Tag: Florida insurance market

Why Your Florida Insurance Premiums Might Skyrocket This Year

Marc
Florida Insurance Rate Increases

A Big Ask from TRUE Florida homeowners are staring down the barrel of a potential 31% increase in their property insurance premiums. Trusted Resource Underwriters Exchange (TRUE), a Florida-based insurer, has requested the hike for its multiperil homeowners’ insurance policies. If approved, tens of thousands of policyholders could see their annual premiums jump by an average of $1,357. Why such a steep increase? Hurricanes, inflation, and reinsurance costs are the usual suspects. But TRUE’s management says they’re also playing catch-up after previous leadership failed to adjust rates to match market…

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Florida Bill Targets Licensing Boards, But What’s the Cost?

Angela Linders
Florida Bill 1461

Florida Bill Could Shake Up Insurance Market, Cause Ripples for Consumers Florida House Bill 1461 is stirring up plenty of debate, and for good reason. The bill proposes dismantling at least 22 professional licensing boards that oversee fields like engineering, construction, and accounting. But here’s the kicker – it could have big-time consequences for Florida’s already-struggling insurance market. Supporters say it’s a move toward streamlining government. Opponents? They’re raising red flags about safety, accountability, and what it means for the state’s consumers and businesses. What’s in the Bill? The bill…

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Florida’s Property Insurance Shake-Up: What Homeowners Need to Know

H. Cutner
Florida's Property Insurance

State-Backed Citizens Insurance Plans to Raise Rates Residents across Florida are bracing for another surge in property insurance costs as Citizens Property Insurance, the state’s insurer of last resort, inches closer to finalizing a 14% rate increase for 2025. This proposal, already approved by Citizens’ board, seeks to align rates with the private market while continuing efforts to reduce the insurer’s policyholder count. But as Floridians juggle rising premiums and limited options, the bigger question remains—what’s the way forward? Why Are Florida Insurance Rates Rising? Florida’s property insurance market faces…

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Mangrove Property Insurance Takes Root in Florida’s Growing Market

Live Insurance News
Florida Property Insurance

New Regulatory Changes Pave the Way for Florida’s Newest Insurer Florida’s tumultuous property insurance market welcomes a new player as Mangrove Property Insurance officially enters the scene. This new Florida-domiciled insurance carrier, spearheaded by Stephen Weinstein, aims to provide stability and comprehensive solutions for homeowners navigating one of the nation’s most challenging insurance landscapes. With its approval secured in mid-January 2025 from the Florida Office of Insurance Regulation (OIR), Mangrove has ambitious plans to assume about 81,000 policies from Citizens Property Insurance Corp. by mid-April. The launch of Mangrove comes…

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Major Decision by Florida Court of Appeals Shakes Up Insurance Landscape

H. Cutner
Florida court of appeals

Florida Court Ruling Redefines Assignment of Benefits (AOB) and Its Impact on Homeowners Insurance A recent ruling by a Florida court of appeals has established that a “direction to pay” (DTP) by a policyholder does not equate to an “assignment of benefits” (AOB). This decision serves as a significant milestone reinforcing the legislative reform introduced through Senate Bill 2-A in 2023. The reform prohibits insurance policy benefits issued after January 1, 2023, from being assigned to third parties. The objective of Senate Bill 2-A is to curb the extensive litigation…

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Florida Cracks Down on Insurers, Returns $6 Million to Consumers

Ryan Cox
Florida Cracks Down on Insurers

Florida Insurance Commissioner Returns Nearly $6 Million to Consumers Following Insurance Investigations This Year The Florida Office of Insurance Regulation (FLOIR), under the leadership of the state’s insurance commissioner, has taken significant action against insurers failing to meet administrative and consumer protection standards. Throughout 2024, these efforts have culminated in nearly $6 million being returned to consumers. This regulatory crackdown highlights the state’s commitment to holding insurance companies accountable and ensuring Florida residents receive fair treatment in handling claims and other insurance-related processes. Details of Fines and Investigations FLOIR’s efforts…

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Hurricane Milton – A Category 3 Storm Unmasks Florida’s Insurance Fears

H. Cutner
Hurricane Milton in Florida

Hurricane Milton: A New Threat to Florida’s Insurance Market Hurricane Milton has emerged as a significant challenge for Florida, impacting both the state’s infrastructure and the property insurance market. Making landfall as a Category 3 storm, it has brought to light vulnerabilities in the region’s insurance sector, already strained from previous storms. This article explores the widespread damage caused by Milton, its influence on Florida’s insurance industry, and comparisons to its predecessor, Hurricane Helene. Florida Reels as Storm Tears Through Power Lines, Homes, and Tropicana Field Milton struck Florida’s Gulf…

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