Tag: Florida insurance crisis

Florida Property Insurance Shake-Up: What Every Homeowner Must Know in 2025

Tate Ellison
Florida Property Insurance

Florida Property Insurance – New Players, Wildfire Risks, and Legislative Shifts The property insurance market in Florida has long been a hot topic, and 2025 is no exception. With new insurers entering the state, wildfire hazard maps being updated, and ongoing legislative battles shaping the landscape, Floridians are witnessing significant developments. But what does all this mean for homeowners, insurers, and the future of property coverage in the Sunshine State? Here’s a closer look. Florida Welcomes New Insurers Amid Shifting Market Dynamics Over the past two years, Florida has seen…

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Could home insurance companies justify canceling policies with drone footage?

Logan B.
Home insurance - Drone - Cancelled

Insurers in Florida are being accused of using aerial photos as evidence to cut people’s coverage Home insurance is already hard for many homeowners to find in Florida, as the state is currently suffering from a coverage crisis in that sector.  Now media reports are popping up stating that insurers are using aerial footage collected by drones to justify cancelling a property’s coverage or declining to renew it. Reports are appearing that policyholders are receiving warnings from insurers A recent WFTV report showed that some home insurance customers have obtained…

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Louisiana’s Bold Repeal Sets Stage for Insurance Market Overhaul

Marc
Insurance Market - Louisiana - Home - Repeal

In a decisive move, the Louisiana Legislature repealed a longstanding law on Monday, signaling significant changes for homeowner insurance policies across the state. The decision, part of Insurance Commissioner Tim Temple’s ambitious agenda, aims to introduce more competition in the insurance market, potentially providing Louisiana homeowners with options for lower premiums. House Bill 611, pushed by Rep. Gabe Firment, R-Pollock, garnered final approval and now awaits the signature of Gov. Jeff Landry. This bill notably targets Louisiana’s unique three-year rule prohibiting insurers from altering deductibles or discontinuing homeowner policies that…

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Unraveling Florida’s Insurance Exodus: Weather or More?

G. Turner
florida insurance

Florida, a state synonymous with sun-kissed beaches and, unfortunately, hurricanes, is caught in a whirlwind of an insurance crisis. Insurance companies seem to be abandoning ship despite a 2023 mild hurricane season. The exodus begs the question: What’s really prompting these insurers to run for the hills? Weather Warnings vs. Reality The threat of hurricanes has long cast a shadow over the sunshine state, prompting persistent fears that insurers are dwindling due to natural disasters. And indeed, the increased risk of such events has influenced insurers’ decisions. But to attribute…

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Florida home insurance crisis is cutting into real estate market

Marc
Home insurance - Real Estate Prices

Property buyers are stepping back from otherwise affordable homes due to high coverage costs. Home insurance agents aren’t the only professionals feeling for their clients as rates continue to rise to crisis levels in Florida. Real estate agents are also finding that their customers are frustrated with the additional expense of a prospective new house when they see what their premiums would be. Floridians looking to buy their dream houses aren’t just stressed about the price of the property. Property prices are already climbing fast, but even among those who…

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Florida lawmakers look to insurer accountability to overcome state crisis

H. Cutner
Insurer accountability - Florida Law

New legislation is intended to acknowledge that insurance companies have not yet faced heavy regulation. As the homeowners’ insurance industry in Florida continues to scramble in crisis mode, lawmakers have introduced a new insurer accountability strategy as a part of a broader effort to control skyrocketing premiums and company insolvencies. The bill would raise fines for insurance companies that have been using bad practices. The insurer accountability bill would put higher fines in place for insurance companies with bad behaviors. The companies will also be required to do more information…

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Florida insurance market reaches crisis point with another insurer bankruptcy

Nordstrom
Florida insurance - Bankruptcy Sign

As insurers rapidly depart the market, even recent legislation isn’t having a fast enough impact. The Florida insurance market for property coverage has been rapidly stumbling again following storms in recent years. As a result, the insurers that aren’t withdrawing are going bankrupt. FedNat is the latest of the insurers to cancel the homeowners’ policies it’s been selling in the state. Florida insurance has reached a desperate level. This latest withdrawal of FedNat will cancel another 68,200 policies in the state, following a massive trend of coverage cancellation there. Homeowners…

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