![]() June 9, 2023: The state’s insurer of last resort Citizens Property Insurance proposed a 12.6% statewide average rate hike for standard home insurance policies in 2023. It’s also led the state’s insurer of last resort, Citizens Property Insurance, to jump to 1.3 million policyholders. The insurance market instability has forced many Floridians to search for other home insurance companies. The Woodland Hills, California-based insurance company is the latest property insurance company to stop selling home insurance policies or completely leave the state. ![]() That combination is leading to higher home insurance claim costs, which the company said is affecting profitability. Farmers is the fifth largest home insurer in the nation but only the 16th largest in Florida, where it has a market share of less than 2% in the homeowners insurance market.įarmers said the decision comes following higher prices connected to lumber and labor costs, and inventory and supply demand problems. June 15, 2023: Farmers has stopped selling new home insurance policies in Florida. Latest Florida Homeowners Insurance Developments “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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