Tag: homeowners insurance premiums

Homeowners insurance rates in Florida may spike under new bill

Homeowners Insurance

Property owners could find themselves paying a great deal more should SB1770 pass. If a new Senate Bill (SB 1770) is able to pass the Florida Legislature, property owners purchasing homeowners insurance coverage through Citizens could be facing steep rates. The complex bill made its way relatively smoothly through the Senate of the state. Throughout that time, lawmakers have been hearing considerable figures regarding the costs that would be faced within the state if a large hurricane should strike. These figures included $100 billion in possible damages, over $9 billion…

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Homeowners insurance costs eclipse mortgages in Florida

Homeowners Insurance Florida

Florida homeowners now paying more for insurance than for their homes One of the highest expenses facing Florida families has long been the mortgage on their homes. Mortgages in the state, just as elsewhere throughout the U.S., put a large amount of financial pressure on families. While mortgages have been the highest expense for many families in the state, these families are beginning to pay more for their homeowners insurance coverage, according to the Insurance Information Institute. The non-profit organization suggests that consumers are paying more for their homeowners, auto,…

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Homeowners insurance in South Carolina could see premiums reduction

G. Turner
Homeowners Insurance

A new bill would introduce considerable reform to the property owners of the state. A legislator in South Carolina has taken the first shot at implementing major changes to the homeowners insurance system in the state for the first time in six years, with the goal of bringing down the cost of the coverage. The proposed bill would offer coastal insurers with tax credits and provide consumers with improved comparison shopping. This homeowners insurance bill was introduced by state Senator Tom Davis (R-Beaufort) and will open the debate regarding a…

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Homeowners insurance rates in North Carolina heading up by 7 percent

G. Turner
North Carolina Homeowners Insurance Rates

The state regulator has now signed an agreement that allowed for the statewide increase. The leading homeowners insurance regulator in North Carolina has just given their approval to allow insurers in the state to increase their rates by an average of 7 percent per year, beginning in July. The original request had been much higher than that in October, but the Commissioner has found 7 percent to be justified. In October 2012, the North Carolina Rate Bureau had requested 17.7 percent, on average, as an increase across the state. Though Commissioner…

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Homeowners insurance could rise due to hurricane fund bill

G. Turner
Florida Homeowners Insurance

A proposal to decrease the size of the fund could make it more expensive for Florida property owners. A new bill in the state of Florida could have homeowners insurance customers in the state paying more for their coverage as it aims to make the hurricane fund smaller than it currently is. The bill is geared toward shrinking the size of the Florida Hurricane Catastrophe Fund. Florida’s catastrophe fund has been an important source of cash for making claims payments in the state following severe disasters. Should this bill pass,…

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