68,200 Home Insurance Policies to be Canceled as Hurricane Season Begins

New Source: South Florida Sun-Sentinel Date Published: May 14, 2022 Author: Ron Hurtibise Florida’s property insurance crisis is about to hit home for tens of thousands of policyholders. More than 68,000 policies of troubled Sunrise-based FedNat Insurance Company and its sister companies Maison and Monarch National will be canceled by the end of June, according to terms…

Analysts calls for shock tactics to scare lawmakers into passing meaningful home insurance reform

Publisher: South Florida Sun-Sentinel Author: Ron Hurtibise Date Published: May 4, 2022 A national insurance industry research analysis firm is calling for the global reinsurance industry to shock Florida lawmakers into enacting meaningful property insurance reform. But the strategy the firm proposes would not only shock lawmakers, it would interrupt coverage for untold numbers of Florida homeowners and…

Consumer Alert: Contractor Fraud: A Threat to Market Stability

  Author: Tasha Carter, Florida’s Insurance Consumer Advocate Date: April 11, 2022 Insurance rates are skyrocketing and majority of homeowners are feeling the impact. Higher insurance rates can be life altering, requiring homeowners to make decisions between vital medications, food, gas and other essentials. Fraud, specifically schemes perpetuated by contractors and other third parties, is…

State-Run Insurer Seeks 11% Rate Hike Request Comes as Private Market’s Turmoil Continues

Source: Insurance News Net Date Published: April 2, 2022 Citizens Property Insurance Corp., the state-run “insurer of last resort,” is proposing an across-the-board rate hike of nearly 11%, the highest increase allowed by law. The request comes as Florida’s private property insurance market sinks deeper into turmoil, insurance industry analysts said, driven in part by roof-replacement fraud and…

Grim New Developments Reveal More Trouble in Florida Home Insurance Market

  Source: South Florida Sun-Sentinel Author: Ron Hurtibise Date: March 29, 2022 Florida’s home insurance availability crisis continues to claim new victims, and worries are mounting that more companies could be declared insolvent as this year’s hurricane season draws near. The industry’s financial storm clouds have prompted fears of collapsing companies and the massive growth of…

Insurance customers, do you like rate hikes? Then you’re going to love upcoming surcharges to pay for companies’ failures

Source: South Florida Sun Sentinel Author: Ron Hurtibise Date Published: March 6, 2022 For home insurance customers, the hits just keep coming. On top of a series of steep rate increases over the past few years, now come surcharges to clean up messes left behind by failed insurance companies. Orlando-based St. Johns Insurance Co. — one of the…