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These lawmakers from South Florida are proposing increasing the cap on the value of homes that state-run Citizens Property Insurance can cover in Monroe and Miami-Dade counties.
Thanks to mounting hurricane losses, home insurance premiums in Florida have risen an astonishing 300% in the last five years, according to the financial news site Benzinga. Residents there now ...
Collectively, the market has shouldered Florida homeowners with average insurance costs of $4,060 last year, nearly $1,000 higher than any other state, according to Keys' data.
Florida is not alone when it comes to property insurance. One in 13 homeowners across the U.S. are uninsured, according to a recent study by the Consumer Federation of America. That's a little ...
Vinnette Williams in a portrait with a $9759 Citizens Property Insurance Corporation bill that she received for her home in Boynton Beach, Fla, on April 4, 2023.
Frank Nutter, the president of the Reinsurance Associate of America, suggested pursuing a plan of keeping the scheduled insurance premium increases, but targeting the homeowners that are "most in need, while maintaining the benefits of risk-based rates and incentivizing community and individual mitigation." [3]
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