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Homeowners insurance in Florida increased about 40% year over year in 2023—and a whopping 102% during the past three years, according to the Insurance Information Institute. Florida insurance ...
The insurer, California’s largest, is requesting a 30% rate increase for its homeowners line, a 52% rate increase for renters and a 36% rate increase for condominium owners. State Farm was ...
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 ...
Personal property insurance is a certain percentage of Coverage A, or dwelling coverage. Usually, the industry standard is 50 percent of the dwelling coverage, but the amount can vary between ...
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an ...
In early 2009, the State Farm Florida subsidiary, the state's largest insurer, offered to withdraw from writing property insurance business in Florida after state regulators refused to approve a 47% property rate increase. State Farm said that, in Florida, it had paid out $1.21 USD in claims for every dollar in premiums since 2000.
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Home insurance. Home insurance, also commonly called homeowner's insurance (often abbreviated in the US real estate industry as HOI ), is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents ...