Florida Homeowners Brace for Busy Hurricane Season Amid Skyrocketing Insurance Rates Florida homeowners, already bearing insurance rates that nearly triple the national average, now face the grim prospect of an “explosive” hurricane season, casting shadows on the financial resilience of the state’s insurer of last resort. With home insurance premiums in the Sunshine State escalating to an average of $6,000 a year—a stark contrast to the national average of approximately $1,700—Governor Ron DeSantis has called the state-run Citizens Property Insurance Corp. “not solvent,” sparking concerns over its potential inability to…
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Boat insurance companies release hurricane season preparedness tips
The Atlantic hurricane season starts in June and insurers want watercraft owners to keep their property safe. As boating season begins, hurricane season is also approaching, so boat insurance companies are issuing reminders to owners to make some simple changes to protect their property. Many of the tips are straightforward and should be a part of annual maintenance for watercraft. Though it is difficult to predict whether there will be an active season for hurricanes and tropical storms, it is always a good idea to take the right steps to…
Read More9 Florida insurance companies selling homeowners’ coverage in liquidation
Insurers selling home policies are dropping like flies as hurricane season rapidly approaches. Atlantic hurricane season is rapidly approaching, but homeowners are struggling to find Florida insurance companies to sell them affordable coverage. Premiums have been taking off, but despite the higher expense, policyholders are offered fewer protections. Florida insurance companies are facing a crisis as they attempt to survive in the state’s homeowners’ market. The situation is looking increasingly dire for property owners who are attempting to ensure that they have the coverage they need as the hurricane season…
Read MoreCost of hurricanes to insurance industry will break $100 billion, JPMorgan
Insurers face massive bills from the three hurricane-level storms that made U.S. landfall, even before Nate. Though it’s too early to know the insured damage total of Hurricane Nate, the cost of hurricanes to insurance industry coverage providers in the United States will already reach $100 billion, says JPMorgan. This prediction aligns with other industry players, such as Fitch Ratings. The catastrophe left behind by Harvey, Irma and Maria will be a hard hit to insurance company earnings. At the same time, it’s likely that the cost of hurricanes to…
Read MoreTravel insurance claims are pouring in following several hurricanes
This busy storm season has led to a large number of filings from people whose vacations were interrupted. The active 2017 hurricane season has led to a sudden influx of travel insurance claims as vacations and business trips see interruptions. This type of storm season has helped to demonstrate the value that this type of insurance coverage can offer travelers. Thousands of people across the United States are breathing a sigh of relief after purchasing the coverage. Those who purchased their travel insurance policies before the storms were named can…
Read MoreTropical Storm Cindy provides this year’s flood insurance reality check to homeowners
Property owners who didn’t heed warnings at the start of the hurricane season are thinking again. From the point that Tropical Storm Cindy received its name, it was already too late for homeowners to buy flood insurance for coverage against any damage it may cause. This was the warning government officials issued at the start of the hurricane season, but the message always reaches too few. The severe weather is expected to bring a foot of water, along with high winds, to Louisiana and Texas. Tropical Storm Cindy brought several…
Read MoreHurricane season starts today and Jeff Atwater issued insurance advice
The Florida Department of Financial Services CFO recommends that homeowners look again at their policies. Florida Department of Financial Services CFO Jeff Atwater cautioned state residents that the hurricane season begins. He reminded them that sooner is better than later when it comes to reviewing a business or homeowners insurance policy to ensure the right coverage is there. Should a storm be identified and named, it’s too late to contact an insurer to change protection levels. “For a better chance of a complication-free claims process, Floridians should carefully review all…
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