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Citizens Insurance is expected to continue depopulating policies until they reach an acceptable number. Florida Governor Ron DeSantis admitted that Citizen's Insurance was not solvent: "If you did have a major, major hurricane hit with a lot of Citizens property holders it would not have enough to pay out."
As inflation drives up construction costs and property values, Citizens Property Insurance Corp. has started canceling the policies of some homeowners across Florida because the estimated price of ...
Of the $165 billion in natural disaster–caused damage the U.S. experienced in 2022, $116 billion of it was in Florida. Average annual home insurance premiums are triple the national average ...
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.
Florida Gov. Ron DeSantis last week signed into law a property insurance bill aimed at lowering the state’s skyrocketing homeowners insurance costs and staving off a looming crisis.
The proposal, in part, would lead to an average 13.5 percent rate increase for the most-common type of Citizens policy, known as homeowners’ “multi-peril” coverage. Condominium-unit owners ...
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