A recent analysis found that Florida’s property insurance market is “spiraling towards collapse” and needs immediate attention if there is any chance of protecting consumers and the property insurance market in the Sunshine state. The analysis was done by Guy Fraker of Cre8tfutures Innovation System & Consultancy. Fraker has worked with the insurance industry for 30 years. […]
Citizens Property Insurance Corp and Heritage Property and Casualty in Florida have started going after alleged fraudsters who submit fraudulent claims with a legal tool that was developed to help prosecutors convict organized crime members. In recent lawsuits, Citizens Property Insurance Corp. and Heritage Property & Casualty have claimed that certain repair contractors and their legal partners […]
Angry Florida homeowners have seen shocking increases to their homeowner insurance costs over the last year and are now putting pressure on state lawmakers to step up and help lower the sky-high cost of property insurance in the Sunshine State. Property owners have seen premium hikes as high as 30% to 40% at policy renewal. […]
Florida gains about 300,000 new residents every year and 2020 has been no exception, despite the challenges of the pandemic. Unfortunately, many of those new residents, as well as longtime residents of the Sunshine State will be looking at major homeowner insurance rate increases in the coming years. Florida is on the verge of large […]
Another sign of Florida’s troubled property insurance market popped up this week as Windhaven Insurance alerted employees and agents that it is winding down and its assets are being foreclosed on by their lender who will eventually sell the company to another insurer. Windhaven’s problems extend beyond Florida, Windhaven National Insurance Co. which is a […]
North End of Palm Beach, Florida, aerial view of the inlet and what locals call Peanut Island, and the Port of Palm Beach If you live in South Florida and are not carrying flood insurance, you may be required to change that soon. The Federal Emergency Management Agency (FEMA) is currently changing flood maps for […]
Homeowner insurance rates for many Florida homeowners will continue to rise next year, despite the fact that reforms were put in place last spring to help curtail Assignment of Benefits (AOB) lawsuits brought by contractors and their attorney partners. Unfortunately, instead of heading down, the number of lawsuits filed against insurance companies has actually increased […]
A recent AAA survey found that Floridians are becoming more concerned about this year’s hurricane season after four major storms have hit in the past three years, the worst of which was a category five storm last year. Recent storms, Florence, Michael, Harvey, Irma and Maria have caused $200 billion in damages according to Floodsmart.gov. […]
Florida residents may see their homeowners insurance rates go down in the near future as the Governor recently signed an assignment of benefits (AOB) reform into law. This was one of the most heavily lobbied bills in the 2019 session, but it managed to survive and be signed into law. An AOB is when a […]
Finally, some good news for Florida homeowners when it comes to the cost to insure their homes. Sunshine State residents have seen their insurance premiums go up dramatically over the last decade. In fact, according to Insurance.com, Florida has the most expensive homeowners insurance premiums in the country with an average premium of $3,575. If […]