BAY COUNTY, Fla. (WMBB) — A political hopeful made a stopover in Panama City on Monday. Democratic Florida chief financial officer candidate Adam Hattersley is frustrated with the current state of property insurance and its lack thereof in Florida. “A lot of the problems we see in Florida stem from rules outside of insurance...
Read MoreFT. MYERS, Fla. — Many feared a single big storm could cost every homeowner in Florida if state-backed insurer of last resort Citizens Property Insurance Corp. couldn’t afford to pay the claims of its most of a million fonts. The insurer hit 1.1 million policies, more than double its average size, just before Hurricane...
Read MoreA Hawaii property and casualty insurance agency published an article on the basics of Hawaii commercial property insurance. The Atlas Insurance Agency team created this article to help business owners in Hawaii understand their coverage options. Honolulu, Hawaii (getnews) October 10, 2022 – Atlas Insurance Agency, a Hawaiian P&C insurance agency, recently published an...
Read MoreWhile an analyst predicts $63 billion in insurance claims from Hurricane Ian, the Connecticut group of specialty insurers is working to cover some of those losses through reinsurance policies they sell, putting further pressure on home and auto insurance rates as insurers seek to recoup losses. Ian was one of three massive storms to...
Read MoreNew JerseyNJ–(SBWIRE)– 02/10/2022 — A new intelligence report released by HTF MI with the title “Global Property Insurance Market Survey and Outlookis designed to cover the micro level of analysis by insurers and major business segments, offerings and sales channels. Comprehensive property insurance offers energetic visions to determine the market size, opportunities, growth pattern,...
Read MoreRental property insurance, also known as landlord insurance, covers the unique risks incurred when renting out your home or condo for long periods of time. Its coverage includes property damage, liability costs and loss of rental income for landlords who rent out their property. Whether you are renting out your home, a vacation home...
Read MoreOn Tuesday, perhaps coincidentally, as Hurricane Ian prepared to target the Tampa-to-Fort Myers area, another Florida-based property insurance company will stop underwriting future property insurance policies. Sunrise-based FedNat Insurance Company became the sixth this year, and 16th overall, to appear on the liquidation-receipt list in which insurers stop writing future policies or simply pull...
Read MoreFlorida’s property insurance market was struggling before Hurricane Ian appeared on the radar, with the state’s 6.2 million homeowners paying at least three times more than those spent elsewhere in the United States. United for coverage, according to the Insurance Information Institute. After the massive, slow-moving storm made its way through the state, analysts...
Read MoreDigital insurer Edelweiss General Insurance (EGI) has partnered with Chennai-based Repco Home Finance Ltd (RHFL) to offer insurance solutions to all RHFL home loan clients. Through this partnership, EGI will offer property insurance coverage and loan protection coverage to RHFL customers through its branches spread across India. In accordance with Edelweiss General Insurance, a...
Read MoreNew Jersey, United States — (SBWIRE) — 09/02/2022 — The latest published study of the Global Property Insurance Rating Solutions Market by WADA Research assesses market size, trend and forecast to 2027. The Property Insurance Rating Solutions Market study covers significant research data and evidence to be a handy resource document for managers, analysts,...
Read MoreClick to enlarge United Property & Casualty Insurance Co. will exit Florida’s struggling home insurance market, forcing customers to find new coverage as their policies renew, the insurer’s parent company announced Thursday. Petersburg-based United Insurance Holdings Corp. said it had filed plans to pull out of so-called personal insurance markets in Florida, Texas and...
Read MoreNew JerseyNJ–(SBWIRE)– 08/25/2022 – Latest research study published by HTF MI “Global Home and Property Insurance Market” with 100+ pages of analysis on the business strategy adopted by key and emerging players in the industry and provides know-how on the development market current, landscape, technologies, drivers, opportunities, market view and status. Understanding the segments...
Read MoreThe summer of 2022 has been marked by uncertainty for millions of homeowners in Florida. Rampant fraud, excessive litigation and a deteriorating climate have sent the property insurance market in Florida into a tailspin. With news that 27 of Florida’s property insurance companies could face financial rating downgrades, Florida homeowners brace for the possibility...
