Florida Senator Tries Cat Fund Changes to Cut Cost of Property Insurance

Source: Insurance Journal Author: William Rabb Date: January 28, 2022 Seeing no action on bills that would address Florida’s spiraling property insurance problems head-on, one state senator took a different route Thursday and proposed reducing insurers’ payments to the state’s hurricane catastrophe fund, a move he said could save policyholders as much as $1 billion…

World’s First Crypto Mortgage? Homeowners’ Insurers Don’t Hate It

Source: Insurance Journal Author: William Rabb Date: January 26, 2022 If homeowners’ insurance carriers weren’t facing enough issues this year, here’s one more to think about: A Miami company is now offering cryptocurrency-based mortgages. Some insurance representatives are cautiously optimistic about the idea, but a few are wondering what a Bitcoin mortgage could mean for policies…

NFIP Authorized through February 18, 2022

On Thursday, December 2, 2021, Congress passed a continuing resolution (CR) to fund the federal government and authorize the National Flood Insurance Program (NFIP) through February 18, 2022. Both funding and the NFIP had been set to expire on December 3, 2021. The NFIP had previously been authorized through December 3, 2021, in a similar…

Get ready to dig deeper: Despite reforms, insurers warn consumers that more rate hikes are coming

News Source: South Florida Sun Sentinel Author: Ron Hurtibise Date: October 24, 2021 Homeowners hoping for an end to steep property insurance rate increases next year might as well start looking for other expenses to trim. It’s not happening. Costs won’t be stabilizing or going down anytime soon, multiple officials told state lawmakers during committee hearings in Tallahassee…

Ida is already one of history’s most expensive storms. Here’s how it will affect your insurance rates

News Source: South Florida Sun Sentinel Author: Ron Hurtibise Date: September 13, 2021 Florida might have dodged a bullet from Hurricane Ida, but consumers in the Sunshine State ultimately won’t be able to escape its financial wrath. Insurance experts say Ida will drive up rates for reinsurance — which is insurance that insurance companies must buy to guarantee…