner’s insurance sector in Florida. The company is partnering with Security First Insurance, a well establish home insurer in the state. In teaming with Security First, Esurance hopes to bring a new line of affordable insurance options to the state’s homeowners. The company will also be providing discount for properties at risk of being damaged by hurricanes or wildfires. Security First will be underwriting the insurance policies, which will be tailored to cater to…

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