Florida homeowners market News

HSCM Bermuda Takes Majority Stake in Florida Insurer Southern Fidelity After Merger

After a tumultuous year that included double-digit rate increases, an intervention by the state regulator and a merger, Florida-based insurer Southern Fidelity Insurance Co. (SFIC) and its affiliated entities have ceded a majority stake in ownership to Hudson Structure Capital …

Florida Property Insurance Market Inches Closer to Crisis – Part 2

The Florida Office of Insurance Regulation is monitoring the state’s property insurance situation that is seen as in a crisis by those in the industry. The regulator said the insurance market has been buffeted by multiple hurricanes in the last …

Florida Property Insurance Market Inches Closer to Crisis – Part 1

After years of warnings that the Florida property insurance market was heading towards an availability crisis, many in the industry say the moment of reckoning has arrived. They blame unchecked claims litigation from non-catastrophe water losses and rising reinsurance rates …

Thousands of Homes in Florida’s Palm Beach County Now in High-Risk Flood Zones

Thousands of property owners in one Florida County will be in newly created flood hazard zones later this year, and that means they’ll be required to buy flood insurance for the first time. The Palm Beach Post reports the Federal …

Florida Foreclosure Filings Spiked in July

After almost a year of month-to-month declines, new foreclosure starts in Florida rose in July. The research firm Realty Trac reported last week that foreclosure starts increased 16 percent in July from the previous July. Florida had the nation’s highest …

Report: Florida Coastal Communities Rebuilt, Ready to Face Future Storms

Since eight hurricanes whipped through Florida during back-to-back seasons a decade ago, causing $33 billion in insurance claims, the state’s coastal communities have added an additional 1.5 million people and almost a half-million new houses, an Associated Press analysis shows. …

Florida Homeownership Suffered Steep Decline in Last Decade

Florida had one of the largest declines in homeownership in the nation during the past decade, according to new figures released last week by the U.S. Census Bureau. The homeownership rate in Florida went from more than 73 percent at …

Anchor P&C Is Newest Florida Homeowners Insurance Carrier

Anchor Property and Casualty Insurance Co. became licensed by the Florida Office of Insurance Regulation (OIR) on Oct. 28 to write homeowners insurance business in the state. At the same time, the company has been approved to assume approximately 50,000 …

How Strong Is Florida’s ‘Revived’ Homeowners Market?

As Florida seeks to revive its private home insurance market after almost a decade without a hurricane, homeowners are pouring $6 billion a year in premiums into a new generation of small, in-state insurance companies with an unproven record of …

Florida Frets That With Proposed Rate Cut, Citizens Could Be Too Competitive

Florida’s state-backed property insurer’s proposed rate reduction is raising questions about whether it will make the insurer competitive with the private market. Citizens Property Insurance Corp. recently proposed 2015 rates that include a statewide average 2.9 percent rate decrease on …