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April 1, 1947 – Preferred Risk Mutual Insurance Company was licensed to operate in Iowa. 1948 – A "merit reduction" plan was introduced, which was the first of its kind in the country. Policyholders received a 15 percent reduction in premium at their first annual renewal if they didn't file claims, with further reductions of 5 percent each ...
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.
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 ]
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 home insurance has always been complex due to the state’s high risk of storm damage, but the incidence of fraudulent roofing claims has pushed the market to the brink of collapse.
Merchants Preferred commenced business in 2007 to rebuild and expand its preferred-risk business after the sale of a like subsidiary, [1] and Merchants National commenced business in 2009. [2] Merchants employs over 300 insurance professionals throughout its operating territories, and works with more than 1,000 independent insurance agents.
According to Bankrate, as of August, the average annual premium for insurance in Florida is $5,531 for a $300,000 home — nearly two-and-a-half times the national average of $2,270.
Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume. [1] According to Swiss Re, of the $6.782 trillion of global direct premiums written worldwide in 2022, $2.959 trillion (43.6%) were written in the United States.