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 […]
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 […]
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 […]
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 […]
It looks like another homeowners insurance company is in trouble in Florida. Recently, FedNat Holding Company, which sell homeowners insurance and other insurance products under the name FedNat Insurance Company, was downgraded from A to S by Demotech, a consulting company that rates the financial health of insurance companies. According to Demotech, an A rating […]
While Florida has not seen a major storm since 2018, homeowners insurance rates continue to rise and the majority of the blame can be put on door to door roof replacement schemes that result in denied claims, lawsuits and ever increasing homeowner insurance rates. The state-run insurer of last resort, Citizens Property Insurance Corp is […]
Homeowners insurance in Florida has been an issue for a number of years as insurance companies continues to raise premiums, drop customers or pull of the state entirely. While lawmakers have made an effort to get rates under control, so far, they have been unsuccessful. However, lawmakers are again making an effort to bring the […]
The Florida homeowner insurance market has been in trouble for almost a decade at this point. As the number of lawsuits related to dubious roofing claims continues to rise, insurance companies continue to raise their rates or pull out of certain areas altogether. While the Florida legislature has attempted to stem the flood of rising […]