Governor DeSantis signs overhaul of Florida homeowners insurance law

Florida homeowners insurance - Homes in Florida

Insurers are hopeful that this could help to ease losses but say more changes are still needed. Governor Ron DeSantis recently signed a Florida homeowners insurance overhaul into law. This will change many of the regulations regarding property coverage. Starting in July, the state will launch efforts to halt contractors pushing policyholders to add repairs. The legislation is meant to help stop contractors from pressuring policyholders from approving unnecessary repairs that will then be charged to Florida homeowners insurance companies. Moreover, it will also limit the capacity of adjustors to…

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Castle Key Insurance submits proposals to Florida regulators asking for a rate increase of 30%

Florida insurance regulators are facing down a new rate proposal from property insurers Castle Key Insurance Company and Castle Key Indemnity Company. Representatives of the companies appeared before regulators on Tuesday to testify on the necessity of their proposals. Florida has recently been inundated with proposals to increase insurance rates due to the fact that hurricane season is sending several tropical storms toward the state. Given toll that natural disasters have taken on the industry earlier in the year, insurers are keen to recover their losses by hiking up premiums.…

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