Castle Key’s 54% Condo Rate Hike Gets Hearing, Showing New Pressures in Florida
The Florida Office of Insurance Regulation next week will hold hearings on two property insurers’ requests for 54% average rate increases, one of which has already affected more than 105,000...
View ArticleArmy veteran whose condo insurance jumped 563% last year takes crusade to...
Thomas Baker, the Daytona Beach Shores condo owner who complained about his building’s property insurance rate rocketing up 563% last year, took his concerns to Tallahassee this week.\ Unlike the...
View ArticleCastle Key (Allstate) Defends 53.5% Condo Rate Hike, Blames Reinsurance, Ian,...
When Allstate’s Florida unit, Castle Key Indemnity Co., entered the surging condominium insurance market in 2020, it looked like it had made a smart bet: Within two years, the carrier had added no...
View ArticleHOA insurance premiums skyrocket across Colorado, driving up condo dues
To say Rosalie Hayes was stunned when she opened the letter describing a dues increase at her Arvada condo complex this year would be an understatement. “When I opened this letter, it was just like...
View ArticleOregon homeowners face rising premiums or limited property insurance options...
Nancy Matela co-owns a vacation home in a wildfire zone northwest of Bend that has a new, annual property insurance premium of $9,000. It’s more than nine times what the company Safeco charged her a...
View ArticleNew roof or roof coating? Insurance companies enact new restrictions on roof...
It’s an option many homeowners make, opting to make improvements to their roof without a full roof replacement. But one condo association said their route of getting a silicone coating instead of a new...
View ArticleThousands of California Homeowners to Lose Their Insurance
Thousands of California homeowners will be out of luck as American National Group stops offering the state coverage. American National Group, which was purchased by Brookfield Asset Management...
View ArticleAfter post-Ida lawsuit spike, lawmakers seek big changes for home insurance...
After Hurricanes Laura and Ida, thousands of Louisiana homeowners filed lawsuits against their insurance companies, alleging the insurers were lowballing and delaying their claims as they struggled to...
View ArticleAs Home Insurance Costs Soar, 6 Million Owners Decide to Skip Coverage...
As costs rise nationally, more than six million homeowners are reportedly skipping home insurance, which adds up to a total of $1.6 trillion worth of unprotected houses. A new study by the Consumer...
View ArticleAllstate’s Florida Company Defends 54% Condo Rate Hike. Blames Reinsurance,...
When Allstate’s Florida unit, Castle Key Indemnity Co., entered the surging condominium insurance market in 2020, it looked like it had made a smart bet: Within two years, the carrier had added no...
View ArticleState Farm to pull out of 72,000 California insurance policies
State Farm General Insurance Company has announced that it will non-renew approximately 30,000 California homeowners, rental dwelling, and other property insurance policies. If you recall, last May,...
View ArticleCalifornia’s New Plans to Solve Home Insurance Crisis
California residents have seen several insurers end homeowner insurance policies as the state grapples with wildfires and natural disasters, but a new proposal seeks to solve the insurance crisis once...
View Article“Wind Mit” inspections can reduce Florida home insurance premiums
Here in Florida, property insurance must go beyond a standard Homeowners policy. Because we experience hurricanes and tropical storms, windstorm and flood coverage are strongly recommended, and...
View ArticleInsurance company to stop homeowner’s coverage in 9 states, including SD
Last month, State Farm announced that it would not renew insurance policies for 72,000 California houses and apartments, about 2 percent of its total policies in California. That announcement followed...
View ArticleFloridians hit by Ian will pay more for flood insurance. What can Tampa Bay...
Less than two years ago, Hurricane Ian destroyed more than 5,000 structures in Lee County in Southwest Florida and caused major damage to 14,000 others. Now, from rebuilding efforts, more bad news has...
View ArticleCost-Shifting Provisions In Governing Documents And The Value Of Carrying The...
In the last two and a half (2½) years, we have continued to see a trend of more Associations adopting cost-shifting provisions that push uninsured amounts to the individual owner. Typically, these...
View ArticleHomeowners insurance carrier cutting Florida policies
Following recent major hurricanes like Ian and Nicole in 2022, and Idalia last year, Florida homeowners ought to prepare for increases of up to 23% this year, according to a new report by Insurify....
View ArticleSarasota residents raise concerns about new FEMA flood zone map (FL)
Some Sarasota County property owners who didn’t need flood insurance have gotten notifications from their mortgage lenders — about 6,000 homes were impacted after they were moved into FEMA’s new flood...
View ArticleCoastal property owners yet to embrace roof-girding grants (NC)
Maybe one North Carolina insurance provider should join the industry trend and advertise: “Hello Beach Plan policyholders! Do you need a new roof? Want to save on your property insurance? How about we...
View ArticleMore homeowners forced into California Fair Plan coverage
Most people never hear about the California FAIR Plan until their homeowner’s insurance gets canceled. “It’s not a normal home insurance policy,” said Amy Bach, executive director of the nonprofit...
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