Read MoreYou would think heads of state would choose their words more carefully when addressing the only property insurance rating agency that stands between our insurance crisis and a complete collapse of the lodging. Last name calls won’t win you friends or sway people, let alone create more affordable insurance options. Last month the Demotech,...
Read MoreAccording to the Texas Department of Insurance, 30,000 people lost their home insurance following the insolvency of a Florida-based company. A Florida court has ordered Weston Property and Casualty Insurance to liquidate and cease operations by September 7. According to TDI, 23,000 Weston, Texas customers live in the “designated disaster zone” along the coast....
Read MoreAdding to the fallout from Florida’s troubled property insurance market, an agency that handles claims after insurers’ insolvency approved a $150 million borrowing plan on Friday – with state policyholders expected to repay the loan. The Florida Insurance Guaranty Association’s board of directors made the decision after five property insurers went insolvent since February....
Read MoreMARION COUNTY, Florida. – After more than a decade of retirement, a Marion County woman says she is returning to work. The reason? The cost of home insurance. Even lawmakers who backed the new legislation said what they passed in May and which has already come into force is not enough. When Pamela Kelley...
Read MoreComprehensive commercial property insurance plans can be availed through Mynatt Insurance. This press release was originally distributed by ReleaseWire Tampa, FL – (ReleaseWire) – 08/16/2022 – Mynatt Insurance is an independent insurance agency that offers home, car, business, and even contractors insurance in Carrollwood and Greater Northdale, Florida. As an independent insurance agency, they...
Read MoreTampa, Florida — (ReleaseWire) — 08/16/2022 — Mynatt Insurance is an independent insurance agency that offers home, auto, business and even contractor insurance in Carrollwood and Greater Northdale, Florida. As an independent insurance agency, they represent several leading insurance companies. this allows Mynatt Insurance to offer its customers insurance plans that are both economical...
Read MoreClick to enlarge The state-backed Citizens Property Insurance Corp. topped one million policies for the first time since 2014. Created as an insurer of last resort, Citizens has absorbed a flood of policies as private insurers abandon customers and push for big rate increases due to financial losses. The Citizens website showed on Thursday...
Read MoreTAMPA BAY, Fla. – During the first week of August, four Florida property insurance companies had their ratings removed from ratings agency Demotech’s database and one is now in liquidation. Weston Property & Casualty Insurance is the fifth property insurance company operating in Florida to go into receivership this year. According to the Florida...
Read MoreClimate risk threatens property insurance profits: GlobalData August 8, 2022 A new report from GlobalData warns Australian home insurers of rising profitability risks as the advent of weather-related claims linked to climate change compounds rising insurance costs. The report finds loss ratios for Australian property insurers fell from 66.1% in 2019 to 84.6% last...
Read MoreTAMPA BAY, Fla. — The Florida Office of Insurance Regulation is sending Weston Property & Casualty Insurance into receivership, meaning the company doesn’t have enough funds to continue covering its existing policies. It comes a day after state rating agency Demotech withdrew the company’s rating from an outstanding ‘A’ to an ‘NR’ or no...
Read MoreTAMPA, Fla. — Effective Aug. 1, Florida-based rating agency Demotech lowered the financial stability rating of one property insurance company and removed the ratings of two others. Demotech has downgraded United Property & Casualty Insurance (UPC) from an “A” meaning exceptional to an “M” meaning moderate. The agency also stripped the ratings of Weston...
Read MoreIn Florida, “A” rated companies show financial stability. TAMPA, Fla. — Florida ratings firm Demotech has confirmed that four insurance companies have been downgraded. Demotech told 10 Tampa Bay that these four companies were downgraded: Florida Family Insurance Company – Aʹ (A Prime) to A Florida Family Home Insurance Company – Aʹ (A Prime)...
Read MoreThe Lease Reform (Disclosure and Insurance Commissions) Bill – which would make it compulsory for landlords to disclose commissions – was introduced as a private member’s bill in the House of Lords at the start of the month (July 14, 2022). Introduced by Lord Kennedy of Southwark, the bill would also prevent landlords from...
