Tag: Regulatory Environment

Hurricane Milton – A Category 3 Storm Unmasks Florida’s Insurance Fears

H. Cutner
Hurricane Milton in Florida

Hurricane Milton: A New Threat to Florida’s Insurance Market Hurricane Milton has emerged as a significant challenge for Florida, impacting both the state’s infrastructure and the property insurance market. Making landfall as a Category 3 storm, it has brought to light vulnerabilities in the region’s insurance sector, already strained from previous storms. This article explores the widespread damage caused by Milton, its influence on Florida’s insurance industry, and comparisons to its predecessor, Hurricane Helene. Florida Reels as Storm Tears Through Power Lines, Homes, and Tropicana Field Milton struck Florida’s Gulf…

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Insurance Exodus Update: Why Iowa is Losing Its Insurers Now

G. Turner
Insurance Exodus - Iowa

The recent departure of multiple insurance companies from Iowa’s homeowners’ market has sent shockwaves through the state. The New York Times reported that insurers are pulling out due to severe financial losses driven by unprecedented weather patterns. This move raises significant concerns for homeowners and demands a closer look at what has led to this exodus. The Insurance Turmoil Caused by Climate Change The insurance turmoil caused by climate change — which had been concentrated in Florida, California, and Louisiana — is fast becoming a contagion, spreading to states such…

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Florida Homeowners Insurance Market Sees Promising Shift with Depopulation Program

Angela Linders
florida insurance homeowers

The landscape of Florida’s homeowners insurance industry is undergoing significant changes as private insurers have absorbed 275,324 policies from the state-run Citizens Property Insurance Corp so far in 2023. These changes, spotlighted during the recent Citizens Board of Governors meeting, demonstrate a strategic attempt to balance the market through a process called “depopulation.” What Depopulation Means for Consumers For consumers, the depopulation program has a direct impact on their insurance decisions. Here’s what it boils down to: if a private insurance company extends an offer that exceeds a policy owner’s…

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Allstate Changes Down Payment After Insurance Settlement

Logan B.
allstate downpayment reinstated

Allstate, the insurance giant based in Northbrook, Illinois, has made a significant change to its down payment policy for new auto insurance policies. The move comes after a settlement with the California Department of Insurance regarding the insurer’s rate increase application. The Former Down Payment Restriction In July 2022, Allstate began requiring consumers to pay a 50% down payment on new auto policies. This policy represented a substantial upfront cost for consumers, given that the average annual cost for car insurance in California ranges from $1,500 to $1,999, according to…

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