Florida News

Florida's home insurance crisis may have peaked, and the hope is that with more competition, rates will be more reasonable. Insurers express optimism about Florida's home insurance market, noting a slowdown in rate increases in late 2023. However, uncertainties persist, especially regarding the potential impact of a major hurricane. Despite significant rate hikes over 18 months, the growth rate...

The Florida Insurance Market is expanding, as yet another property and casualty insurer has gained approval to do business here. This makes the eighth new insurer to come to Florida following legislative reforms aimed at stabilizing the market, according to state insurance regulators. The Florida Office of Insurance Regulation (OIR) announced the approval of Ovation Home Insurance Exchange, adding to a...

Rental prices in Florida are gradually decreasing amid an unprecedented influx of new residents. Rent costs in Florida saw a significant year-over-year decline of 9.21% in January 2023, with an average monthly rent of $2,095, still higher than the national median of $1,964. While cities like Jacksonville experienced rent increases, others like Orlando and Miami saw declines. Factors such as increased...

Florida homeowners are faced with a dilemma regarding their homeowners insurance, and it was man-made. Insurance agents are stating "I have never seen it this bad. If you talk to retail agents, I think everyone will tell you it's never been as bad as it is now." The homeowners insurance companies in Florida say, besides the threat of hurricane wind and waves, they are now facing a confluence of...