Read MoreTAMPA BAY, Fla. — We’re learning more about what Florida home insurance companies are doing to circumvent the state’s new roof legislation to stay in business for homeowners. Independent insurance agents say it’s not like insurance companies are being sneaky about insuring old roofs, but instead they simply can’t take the financial risk of...
Read MoreTAMPA, Fla. (WFLA) — Another property insurance company said Thursday it will suspend new business in Florida “until further notice” amid the state’s current home insurance crisis. According to a press release obtained by 8 On Your Side Investigative Reporter Mahsa Saidi, American Traditions Insurance Company will temporarily stop taking new business starting next...
Read MoreProperty Insurance in the Oil and Gas Sector Market A new report titled Property Insurance in the Oil and Gas Sector Market Size, Growth and Forecast 2022-2028, Breakdown Data by Company, Key Regions, Types and Applications. The report has been compiled using primary as well as secondary research methodology which will provide precise and...
Read MoreTAMPA, Fla. (WFLA) — For the first time, Governor Ron DeSantis has spoken about an issue 8 On Your Side has warned homeowners about — a possible downgrade for dozens of insurance companies that could put your coverage at risk. On Wednesday, Governor DeSantis told investigator Mahsa Saeidi there were two positive developments. Crist...
Read MoreEditorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. If you own one or more properties that you rent out, you probably need rental insurance. Here’s what rental property insurance is, what it covers, and whether or not you need...
Read More(WFLA) – Within four days, a rating agency plans to downgrade 17 property insurance companies in Florida, according to state officials. Heads of state warn that financial chaos will follow and millions of Floridians could be affected. 17 property insurance companies face rating downgrades in Florida 8 On your side Investigator Mahsa Saeidi contacted...
Read Moreresearchreports.xyz has unveiled the addition of a new study titled Global Corporate Property Insurance Market which incorporates regional and global price information and is expected to generate profitable value between 2022 and 2030. The research defines the market, designates it, describes its operations, interactions and global trends in the commercial property insurance industry. The...
Read MoreSouthern Fidelity Insurance Company is the latest property insurer to close in Florida. “As of July 15, 2022, all Southern Fidelity policies will expire,” said Mark Friedlander of the Insurance Information Institute. It’s the fourth insurer ordered into liquidation so far this year, leaving about 78,000 policyholders in Florida scrambling to find new coverage...
Read MorePORT ST. LUCY – The state of Florida is in the midst of a home insurance crisis. All over the treasure coastresidents were hit with sticker shock after receiving their home insurance bills, reflecting a 10-50% increase in their premiums. Port St. Lucie Business Women member Kathy’s postCEO and owner of insurance post in...
Read MoreNew JerseyNJ–(SBWIRE)– 07/07/2022 – Latest research study published by HTF MI “Global Commercial Property Insurance Market” with 100+ pages analysis on business strategy adopted by key and emerging players in the industry and provides know-how on current development market outlook, landscape, technologies, drivers, opportunities, market insight and status. Understanding the segments helps to identify...
Read MoreBreadcrumb Links Local News Local flood risks cost local property owners dearly. Matthew Bondy of Bondy Insurance is pictured outside his LaSalle office on Thursday, July 7, 2022. Photo by Dax Melmer /Windsor Star Content of the article LaSalle has the highest property insurance rates in the province, followed closely by Windsor, according to...
Read MorePeople can invest in affordable yet comprehensive home insurance plans through Concise Solutions Insurance Services. This press release was originally distributed by ReleaseWire San Mateo, CA – (ReleaseWire) – 07/05/2022 – Concise Solutions Insurance Services is a popular, independent insurance agency. In addition to typical life, auto, and home insurance, one can invest in...
Read MoreTAMPA, Fla. (WFLA) — A month into hurricane season, a bankrupt insurance company has left some Florida families caught in a home insurance nightmare. Earlier this week, 8 On Your Side spoke with a couple whose insurance company went bankrupt. After this story spread, more owners reached out, all asking what would happen next....
Read MoreTAMPA, Fla. (WFLA) — Nearly 80,000 Floridians are scrambling to find new homeowners insurance amid hurricane season. Their insurance company, Southern Fidelity, went out of business, leaving policyholders with questions and concerns. 8 On Your Side gets answers for a family. This couple is on a fixed income. Not only do they have about...
