As Florida grapples with skyrocketing home insurance premiums, a new legislative proposal could see the cost of insuring homes in disaster-prone areas spread across the entire nation.
Tag: Florida home insurance
Bills Would Add Flood-Protection Projects to Florida’s Home-Hardening Grant Program
Improvements to protect homes from flood damage would be eligible for up to $10,000 in state matching grants if bills filed last week are enacted during the upcoming session of the Florida Legislature.
Citizens Insurance Wants Rate Hikes Enacted at Florida’s Upcoming Special Legislative Session
Citizens wants to be the insurer of last resort, and not the insurer with the lowest premiums.
Demotech Ratings Agency Downgrade of Florida Insurers Delayed
An expected potential downgrade of more than a dozen Florida insurers by the ratings agency Demotech, which was originally scheduled to be released on Tuesday, is delayed, according to the company. “Due to various circumstances, Demotech will not take any rating action, including affirmation, downgrade, or withdrawal until further notice,” stated Joe Petrelli, President of… Continue reading Demotech Ratings Agency Downgrade of Florida Insurers Delayed
Florida Insurers Face Ratings Change that Could Raise Costs
Demotech ratings agency has plans to downgrade more than two dozen Florida-based property insurance companies in a move that could cost more money for homeowners with loans. The ratings firm Demotech plans to downgrade the 27 insurers (not 17 as originally reported) from an “A” rating to ratings of either “S” for substantial or “M”… Continue reading Florida Insurers Face Ratings Change that Could Raise Costs
Hundreds of Citizens Policies Dropped after Home Values Exceeded $700,000 Cap
Rising inflation has made it difficult for hundreds of Florida homeowners to obtain affordable property insurance. According to new data from Citizens Property Insurance Corp., Florida’s “insurer of last resort,” the company dropped 2,267 policies statewide during the 12-month period ending June 30 because the replacement value of their homes exceeded $700,000. Except in Miami-Dade… Continue reading Hundreds of Citizens Policies Dropped after Home Values Exceeded $700,000 Cap
Florida Insurance Costs Set to Rise Due to Failed Insurers
Florida homeowners are about to pay more in insurance premiums, and they have failed insurance companies to blame. The South Florida Sun Sentinel reported Sunday that late last month the Florida Insurance Guaranty Association approved a 1.3 percent assessment on the premium cost of all policies sold in Florida. That not only includes homeowners insurance… Continue reading Florida Insurance Costs Set to Rise Due to Failed Insurers
Florida Hurricane Fund Reform Could Save Insurance Customers $1B Yearly, Backers Say
Florida home insurance customers could get a substantial break from rising rates — saving about $150 a year — if they no longer had to pay into the state’s hurricane insurance reserve fund and if insurance companies could access those reserves more easily — with fewer overall claims losses. Reforms proposed in the state Legislature… Continue reading Florida Hurricane Fund Reform Could Save Insurance Customers $1B Yearly, Backers Say
Insurance Cancellations, Rate Hikes Force Florida Homeowners to Search for Options
Florida homeowners are scrambling for options as more insurance companies are raising rates and in some cases canceling policies. “You’re going to have to do a lot of leg work, and you really need to because you got to save yourself the money,” said homeowner Steve Eppley of Boynton Beach. Eppley said his homeowner’s insurance… Continue reading Insurance Cancellations, Rate Hikes Force Florida Homeowners to Search for Options
Waterfront Homeowners Weather High Insurance Costs After Major Storms
Calvin and Elizabeth Moore weren’t worried when they learned their coastal Pensacola, Fla., home was in the path of Hurricane Sally. They had upgraded its roof and windows after Hurricane Ivan damaged the property in 2004. But the 2020 storm was stronger than expected, and they ended up with significant damage from a leaking roof,… Continue reading Waterfront Homeowners Weather High Insurance Costs After Major Storms