11/9/2023 0 Comments Tower hill insurance cancellation2, 2023: About 184,000 Citizens Property Insurance policyholders are being moved to five different property insurance companies: 14 that 280,000 Citizens Property Insurance policies will be moved to private insurance companies through October 2023.Īug. The Office of Insurance Regulation said on Aug. The insurance company has grown to 1.3 million policyholders this year because of the industry’s instability in Florida. The state is additionally looking to reduce the size of the state’s last resort home insurer, Citizens Property Insurance. The moves also come on the heels of multiple home insurance reform packages approved by the legislature that looked to tackle home insurance costs and add industry oversight. The new entrants to Florida come after multiple home insurance companies went out of business, stopped selling new Florida policies or left the state. Tailrow is part of the HCI Group, which also owns Homeowners Choice and TypTap Insurance. The state earlier approved Tailrow Insurance in April. The state’s Office of Insurance Regulation approved Mainsail Insurance, a Texas-based insurance company, to sell property/casualty insurance in the Sunshine State. 16, 2023: Florida homeowners will soon have another home insurance option. State regulators gave Citizens 30 days to revise its rate hike proposal, which is expected to take effect in December.Īug. But increases can be higher if they’re connected to inflation in the labor and building materials markets. The 12% average rate increase is the maximum allowed by law for multi-peril policies, such as HO-3 home insurance, which is the most common type of policy. Regulators suggested increasing multi-peril home insurance rates by 12% on average for the coming year rather than the higher increase that Citizens proposed in June-12.5% on average for the coming year. 22, 2023: The Florida Office of Insurance Regulation requested that Citizens Property Insurance rework its proposed home insurance premium increase for 2024. Latest Florida Homeowners Insurance DevelopmentsĪug. “Florida’s insurance market is spiraling toward collapse,” says a report commissioned by the Florida Senate’s Banking and Insurance Committee. The legal hammering the state is taking could make things even worse. One major complaint is that insurers are trying to ward off the threat of having to pay for new roofs by rejecting customers who have asphalt shingle roofs that are more than 10 years old. And other roofing contractors subsequently joined the lawsuit, which hasn’t yet been decided. DeSantis, restricting contractors from using “prohibited advertisements” to encourage homeowners filing insurance claims for roof damage.īut a federal judge slapped an injunction on the law when a roofing contractor said it violated his First Amendment right to free speech. The situation became so bad that the state legislature passed a law, signed by Gov. They can be so aggressive that they put flyers on every doorknob in many neighborhoods, while offering $500 gift cards. Roofing contractors are aggressive in contacting Florida homeowners who may-or may not-have actual roof damage. Ron DeSantis has said that the state’s AOB system “has really degenerated into a racket.” Florida Roofs Are a Central Pain Point Bob Rommel, the homeowner received $35,000 the attorney got $756,000.įlorida Gov. The contractor can then hire an attorney, often before talking to the insurance company.įlorida law states that if the lawyer wins a dollar more than the insurer offered, the insurer must not only pay the claim-which the contractor may have inflated-but also all legal costs, which could be thousands of dollars for a claim that might have originally been a few hundred. AOB allows a homeowner to turn his or her claim over to a contractor instead of dealing with the insurer. But Florida has more than three-quarters of all property claims lawsuits, many of which lawmakers say are frivolous.įlorida home insurance companies often face a no-win situation when they fight an insurance claim in court, thanks to the state’s Assignment of Benefits (AOB) law. Florida Home Insurance Has ‘Degenerated Into a Racket’įlorida’s population is heading for 22 million and it accounts for just 8% of property claims nationwide. That’s why it’s wise to compare home insurance quotes from multiple insurance companies. But the cost for the same amount of coverage can vary significantly among insurance companies. Several factors can determine your ability to obtain cheap home insurance in Florida, including:Īll of these factors are taken into account by insurers when pricing policies. Homeowners Insurance Cost Factors in Florida The best home insurance company for you will also provide the types of coverage and discounts that match your homeowner profile. It’s wise to compare home insurance quotes to find the most affordable rates, but don’t rely on price alone to make your decision.
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