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The news about Florida's property insurance market is not particularly sunny these days. Headlines are full of insurers pulling out of the state, premiums shooting up, and homeowners with ...
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 Florida home insurance more ...
In 2023 for instance, Farmers Insurance said it will no longer offer coverage in Florida — the fourth major insurer to pull out of the state so far that year — in a move that would affect ...
Insurers are pulling out of big states, and extreme weather and climate change is factoring into the decisions.
Insurance companies also have safeguards to pay out claims. Insurers are supposed to be prepared for hurricane season by buying reinsurance — basically coverage for insurance 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.
The problem is most acute in disaster-prone parts of Florida and Texas, where insurance premiums and HOA fees have been rising particularly fast. In Houston, the median condo sales price fell 6.5% ...
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