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Cate Deventer. April 22, 2024 at 8:00 AM. In 2022, the Florida home insurance market spent months tumbling toward collapse, but legislation was put in place to help mitigate disaster. These laws ...
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 corporation ...
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 ...
Citizens Property Insurance Corporation (Citizens) was created in 2002 from the merger of two other entities to provide both windstorm coverage and general property insurance for home-owners who could not obtain insurance elsewhere. It was established by the Florida Legislature in Chapter 627.351 (6) Florida Statutes as a not-for-profit insurer ...
Those two pieces of good news have industry-watchers and politicians saying legislation passed in 2022 and 2023 reforming state tort laws are having the desired effect. ... Florida insurance ...
Home insurance costs are expected to rise by 40% in Florida in 2023; state governments have some power to limit those hikes, or to make cheaper government insurance available, but they cannot ...
The average premium for homeowners insurance in Florida hit $6,000 per year for 2023, compared with just $1,700 for the nation as a whole, according to the Insurance Information Institute.
Most notably, the board approved a plan to pay the fledgling Heritage Property & Casualty Insurance Co. up to $52 million in 2013 in exchange for taking on about 60,000 Citizens policies ...