Read MoreAM Best, the world’s largest credit rating agency, specializes in the insurance industry. A rating agency assesses credit risk and assigns ratings to individuals, entities and even countries. Local banks, for example, use the ratings to make pricing decisions on loans. Debts incurred by governments around the world are also noted. Better grades mean...
Read MoreVIDEO: Citizen’s Property Insurance faces 900 new lawsuits per month Citizens face 900 new lawsuits per month ORANGE COUNTY, Fla. — A month after state lawmakers were summoned to Tallahassee to fix Florida’s broken home insurance industry, the crisis continues. “As we sit here today, we are just under 19,000, but we are rapidly...
Read MoreTALLAHASSEE, Florida. – Nearly 80,000 Florida homeowners will have to find new insurance, after Southern Fidelity declared bankruptcy. The Tallahassee-based company is the fourth insurer to declare insolvency since February. Southern Fidelity’s bankruptcy filing is concerning because, according to insurance agents, a large proportion of these abandoned customers will likely have to reinsure their...
Read MoreThere “commercial property insurance market” Research report 2021-2027 offering a comprehensive overview of market size, share and growth opportunities, industry segmentation by product type, applications, and geographical representation. The report highlights product development as well as technological upgrades that can drive the growth of the market. The Commercial Property Insurance market report includes...
Read MoreTAMPA, Fla. — A fourth property insurance company operating in Florida has been in receivership since February. Southern Fidelity was unable to obtain reinsurance for the upcoming hurricane season, and a judge declared the company insolvent. Two weeks after the deadline for property insurance companies to submit reinsurance plans to rating agencies and the...
Read MoreORLANDO, Florida. – It’s been just over two weeks since the governor signed into law an insurance bill, but consumers told News 6 that not all insurance agents are aware of what the law contains. Sheila Guzman said that every year her anxiety starts when it comes time to renew her home insurance, and...
Read MoreBased on the judge’s score, restaurants bringing COVID-19 business interruption cases against insurance companies have not beaten so far. (Photo: Mehaniq/Shutterstock) Courts continue to rule that businesses cannot recoup their financial losses from shutdowns during the pandemic under their professional liability policies. Judge Britt Grant’s opinion for the United States Court of Appeals for...
Read MoreAs the first named storm of the 2022 hurricane season – Alex – is already leaving its mark on Key Biscayne and all of South Florida, turmoil in the state property insurance market continues to escalate. . Tens of thousands of Florida homeowners are scrambling to find coverage as the insurance industry grapples with...
Read MoreIn last week’s special session of the legislature, state lawmakers passed a menu of changes to Florida’s property insurance laws that supporters say are the first steps toward rescuing the property insurance collapse in Florida. The session’s critics — mostly lawmakers who side with the Florida bar — say the legislation does little for...
Read MoreTALLAHASSEE — Less than a week after Florida lawmakers rushed to make changes to property insurance, a group of contractors on Tuesday filed a constitutional challenge that seeks a new restriction on attorney fees in lawsuits against insurance companies. The Restoration Association of Florida and Air Quality Assessors LLC, an Orlando company that does...
Read MoreGroups of contractors have sued in Florida against a new law that prohibits them from recovering attorneys’ fees if they prevail in a lawsuit against an insurer in circumstances known as “assignment of advantages “. Getty Images/iStockphoto TALAHASSEE Less than a week after Florida lawmakers rushed to make changes to property insurance, a group...
Read MoreThe geographical location of the country makes it vulnerable to disasters. In fact, more than 68% of the country is vulnerable to earthquakes, 15% is vulnerable to floods, 10% is vulnerable to cyclones, and the entire hilly region is prone to landslides. Recent major disasters cover all parts of the country including floods in...
Read MoreWhen Lynn Haven resident Tori Lambeth bought her first home in 2019, it was good. The payment – mortgage, taxes and insurance – was perfectly affordable. But every year since the purchase, the insurance costs have increased. “We were paying $1,360 and now it’s $1,586 a month because of our home insurance and our...
