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April 22, 2024 at 8:00 AM. In 2022, the Florida home insurance market spent months tumbling toward collapse, but legislation was put in place to help mitigate disaster. These laws aim to make ...
Homeowners insurance costs have skyrocketed across the country in the past year, with half of the states experiencing increases of more than 10%, according to S&P Global data. And one state is...
Figures from Florida’s Office of Insurance Regulation show that Farmers has about 93,000 current home and auto policies, but an industry source suggests that number is currently closer to 100,000.
Citizens Property Insurance Corporation (Citizens) was created in 2002 from the merger of two other entities to provide both windstorm coverage and general property insurance for home-owners who could not obtain insurance elsewhere. It was established by the Florida Legislature in Chapter 627.351 (6) Florida Statutes as a not-for-profit insurer ...
A 2021 analysis by then-Florida Insurance Commissioner David Altmaier found that Florida made up 8% of the nation’s homeowners’ claims in 2019, but 76% of its lawsuits. Although critics note ...
In early 2009, the State Farm Florida subsidiary, the state's largest insurer, offered to withdraw from writing property insurance business in Florida after state regulators refused to approve a 47% property rate increase. State Farm said that, in Florida, it had paid out $1.21 USD in claims for every dollar in premiums since 2000.
Ten Florida insurance companies said recently they would not increase rates, and at least 15 others filed for a decrease in rates.
In 2023, Florida’s property insurers turned a profit of almost $150 million, helped by a less-deadly hurricane season, strong returns on investment portfolios and new insurer-friendly laws.