The Insurance Information Institute points to a provision that required insurers to pay legal fees if a policyholder won a property claims suit, without requiring policyholders to pay up if they lost. Insurance reform passed by the Florida state Senate in December 2022 eliminated the "one-way ...
The average cost of homeowners insurance in Florida is $2,625 per year, or about $219 per month. That’s 37% more than the national average of $1,915. In most U.S. states, including Florida, many insurers use your credit-based insurance score to help set rates. Your insurance score...
One Florida State legislator who’s not buying the spin that the insurers are successfully selling to state regulators is Florida State Senator Gary Farmer. Farmer was quoted by Dennis Bailey, a former Circuit Judge an...
The issue isn’t exclusive to Cara Clark. With the rise in solar installations not just in Florida but also in other states, more homeowners can face this insurance challenge. It highlights the need for insurers to adapt and cater to these new tech and energy solutions. Future Aspect and Po...
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"Citizens' announcement of rate reductions comes a day after private insurers filed their proposals for cutting homeowners insurance rates." Note that the rate reductions are a lot less than those forecast by regulators following the special session in January. The Tampa Tribune continues: ...
Key takeaways:Reinsurers are the last line of defense against steeper homeowners insurance price hikes. But despite their involvement, premiums will eventually reach a price point homeowners can no longer afford—in Florida’s case, that’s almost 12% of homeowners. ...
Florida's last spate of bad storms came in quick succession in 2004 and 2005, ending with Hurricane Wilma. The insurance industry reeled from the hits. Many private insurers fled the Sunshine State, leaving Citizens to take over their policies. ...
Although that could help stave off rate increases in the short term, over the longer term Florida homeowners and insurers might be powerless as the planet continues to warm. "As losses from climate change worsen, the financial stability risks of insurers is likely to become even more pronounced...
One way they've adapted is by raising rates. As climate change worsens and the risk of damage rises, insurers charge more to compensate for that higher level of risk. In some areas, insurance companies have stopped offering coverage entirely. ...