Live Insurance News

Florida home insurance customers to pay extra 1% emergency fee

April 19, 2023April 18, 2023 G. Turner

Property owners throughout the state will see the increase due to insurer insolvencies from hurricanes. Florida home insurance customers will be paying another 1 percent on top of their usual premiums in order to cover the cost of property insurer insolvencies caused to a certain extent by hurricane damage claims. This additional fee is being added to the already spiking rates being charged across Florida. Floridian consumers have been watching their home insurance premiums soar yet again as the state scrambles to try to prevent a full crisis in this…

Hurricane Ian sends Florida homeowners insurance company into insolvency

February 23, 2023February 23, 2023 Nordstrom

Insurance company - Hurricane Ian destruction

United Property & Casualty Insurance Co. experienced larger losses than expected from the storm. United Property & Casualty Insurance Company was hit harder than predicted by Hurricane Ian and regulators have now taken steps to place the insurer into receivership after the storm sent it into insolvency. The process has now been triggered to obtain court approval to send the insurer into receivership. Interim Insurance Commissioner Michael Yaworsky issued a letter to Jimmy Patronis, Florida’s Chief Financial Officer, to launch the process to obtain approval from the courts to place…

Florida Senate gives the nod to homeowners insurance overhaul

December 16, 2022December 15, 2022 Logan B.

The changes will involve new lawsuit limits, among others to ease the burden to property owners. This week, the Florida Senate gave its approval to overhauling homeowners insurance in the state, targeting the areas causing property owners – and therefore insurers – the largest amount of pain. The industry in the state will be undergoing a number of critical changes to help lift it out of crisis. Among the changes to the homeowners insurance industry that received approval include a new limit on lawsuits. There are also changes designed to…

Florida insurance market reaches crisis point with another insurer bankruptcy

June 23, 2022June 22, 2022 Nordstrom

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…

Gov DeSantis says ‘significant reforms’ coming to Florida home insurance

May 23, 2022May 17, 2022 Marc

Another insurer has dropped 64,000 policies, sending the state into an even worse condition. With only a week and a half left until the Atlantic hurricane season begins, the Florida home insurance crisis has achieved urgent status. Property owners across the state have been scrambling to obtain the coverage they require. Even worse, in a market already bleeding policies and insurers, FedNat Insurance Company and its sister companies have dropped over 68,000 Florida home insurance policies. This insurance news has arrived just as the special legislative session has been scheduled…