Florida’s property insurance disaster may be taking baby steps in the right direction as five new insurers step into the Florida market, taking over hundreds of thousands from Citizens Property, Florida’s insurer of last resort. This could lead to more insurance options for residents of the Sunshine State soon. The five companies in the mix […]
Senators heard from consumer advocates as well as friends from the insurance industry in a recent committee meeting regarding the cost of homeowners insurance and how climate change is impacting the cost of homeowners insurance. Consumer advocates argued that more robust state regulation and increased federal involvement is necessary to slow rising premiums while friends […]
Homeowners insurance can be a financial lifesaver if your home is damaged or destroyed by a covered peril. However, there can be coverage gaps that can leave a homeowners covering repair bills out of their own pocket if the damage exceeds their coverage levels or the policy has an unexpected deductible. We thought it might […]
While it may sound too good to be true, according to industry experts, there is finally a bit of optimism about Florida’s homeowners insurance market. While they don’t foresee rates dropping anytime soon, they are hopeful that the insurance market is stabilizing which could lead to minor rate drops next year or at least a […]
As the cost of homeowners insurance continues to head up, it is more important than ever to look for ways to keep your premium affordable. According to Money Magazine, the average home insurance premium is expected to climb to $1,784 in 2023 which is a shocking 9% increase from 2022. We thought it might be […]
Starting in October, private insurance companies may start pulling customers from the state backed, insurer of last resort, Citizens Property Insurance Corp. According to a recent report, Insurance Commissioner Michael Yaworsky has approved private insurers to take up to 184,000 policies from Citizens Property. Yaworsky signed orders that will approve proposals by a variety of […]
According to a recent analysis by Newsweek, car insurance premiums have climbed a shocking 25 percent since Ron DeSantis won the election for governor in 2018. While car insurance premiums have been going up across the country according to the U.S. Bureau of Labor Statistics consumer price index (CPI), in fact they have climbed 17.1 […]
If you ever wondered, how much does the average Florida homeowner pay for property insurance, you are not alone. Unfortunately, the answer is not easy to find as estimates vary wildly. While estimates vary, in most cases, homeowners can agree that insurance rates are skyrocketing, and coverage is getting harder to find. While legislation was […]
According to Florida House Speaker Paul Renner, homeowners will have to continue waiting for lower Florida homeowner insurance rates. As premiums continue to soar due to insurers pulling out of the Florida market, local legislators say it will be years before premiums start to decline. In an interview with House Speaker Paul Renner that aired […]
Last week, Farmers Insurance announced it would no longer be selling home, auto, and umbrella policies in Florida, becoming the latest insurance company to pull out of the Florida market. Progressive said they needed to “effectively manage risk exposure.” “We have advised the Florida Office of Insurance Regulation (OIR) of our decision to discontinue offering […]