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 […]
Homeowner insurance rates are headed up in many states this year. Colorado’s new average rate is around $3,400, Oklahoma is now $3,300, Tennesse has also moved up on the list to an average home insurance rate of $3,000 per year. Kansas and Texas are both around $2,500 for the year. While your premium may be […]
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 & […]
Homeowners insurance will typically provide coverage for water damage to your home that is caused by leaks in your pipes or other plumbing systems. However, there are certain service lines that are excluded from homeowners coverage and repairing these lines can be very expensive. Service lines can be water, sewer, cable and even power lines […]
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, Demotech, a rating agency which rates 40 Florida-based insurance companies, announced that it plans to downgrade 17 Florida-based property insurance companies from an “A” rating to ratings of either “S” for substantial or “M” for moderate, according to the South Florida Sun Sentinel. A rating decrease will raise costs for these insurers which will […]
Flood insurance can be a financial lifesaver if your home is flooded and, in some cases, carrying flood protection is required. If your home is located in specific flood zones, you will be required to cover flood insurance and in many cases your lender may require flood coverage if they feel the home is at […]
If you purchased a home in the last few years, or have been a homeowner for decades, in the last few years you have probably seen your home value shoot up dramatically. According to a report from the National Association of Realtors, home prices across the nation have increased a whopping 30%. This has pushed […]
If you are shopping for a new home and are considering homes that have solar panels installed already, you probably have lots of questions. According to the Solar Energy Industries Association (SEIA), solar currently produces roughly 4 percent of all electricity in the United States. However, the SEIA sees that number growing dramatically, predicting 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 […]