Surplus lines carriers can start taking out secondary home policies from Citizens Property Insurance Corp. on July 1, under a bill signed by Florida Gov. Ron DeSantis.
Tag: homeowners insurance FL
Heads of Florida OIR, Citizens, Say Property Market Is Heading in the Right Direction
If there were only one numerical trend needed to understand how dire the property insurance market in Florida has been, it would be the steady growth of policies taken on by the state’s insurer of last resort, Citizens Property Insurance Corp.
Experts Say Florida Property Insurance Premiums May Increase 40% This Year
Florida’s homeowners pay some of the highest property insurance premiums in the country — an average of three times the national average.
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