At least 18 property insurers are reducing rates or keeping them flat this year, one sign pointing to an improving market, according to the Florida Office of Insurance Regulation.
Tag: Florida insurance market
Eighth Regional Insurer Approved for Florida Market
Florida has added an eighth regional company to write homeowners coverage, a sign of confidence in the marketplace now that the state has insurance-friendly regulations in place.
Florida Gov. Desantis’ Raises Alarm by Calling Citizens Insurance ‘Not-Solvent’ As an ‘Explosive’ Hurricane Season Is Predicted
In Florida, homeowners are grappling with insurance rates that are nearly three times the national average, a situation that has prompted concerns at both the state and federal levels.
Citizens Looking to Reduce Policies in Effort to Help ‘Fix’ Florida’s Insurance Crisis
“We want insurance to be affordable, but that’s why we need to have more competition; we need to have more private companies coming back into the state,” said Citizen’s CEO, Tim Cerio.
Florida’s Already Fragile Property Insurance Market to Incur Billions in Losses Post Ian
Hurricane Ian could be among the costliest in US history. According to Chuck Watson of Enki Research, the massive storm tearing through parts of Florida at 150 mph is expected to cause $30 billion to $60 billion in damages and economic losses. The insurance industry is looking at a loss of $20 billion at the… Continue reading Florida’s Already Fragile Property Insurance Market to Incur Billions in Losses Post Ian
Insurance Meltdown Leaves Homeowners without Policies and at Risk
After meteorologists predicted another active Atlantic hurricane season this year, insurance companies closed their doors in Louisiana and Florida, leaving thousands of homeowners in those storm-prone states without coverage. Storms have already taken their toll on the insurance market in Louisiana, making it a “tough place to do business,” according to Jeff Albright, president of… Continue reading Insurance Meltdown Leaves Homeowners without Policies and at Risk
Extreme Fraud and Litigation Responsible for Florida’s Homeowners Insurance Market’s Demise: Triple I
With its overabundance of unneeded new roofs on homes, and flashy lawyer billboards at every turn claiming massive settlements on claims, Florida’s insurance market is on the verge of failure. Even more, this man-made catastrophe is causing financial strain on resident consumers, as the annual cost of an average Florida homeowners insurance policy will skyrocket… Continue reading Extreme Fraud and Litigation Responsible for Florida’s Homeowners Insurance Market’s Demise: Triple I
As Climate in FL Sets New Normal, Cost of Property Insurance Will Separate Haves and Have-nots
Florida lawmakers poised to act against soaring property-insurance rates may address allegations of insurance fraud and may manage to lure jittery reinsurance companies back into Florida’s crippled marketplace. But one thing they can’t do is change the weather. “Insurers believe that due to climate change, this is the new normal. They’re finding that catastrophic and… Continue reading As Climate in FL Sets New Normal, Cost of Property Insurance Will Separate Haves and Have-nots
Troubled Florida Property Market Insurers Under Immense Pressure: Best
Elevated reinsurance costs, coupled with higher loss and litigation costs, have challenged Florida property insurers’ surplus levels and hindered balance sheet strength, leading many to rethink risk appetites, according to a new AM Best commentary. The Best’s Commentary, titled, “Troubled Florida Property Market Participants Under Immense Pressure,” notes that insurers’ ability to purchase the same… Continue reading Troubled Florida Property Market Insurers Under Immense Pressure: Best
Troubled Florida Home Insurance Market Gets More Bad News as Insurers Continue to Exit
Florida’s home insurance availability crisis continues to claim new victims, and worries are mounting that more companies could be declared insolvent as this year’s hurricane season draws near. The industry’s financial storm clouds have prompted fears of collapsing companies and the massive growth of state-owned Citizens Property Insurance Corp., the insurer of last resort: Last… Continue reading Troubled Florida Home Insurance Market Gets More Bad News as Insurers Continue to Exit