Tag: hurricane tax

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 plans from Citizens accepted by Florida lawmakers

Julie Campbell
Florida homeowners insurance, Citizens Property

A panel of state officials have embraced new plans by the insurer of last resort. A proposal by the state run homeowners insurance company, Citizens, has now been accepted by Florida lawmakers, changing the current regulations so that the company will now be able to provide private insurers with loans of up to $350 million in order to encourage them to provide residents of the state with coverage so that the company will continue to shrink. The largest insurer in the state currently covers over 1.4 million policyholders. The insurer…

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Homeowners insurance makes it tougher to purchase a house in Florida

homeowners Insurance

The coverage industry in the state is having a large impact on real estate. Though buyers are returning to the real estate market as they start to lose their hesitation to buy a property and regain the means with which to do so, but the homeowners insurance prices in Florida are making those same consumers balk. In some cases, it is leading buyers to decide against a purchase, in others, they are swamped after they’ve bought. Depending on the neighborhood in Florida, the homeowners insurance premiums can be prohibitive for…

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