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Florida insurance companies made money last year for the first time in seven years. That is thanks to investment income and a mild hurricane season. That's according to an an S&P Global Market Intelligence analysis released last week.
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Three primary factors are driving the insurance challenge: natural disasters are becoming more common and costly; the price of reinsurance is skyrocketing; and Florida’s litigation-friendly environment compounds the issue by making it easy for customers to sue their insurers.
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Florida lawmakers resurrected the nearly 20-year-old program during a 2022 special session. Now, they are considering keeping it alive.
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As Florida homeowners grapple with increased property-insurance rates, two Republican lawmakers have filed a proposal that would allow people to buy policies covering only unpaid mortgage-loan amounts.
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Florida taxpayer-owned Citizens Insurance is using unlicensed inspectors in a little-known program that is ramping up inspections, ¸Û°ÄÌìϲÊfound. Homeowners and industry insiders say the move is alarming.
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High premiums, on top of what already is an affordability crisis across the state, continues to drive up the cost of living and make homeownership more expensive and difficult to achieve. They will be addressed during a special session that starts today.
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A key senator said he does not expect lawmakers to make major property-insurance changes during the 2024 legislative session, as they continue to watch the results of an overhaul passed last year.
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Barrier islands like Key Biscayne — vulnerable to sea level rise and tropical storms — are in the eye of the property insurance crisis, with owners seeing huge premium hikes and policy cancelations.
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Farmers is the latest insurance company to pull out of Florida. The moves leaves tens of thousands of customers facing the daunting task of finding new carriers.
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Floridians are bracing for additional rate hikes as they are already paying higher monthly payments than homeowners in other states.
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Florida lawmakers this week held a special session and passed a 105-page bill aimed at stabilizing the state’s troubled property-insurance system.
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After lawmakers this week passed an overhaul of the state’s property-insurance system, Florida Insurance Commissioner David Altmaier on Thursday submitted his resignation to Gov. Ron DeSantis.