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: home insurance rates
U.S. Home Insurance Premiums May Hit a Record This Year, Report Warns
U.S. home insurance rates are expected to reach a record high this year, with the biggest increases occurring in states prone to severe weather events, according to a new analysis.
Social Inflation Causing Auto, Home Insurance Rates to Jump
Consumers aren’t likely to see their insurance rates go down this year, according to a Morgan Stanley report. The last few years have been rocky ones for the insurance industry. Social inflation rose higher than traditional economic inflation.
Farmers, USAA Boost Homeowners Insurance Rates by Double Digits in 2023
Farmers Insurance Group of Cos. and United Services Automobile Association led the pack among the largest US homeowner insurers increasing premium rates in 2023.
U.S. Homeowners Insurance ‘Bubble’ Closer to Popping as Climate Risks Mount: Report
Tens of millions of properties around the country are insured at prices that haven’t caught up with the danger of hurricanes, wildfires and floods, according to a new report from the First Street Foundation, a nonprofit that works to define and communicate risks posed by climate change.
Louisiana Is the Latest State Facing an Insurance Crisis
Louisiana is the latest state facing an insurance crisis as damage from hurricanes (2020 and 2021) have led insurers to raise rates or leave the state entirely.
Price of Homeowners Insurance Jumps 34%
QuoteWizard®, a LendingTree company and one of the nation’s leading online insurance marketplaces, released their annual “State of Home Insurance” report. QuoteWizard found that the average price of home insurance has increased by as much as 34% in some states since 2021. QuoteWizard analyzed homeowners insurance rates from every major carrier in all 50 states.… Continue reading Price of Homeowners Insurance Jumps 34%
Florida Regulators Weigh Property Insurance Rate Hikes
Florida regulators have scheduled three hearings next week on property insurers’ proposals to raise homeowners’ rates by more than 20%, while the state considers another insurer’s plan to shed policies due to financial losses. The Florida Office of Insurance Regulation will hold public hearings on proposed rate increases by First Floridian Auto and Home Insurance… Continue reading Florida Regulators Weigh Property Insurance Rate Hikes