Read MoreProhibitive insurance premiums, a wave of litigation and failing businesses combine to leave many Florida landowners short and without options, say consumers and industry critics. Although state legislators have sent bills to address some of the problems in government. Ron DeSantiswho signed them on Thursday, observers say it will be up to 18 months...
Read MoreProhibitive insurance premiums, a wave of litigation and failing businesses are combining to leave many Florida homeowners short and without options, according to consumers and industry critics. Although state lawmakers sent bills to address some of the issues to Gov. Ron DeSantis, who signed them into law on Thursday, observers say it will take...
Read MoreTAMPA, Fla. (WFLA) – As the Special Session on Property and Homeowners Insurance drew to a close on Thursday, Governor Ron DeSantis signed two pieces of legislation focused on insurance reform and a bill session focused on reforms to prevent another tragedy like the collapse of Surfside in 2021. The session was called by...
Read MoreTALLAHASSEE (CBSMiami/NSF) – Florida lawmakers are set to give final approval on Wednesday to a series of changes aimed at strengthening the home insurance market as homeowners lose coverage and face steep increases rate. The Senate voted 30-9 on Tuesday to pass the proposal (SB 2-D), while the House is expected to vote on...
Read MoreTALLAHASSEE, Fla. (WFLA) — After several hours of debate, the Florida House on Wednesday passed a legislative package addressing property and condo insurance reforms. The Florida Senate had passed the legislation on Tuesday. The bills will now go to Governor Ron DeSantis’ office. The bills are aimed at stabilizing the state’s struggling market. Proposals...
Read MoreTALLAHASSEE, Fla. (AP) — The Florida Senate on Tuesday approved a sweeping legislative package intended to address rising property insurance rates and other problems in the state’s turbulent insurance market, in creating a $2 billion reinsurance fund and drafting new rules regarding denial of coverage and counsel. costs. The Republican-controlled Senate approved the legislation...
Read MoreTALLAHASSEE, Fla. (WFLA) — Members of the Florida legislature gather in Tallahassee Monday for the start of a special session to address the state property insurance crisis. For months, 8 On Your Side has documented the plight of homeowners in the Tampa Bay area. Many have seen double- or triple-digit rate hikes. Thousands of...
Read MoreTALLAHASSEE, Florida. – Florida lawmakers began moving forward on Monday with a plan to try to shore up the state’s struggling property insurance market, but homeowners shouldn’t expect immediate relief of soaring premiums. The Senate Appropriations Committee approved the plan (SB 2-D) on the first day of a special legislative session called by Gov....
Read MoreThe Legislature will be back in Tallahassee Monday to deal with a property insurance mess that is largely of his own making. Will legislators meeting in a brief special session be able to accomplish everything that needs to be done but was not done during their 60-day regular session? The odds are about the...
Read MoreSen. Jim Boyd says he is working on negotiations to get a bill to table for next week’s special session. Florida lawmakers are beginning to prepare bills to consider next week for the special session on property insurance. Many owners have seen their premiums increase by 30-60%. One of the things that has driven...
Read MoreTAMPA, Fla. (WFLA) — Homeowners are pressured by double- or even triple-digit home insurance premium increases. Lawmakers are expected to soon announce a bill for the next special session to address property insurance. But 8 On Your Side has learned that there are powerful forces against major reform. Home insurance crisis: DeSantis says ‘significant...
Read MoreThis week on Florida Matters, the state property insurance market is in deep trouble. Homeowners are paying more for less coverage as insurance companies dump their customers. Some companies have gone bankrupt. And some customers who are no longer privately insured are flocking to the “insurer of last resort,” Florida’s overburdened Citizens Property Insurance....
Read MoreOne by one, homeowners made their way to the speakers’ podium in Melbourne City Hall’s council chamber to tell their personal horror stories about the property insurance industry. Policies canceled without valid reason. Being declined for coverage by multiple carriers. Skyrocketing premiums. Insurers reject legitimate claims. Scams perpetrated to obtain “free roofs”. Florida Senate...
