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The Florida Insurance Guaranty Association board met on March 31 and filed for an emergency assessment of 1% on all Florida property insurance policies. [32] That is in addition to a 0.7% for 2022, a 1.3% assessment from July 1 2022 to June 30 2023, and another 0.7% ending December 31 2023. [32]
In 2017, UPC Insurance merged with American Coastal Insurance Co. [10] Journey Insurance Company offers homeowners and commercial residential property insurance through independent agents and brokers in Florida, South Carolina, and Texas. [11] It received an “A−“ Financial Strength Rating and “a-“ Issuer Credit Rating from A.M. Best. [12]
Lighthouse Property Insurance Corporation was an American property and casualty insurance company. It was founded in 2008 by Patrick White and operated in Southeastern coastal states such as Louisiana, North Carolina, South Carolina and Texas. The company merged with Prepared Insurance Company in 2017 to expand into Florida. [1]
Florida has always been a complex home insurance market. Since 2017, eleven property and casualty companies that offered homeowners insurance in Florida liquidated. Five of those companies ...
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.
State regulators have approved proposals by two property insurers to take as many as 26,000 policies from the state-backed Citizens Property Insurance Corp., Florida’s largest home insurer ...
Association members are all Florida-licensed direct writers of property and/or casualty insurance. FIGA's authority is codified in the Florida Insurance Guaranty Association Act, Florida Statutes 631.50 through 631.70. FIGA has the power to levy assessments against the insurer's direct written premiums, not to exceed 2% in any calendar year.
Enter the Florida Legislature, which passed a slew of reforms in December 2022 to crack down on litigation costs and limit the state's involvement in the property insurance market, including a ban ...
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