Live Insurance News

Lawmakers begin to focus on flood insurance in Florida

July 17, 2015July 16, 2015 S.Vagus

Florida introduces new legislation that could have an impact of flood insurance premiums Florida lawmakers are beginning to focus their attention on flood insurance. Some are calling for an extension for the Homeowner Flood Insurance Affordability Act, which was passed in 2014 as a way to reduce the insurance premiums that homeowners were paying for their coverage. The law is meant to limit premiums increases to no more than 18% in a given year, making flood protection less of a financial burden for consumers. Legislation would assist in the development…

Homeowners insurance rates on the rise in Florida

July 1, 2015June 30, 2015 S.Vagus

Citizens Property Insurance to raise rates in South Florida and elsewhere Water damage claims are becoming more common in South Florida, which is leading to an increase in homeowners insurance rates in the region. Florida’s Citizens Property Insurance had intended to reduce rates for homeowners in South Florida, but water damage claims have become more plentiful and more costly. Most of the state’s water damage claims originate from South Florida, which is no surprise considering the region’s proximity to the ocean and the storms it is exposed to. Rates had…

Florida homeowners insurance may be stable this hurricane season

May 15, 2015May 14, 2015 Marc

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…

Florida-run homeowners insurance provider sheds more policies

May 13, 2015May 11, 2015 S.Vagus

Florida homeowners insurance, Citizens Property

Citizens Property Insurance removed more policies More than 30,000 homeowners insurance policies have been removed from Florida’s Citizens Property Insurance. These policies were removed as depopulation efforts continue by the insurer. These efforts are meant to reduce the overall number of policies that Citizens is responsible for, thereby reducing its financial responsibilities and making the insurer more sustainable in the future. The depopulation was sparked by serious issues the insurer faced in the wake of serious natural disasters that it did not have the financial capability to handle on its…

New York sees increase in health insurance exchange enrollment

May 5, 2015May 2, 2015 Logan B.

State has made progress in making its exchange more popular among consumers New York ranked fourth in the U.S. in terms of enrollment in health insurance exchanges, according to a report from the Kaiser Family Foundation. The state has made significant strides in raising awareness about its exchange and the services that it offers, which lead to more people enrolling in the exchange throughout the state. Several other states have seen an increase in enrollment as well, due to the marketing efforts that they have made to improve awareness among…