Read MoreTAMPA, Fla. (WFLA) – As Florida homeowners continue to deal with soaring home insurance prices, Florida’s chief financial officer says fraud is driving up insurance premiums. CFO Jimmy Patronis, who is responsible for fraud enforcement, stood alongside Citizens Property Insurance CEO Barry Gilway in Tampa on Thursday as they announced how they foiled a...
Read MoreTAMPA, Fla. – As Florida homeowners wait for a special session on property insurance reform to convene in May, more insurance companies are facing trouble and homeowner premiums are rising while fonts are dropped by the thousands. As of May 1, seven property insurance companies in Florida were currently in liquidation due to financial...
Read MoreThe property insurance market in Florida is struggling. “Over the past two years, private companies operating in Florida have had a combined negative net income of $1 billion. So the market is basically closing.” It’s bad for the owners too. “Consumers are on life support right now. They are paying more money for less...
Read MoreThe first studies have been completed and the meteorologists agree. Florida is gearing up for another year of above average tropical activity. In fact, hyperactive hurricane seasons are becoming the new normal. Since 2016, every season has seen above-normal activity. “We are updating our definition of what is defined as means. It is based...
Read MoreTAMPA, Fla. — Next month, May 23-27, lawmakers will resume a special session in an effort to address the rising cost of property insurance across the state and a lack of coverage options. For many people, their annual costs have more than doubled and more than 800,000 homeowners have turned to Citizens Property Insurance...
Read MoreTALLAHASSEE, Fla. (AP) — Florida Governor Ron DeSantis announced Tuesday that lawmakers will return to the Capitol in late May for a special legislative session to address rising state property insurance rates. The Republican set the May 23 session for May 27 and tasked the GOP-controlled state house with reviewing legislation on property insurance,...
Read MoreFormer British Prime Minister Benjamin Disraeli was full of insight with his poignant anecdotes. He once summed up the political courage of one of his adversaries by observing: “Our fellow citizens are moving in the streets. And I have to find out which way they’re going, and get in front of them. Because I...
Read MoreState Sen. Jeff Brandes tweeted Monday that he had more than enough responses from lawmakers to get the ball rolling during a special session to deal with rising home insurance rates. Brandes, a Republican from St. Petersburg, didn’t wait for Gov. Ron DeSantis or the legislative leadership to line up lawmakers for a special...
Read MoreAsked what can be done about Florida’s growing property insurance challenges, lawmakers at a Volusia County forum on Thursday said the problems stem from lawsuits as well as fraud and abuse. ‘assurance. Republican representatives. Webster Barnabas by Deltone and Tom leek of Ormond Beach characterized the home insurance problem as an issue that requires...
Read MoreNew Jersey, United States,- The global Commercial Property Insurance Market is comprehensively and thoroughly examined in the report, focusing on the competitive landscape, regional growth, market segmentation, and market dynamics. For the preparation of this in-depth research study, we have used the latest primary and secondary research techniques. The report provides Porter’s Five Forces...
Read MoreTAMPA, Fla. (WFLA) — The Florida Legislature is set to convene a special session aimed at addressing the state’s home insurance crisis. State Sen. Jeff Brandes, R-St. Petersburg, confirmed on Monday that it had formally obtained the necessary signatures from fellow lawmakers to advance a legislative maneuver that would force a special session. Home...
Read MoreTAMPA BAY — Industry experts often use terms such as life support, brink of collapse and crisis to describe the state of the property insurance market in Florida. Joe Petrelli, president of Demotech, the company that rates the solvency of insurers, points to the recent closure of three companies: Lighthouse, St. Johns Insurance and...
Read MoreThanks to Schillinger Insurance, you can invest in premium home and farm insurance. This press release was originally distributed by ReleaseWire Port Austin, MI – (ReleaseWire) – 04/08/2022 – Schillinger Insurance was established in 1947. This agency has achieved this longevity in a competitive industry by focusing where it belongs, its customers. One can...
Read MorePort Austin, Michigan — (ReleaseWire) — 08/04/2022 — Schillinger Insurance was established in 1947. This agency has achieved this longevity in a competitive industry by keeping its focus where it belongs, its clients. One can invest in home, life, health, business and auto insurance in Sandusky and Bad Axe, Michigan. For many, real estate...
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