Florida homeowners insurance News

State Farm Wants to Increase Homeowners Business in Florida… a Bit

One of Florida’s largest homeowner insurers has announced it will once again begin writing new business in the state, just several years after canceling a substantial portion of its book of business. State Farm Florida announced it has plans to …

Homeowners Choice Sells First Flood Policy in Florida

Homeowners Choice Property & Casualty Insurance Co., Inc., a Florida based provider of admitted homeowners insurance and wholly-owned insurance subsidiary of HCI Group, Inc., is now selling flood insurance to existing customers in Florida. Many Florida residents have seen a …

Report Casts Light on High Cost of Homeowners Insurance in Florida

Floridians are paying the highest homeowner insurance rates in the nation even though the state has not been hit by a hurricane in nearly a decade. A national report shows the average premium for most Florida homeowners is $1,933 a …

Florida’s Citizens Has New Plan to Shift 200,000 Policies to 8 Private Insurers

Florida’s largest insurer could be shifting thousands more of its policyholders away from the state-created company and into private insurance companies. The head of Citizens Property Insurance Corp. announced Friday that as many as 200,000 customers from across the state …

Florida Approves 6.3% Increase In Citizens Homeowners Rates

Florida homeowners who secure coverage through the state-backed property insurer will see their rates increase by a statewide average 6.3 percent based on a ruling by state regulators. Homeowners with multiperil policies will see a 4.4 percent increase – or …

Florida’s Citizens Makes Case for Homeowners, Sinkhole Rate Increases

Florida’s state-backed property insurer is seeking a statewide average 6.6 percent increase in homeowners’ rates and a 24.8 percent increase in sinkhole rates while citing reduced losses and an improved financial position. Citizens Property Insurance Corp., which insurers 1.2 million …

Florida Consumer Advocate to Review Insurers’ Homeowners Claims Handling

Florida’s insurance consumer advocate is launching a group to look at how insurance companies are handling claims from homeowners. Robin Smith Westcott said she is creating a working group to come up with recommendations, including whether legislators should change state …

Florida’s Citizens, Regulators Agree to Restrict Eligibility for New HO-8 Policies

Florida’s state-backed property insurer and state regulators have cleared the path for the insurer to begin issuing a new HO-8 policy by limiting it to low-value older homes, addressing concerns that the policies’ low rates could lead to a potential …

Even Without Big Storms, Florida Property Insurance Costs Rise

Marco Tarafa was stunned to find that his homeowners’ policy is increasing by nearly $1,000 a year  —all because inspectors couldn’t get into his attic, where there was no crawl space and about 24 inches of insulation. Tarafa was a …

Florida Approves 10.8% Rate Hike for Citizens; Also 21.4% for Sinkholes

Florida regulators have approved a 10.8 percent statewide average homeowners insurance rate increase and a 21.4 percent increase in sinkhole rates for the state-backed property insurer. Insurance Commissioner Kevin McCarty announced the new Citizens Property Insurance Corp. rates that hue …