The Florida homeowners insurance market has been in trouble for years now and the recent hurricane season that resulted in Hurricane Ian hitting the west coast of Florida and Hurricane Nicole hitting the east coast weeks later certainly hasn’t helped. Insurers that have been struggling for years had a hard time covering all the claims that came out […]
According to the Insurance Information Institute, the pain Florida homeowners have been feeling in recent years regarding sky high homeowners premiums will continue in 2023. The Insurance Information Institute is predicting an average increase of about 40% this year for Florida homeowners. This is despite the fact that Florida lawmakers approved sweeping reforms in a […]
According to an AM Best analysis, Florida is the state with the most premiums in homeowner insurance lines. While Florida is the third most populous state in the country, it generated a whopping $12.4 billion of homeowners direct premiums in 2021 which is more than the most populous state, California. The Golden State generated $11.2 […]
Hurricane Ian caused massive damage when it came ashore in southern Florida. One of the most damaging features of Ian was the storm surge which left behind tons of mud, water, muck, and mold where water rushed into homes. Unfortunately, many Floridians are not carrying a separate flood insurance policy to help cover the cost […]
Inflation is not only hitting consumer goods such as food and cars, but also impacting the cost of homeowners insurance. While the inflation rate recently hit 8.3 percent over the past 12 months, homeowner insurance has skyrocketed even more. Recently, Policygenius, ran the numbers and found that the cost to insure a home is up […]
Homeowners in Florida were already dealing with expensive and sometimes difficult to get homeowners insurance before Hurricane Ian hit and unfortunately the storm will most likely make the insurance market even more challenging. Many major insurance companies have pulled out of the Florida market altogether which means that most of the insurers in Florida are […]
All signs point to Florida homeowners seeing their homeowner insurance bills going up as the property insurance crisis in the Sunshine state continues to grow. In August, another insurance company went belly up, this was the 10thinsurer to go under since April of 2021. As insurers go under, the Florida Insurance Guaranty Association (FIGA) which […]
Most people rarely think about their house burning down or being destroyed by a natural disaster like a flood or tornado, but the truth is there is no guarantee that it will never happen to you. Disaster can strike at any time and if you are unprepared filing an insurance claim to cover the damage […]
In yet another lousy week for the Florida property insurance market, an agency set up by the state that is designed to handle claims once an insurance company is insolvent, approved a plan to borrow $150 million, putting policyholders around the state on the hook for paying back the loan. The Florida Insurance Guaranty Association […]
This week, the Florida rating firm Demotech downgraded four Florida insurance companies. The following insurers have seen their ratings drown from and A Prime rating: Florida Family Insurance Company – Aʹ (A Prime) to AFlorida Family Home Insurance Company – Aʹ (A Prime) to AOcean Harbor Casualty Insurance Company – Aʹ (A Prime) to AUnited Property & […]