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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]
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 ...
Florida Peninsula began writing home insurance in Florida in April 2005. It sells property coverage exclusively, insuring nearly 150,000 properties throughout the state through a network of 2,500 ...
Amid a statewide home-insurance crisis that has seen private insurance companies fail, cancel or stop writing policies, the number of homeowners covered by Citizens has ballooned, reaching 938,437 ...
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.
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 ...
To be eligible for a Citizens policy, homeowners must show that they cannot find coverage with another carrier or that the quote from a private insurer is at least 20 percent more than a Citizens ...
The Florida OIR established a reinsurance fund through its last-resort insurer, Citizens. This means that if an insurance company’s financial strength rating is downgraded below the ‘A ...
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