Home insurance rates in Florida far outpaced inflation over the 18 months that ended on Dec. 31, but the rate of increase slowed in the fourth quarter of 2023 to its lowest point of the period.
Tag: Florida homeowners insurance
Florida Homeowners Policies Renewing with Higher Deductibles
As new insurance renewals reach homeowners in Florida, some are getting a surprise and it’s not the premium.
Home Insurance Is So High in West Palm Beach Town, Residents Are Leaving
Florida’s explosion in insurance premiums threatens to ground the state’s highflying housing market. Florida home prices soared more than 60% since 2019, according to real-estate brokerage Redfin.
FL Citizens Insurance Looks for Average 11.5% Rate Hike in State
Citizens Insurance is looking for a new increase in rates and it would take effect right after hurricane season ends.
Florida Official Accuses Farmers Insurance of ‘Playing Politics’ with Exit, Threatens Retaliation
Farmers’ decision to leave the state of Florida immediately triggered a round of political squabbling. The state’s chief financial officer accused the company of “playing politics” and threatened some sort of unspecified retaliation while Florida Democrats called a press conference to blame Republicans for pushing a “$3 billion handout” to select insurers instead of demanding accountability measures for the industry.
Florida Sells Bonds to Backstop Its Homeowner’s Insurance Industry
A Florida state agency is selling municipal bonds to backstop the state’s homeowner’s insurance industry after a surge of claims and litigation drove some insurers to shutter.
Two Insurers Approved to Take Over 26,000 Policies from Florida State-run Insurer Citizens
Citizen’s insurance has swelled to 1.3 million customers and was never intended to hold that many policies. Slide Insurance has agreed to step in and take 25,000 of those policies. Loggerhead will take 1,000 policies.
More than Two Big Storms in Florida Could Spell Trouble for Insurers
In Florida, it’s that time of year again. Peak hurricane season is bearing down on the state like the flying saucer in the film “Nope.” Insiders in the insurance industry say policyholders are insured as long as the state isn’t hit by more than two major storms. Typically, the most dangerous tropical cyclones strike Florida… Continue reading More than Two Big Storms in Florida Could Spell Trouble for Insurers
Citizens Adds Thousands of Policies as Florida Lawmakers Seek to Steer Homeowners to Private Insurers
Citizens Property Insurance Corp., backed by the state, continued to add thousands of policies per week in December, while new legislative proposals would attempt to steer more homeowners into the private insurance market. According to newly posted data, Citizens had a total of 759,305 policies as of Dec. 31, an increase of nearly 217,000 policies… Continue reading Citizens Adds Thousands of Policies as Florida Lawmakers Seek to Steer Homeowners to Private Insurers
Florida Homeowners to Pay More for Coverage
Insurance experts predicted a bleak future for anyone hoping that the cost of insuring homes and businesses in Florida would soon stabilize or even fall. Already reeling from skyrocketing rate increases, nonrenewals, and insurer withdrawals from high-risk markets such as South Florida, homeowners can expect to pay even more in premiums over the next decade… Continue reading Florida Homeowners to Pay More for Coverage