Rising inflation has made it difficult for hundreds of Florida homeowners to obtain affordable property insurance. According to new data from Citizens Property Insurance Corp., Florida’s “insurer of last resort,” the company dropped 2,267 policies statewide during the 12-month period ending June 30 because the replacement value of their homes exceeded $700,000. Except in Miami-Dade… Continue reading Hundreds of Citizens Policies Dropped after Home Values Exceeded $700,000 Cap
Tag: last-resort insurer
As Home Values Soar, Calls Grow to Increase Citizens Insurance Eligibility Cap to $1M Statewide
Inflation has rendered thousands of Florida homes and condos ineligible for coverage by Citizens Property Insurance Corp., the state-owned “last-resort insurer.” Owners of Citizens-insured homes with replacement values in the $500,000 to $600,000 range received notices of non-renewal just a few years ago, forcing them to seek far-more expensive coverage in the unregulated surplus lines… Continue reading As Home Values Soar, Calls Grow to Increase Citizens Insurance Eligibility Cap to $1M Statewide