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 & […]
Another Florida insurer is pulling out of the market, making it even more difficult for residents of the Sunshine State to find proper homeowners insurance in Florida. Bankers Insurance Group, based out of St. Petersburg, recently announced that it is pulling out of Florida’s home insurance market. Their decision was based on the fact that […]
Recently, a representative of the Insurance Information Institute (Triple-I) warned that a significant storm during this year’s hurricane season could lead to “a massive failure of Florida insurers that would be on a historic level.” Citizens Property, which is Florida’s insurer of last resort, currently has more than 907,000 policies and is expected to cross […]
Many of us are concerned about how the housing market will fare as interest rates head up and a looming recession takes hold. Will home values crash as they did during the Great Recession or will they simply stop rising and settle in at their current values. While no one can predict the future, Fed […]
In most states, home insurance rates are headed up this year and homeowners should be prepared for further rate increases before the end of the year. According to a recent S&P Global Market Intelligence report, over 177 insurance carriers have filed requests for rate increases in 43 states, Arizona alone has seen 34 rate increase requests. […]
In Florida, the loss of homeowners insurance has become a serious problem. You may not have been affected yet, but you might be in the future. A recent announcement by Southern Fidelity Insurance that they will be liquidating their company means that 78,000 homeowners insurance policyholders will lose their coverage. This new failure marks the […]
Recently, Gov. Ron DeSantis sounded hopeful that a special legislative session that he called will help stabilize Florida’s failing property insurance market that continues to flounder as another insurance company is getting ready to cancel over 68,000 policies. “The good news is, on property insurance, I think we’re going to get really, really significant reforms,” […]
As hurricane season approaches, Florida lawmakers are headed back to the Capitol to deal with the property insurance market that is suffering from both skyrocketing premiums and numerous insurance companies going under. Republican Gov. Ron DeSantis said in recent press release “We’re not going to accept anything less than a very significant package” of changes […]