Florida property insurers are jacking up rates by double-digit percentages, blaming the hikes on lingering damage from past hurricanes, a wave of litigation, and a law that encourages lawyers to sue by allowing courts to award them big fees. The rate increases in Florida, the third-largest property insurance market among U.S. states, are the highest… Continue reading Florida Consumers ‘Flabbergasted’ As Property Insurers Push for Double-Digit Rate Hikes
Tag: Florida home insurance
Insurers Ordering More Home Inspections in Florida
With financial losses mounting over recent years, insurance companies in Florida are ordering more home inspections. Their aim is to force homeowners to fix potential problems or find justifications to dump risky properties. John Strautman, owner of an expansive home in Fort Lauderdale’s historic Colee Hammock neighborhood, learned this the hard way several months after… Continue reading Insurers Ordering More Home Inspections in Florida
Thousands of Insurance Customers in Florida Face Change
In a new sign of problems in Florida’s property-insurance industry, tens of thousands of homeowners will be shifted to a different insurer this spring because of a company’s financial troubles. Regulators late Monday announced an agreement to shift 43,000 policyholders, most of them homeowners, from Anchor Property and Casualty Insurance Co. to Homeowners Choice Property… Continue reading Thousands of Insurance Customers in Florida Face Change
Florida Home Insurer Seeks $30 A Month Average Statewide Price Hike
The number of lawsuits against Boca Raton-based Edison Insurance Co. have doubled in each of the past three years, and now Edison says it needs all of its customers to pay the price. The company is seeking retroactive approval for a statewide average 21.9 percent rate hike scheduled to take effect Feb. 2 for new… Continue reading Florida Home Insurer Seeks $30 A Month Average Statewide Price Hike
Citizens Insurance Reduces Rate Hikes
Citizens Property Insurance is scaling back a proposed rate hike after lawmakers and Florida Gov. Ron DeSantis approved an overhaul that the state-backed insurer has long pursued. Members of Citizens’ Actuarial and Underwriting Committee advanced a plan Tuesday to the full Board of Governors to lower a proposed average residential premium increase from 8.2 percent… Continue reading Citizens Insurance Reduces Rate Hikes