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The Insurance Information Institute (III), an industry group, reports that 80 percent of the nation's homeowners insurance lawsuits are in Florida, despite only 9 percent of the nation's insurance ...
Florida has always presented a risky market to home insurance companies due to the high threat of widespread weather-related damage, but the current crisis is caused by a number of factors ...
While the insurance industry likes to point to some bad actors that defraud the system or consumers’ rights to take an insurance company to court, these are not the drivers of Florida’s ...
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.
That issue was one of the reasons cited by insurance companies leaving Florida according to the Insurance Commissioner Michael Yaworsky. [37] In August 2023 FOIR announced that Mainsail Insurance Company from Texas was approved to operate in Florida. They also disclosed that 280,000 of Citizen's policies were approved for assumption by several ...
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.
State regulators have approved new insurance companies to enter Florida’s market. Others are forming, and although companies like Farmers and Progressive recently announced plans to leave or ...
Home insurance costs are expected to rise by 40% in Florida in 2023; state governments have some power to limit those hikes, or to make cheaper government insurance available, but they cannot ...