Legislative Efforts in 2024 Signal Progress, but Challenges Remain Louisiana’s insurance market has long been fraught with challenges, and while legislative reforms in 2024 represented a step toward stabilizing the market, deeper systemic issues still require attention. According to the Insurance Information Institute’s (Triple-I) recent report, Trends and Insights: Louisiana Insurance Market, residents continue to face some of the highest auto and homeowners insurance costs in the nation. Triple-I’s findings revealed striking numbers that underscore this affordability crisis. For auto insurance, the average annual expenditure in Louisiana stood at $1,588…
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California Fair Plan Under Fire for Alleged Policy Violations
California Fair Plan Under Fire: Attorney Calls Policies “Criminally Restrictive” The California Fair Plan, designed as a last-resort insurance option for those unable to secure coverage elsewhere, is now under significant scrutiny. An Oakland attorney has spotlighted troubling issues impacting hundreds of thousands of policyholders. According to reporter Shandel Menezes from NBC San Diego, Attorney Dylan Schaffer of the Kerley Schaffer law firm has described the policies under the Fair Plan as “criminally restrictive” and asserts that selling these policies constitutes a misdemeanor under Insurance Code 2083. Schaffer claims that…
Read MoreCSU Predicts Intense 2024 Hurricane Season: Impact on Florida Insurance
In a recent release by Colorado State University, the upcoming Atlantic hurricane season is projected to be exceptionally aggressive. Experts are forecasting 23 named storms, setting it significantly above the 30-year average of 14.4, and foreseeing five major hurricanes, surpassing the average of 3.2. Season Start and Its Implications The hurricane season, beginning on June 1, aligns precisely with the reinsurance renewals period in Florida, casting uncertainty over the potential ramifications on reinsurance rates in the region. This timing has sparked an industry-wide discussion on how the forecast could shape…
Read MoreProperty owners in Florida are dropping their home insurance
Floridians are placing themselves at risk in the event that they face a natural disaster. As the cost of home insurance continues to increase tremendously in Florida, there is a growing number of property owners choosing not to continue to pay for coverage or who decide that they can no longer afford it. Florida residents without a mortgage have the choice Floridians who still have a mortgage are required to keep their home insurance as a part of their loan agreement. That said, those who own their homes outright can…
Read MoreOne in 10 US homes aren’t covered by property insurance
Though most homes have coverage, there are still many that remain entirely uninsured. The majority of US homes are covered by property insurance, but there has been a trend causing homeowners to drop their coverage, placing themselves at substantial financial risk. The Insurance Information Institute reports that as of 2023, 88 percent of homes in the US are covered. That said, this figure means that 12 percent of US homes are not protected by property insurance. Moreover, that number has more than doubled since 2014, when it was only 5…
Read MoreCan Floridians afford another 40% property insurance rate hike?
Some experts are saying that premiums could experience another massive spike this year. Homeowners in Florida are already paying some of the highest property insurance rates in the United States, but experts are cautioning that even these high levels are likely to see significant increases this year. Some homeowners are already paying three times the national average for their coverage. The Florida Legislature recently passed a number of measures in the hopes of making a long-term impact that will gradually reduce property insurance rates. That said, while those advantages have…
Read MoreCitizens provides home insurance to three times the Floridians it used to
As the state sinks further into a coverage crisis, the insurer of last resort’s use is ballooning. The recent inflation and regular severe hurricanes have caused massive home insurance challenges in Florida, forcing many homeowners to turn to the insurer of last resort, Citizens Property Insurance, for coverage. Lawmakers have been working to change regulations to dig out of the crisis, but the crisis is continuing. Both availability and price of home insurance coverage is becoming increasingly problematic in Florida, to the point that many property owners don’t have any…
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