The news is out about the ongoing premium pressures hitting hundreds of property owners across South Carolina, especially the coastal region. Monday, a town hall took place hosting state leaders from across the insurance industry to handle questions about what some state leaders see as a potential crisis for homeowners. Read the article………………………..
How Florida let a top insurer abandon homeowners in their time of greatest need
The couple, in their late 60s, are frozen in this “hell,” Ed says, because their insurance company, United Property and Casualty, ignored their claims for months after the hurricane and then severely underpaid them, before going insolvent earlier this year. Read the article………………………..
Unlocking the Magic of HO6 Insurance
When it comes to safeguarding your condominium or townhome investment, having the appropriate insurance coverage is vital. The HO6 insurance policy is specifically designed to fill the gaps left by the master insurance policy held by the association. In this article, we will delve into what HO6 insurance entails, its significance, key inquiries to make […]
Navigating the Challenges of a Hard Insurance Market
As board members of a homeowners association (HOA), it is crucial to stay informed about the ever-changing dynamics of insurance markets. These markets can fluctuate between being hard or soft, which directly impacts the premiums and coverage options available to your community. In this blog post, we will explore the differences between hard and soft […]
Farmers Insurance is closing its doors to thousands of customers for one troubling reason: ‘[This] decision was necessary’ (FL)
Farmers Insurance is the latest insurer to completely pull out of Florida, citing concerns about natural disasters made worse by Earth’s rising temperature, CBS News reports. Read the article………………………..
Residential Insurance Prices Increase as Insurers Slow Business in California
….. was surprised to receive a notice from his homeowner’s association (HOA) this spring letting him know that there would be an increase in insurance premiums for him and other condominium owners at The Met in Los Angeles’ San Fernando Valley. The letter stated the increase was due to instability in California’s property insurance market. […]
Homeowners insurance in Colorado skyrockets, Louisville condo owners see sevenfold increase (CO)
Some condo owners in Louisville are reeling after their homeowners insurance jumped 700%. And they’re not the only ones experiencing sticker shock. Premiums are soaring across the state due to high inflation on top of devastating fires, floods and hail storms. Read the article………………………..
A Brief Guide to Condo Insurance
The ownership structure of a condominium unit is different from that of a single family house. Here’s what you need to know when purchasing insurance for your condo. Read the article………………………..
What’s the Difference? Condo Insurance vs. Homeowners Insurance
Both homeowners insurance and condo insurance help protect the home’s owner from financial losses after a covered loss. Find out how the two are similar and how they differ in this comparison of condo insurance vs. homeowners insurance. Read the article………………………..
HOA Homefront — Tips regarding ‘bare walls’ property insurance
Quite recently two of the largest residential property insurance companies announced major cutbacks in California. State Farm announced it had stopped accepting applications for any California insurance policies, and Allstate announced it was “pausing” from any issuing new homeowners insurance and HOA insurance policies to protect existing customers. Many HOAs are now experiencing skyrocketing property […]
Brace yourself Floridians, the promised insurance relief isn’t expected soon and could get worse
The Florida insurance industry is in a state of crisis. Over the past year and a half, 15 Florida insurers placed moratoriums on writing new business in most counties and seven were declared insolvent. Read the article………………………..
Lakeland Homeowners’ Insurance Woes Mount As Another Carrier Pulls Out of Florida
Farmers Insurance Group announced Tuesday that it is pulling out of Florida, becoming the 15th company to stop insuring homes in the state in the past 18 months — on top of seven companies that have been declared insolvent in the same timeframe. Read the article………………………..
After State Farm’s and Allstate’s Exits, Farmers Insurance Sets Limits in California
In May, Zachary Erbe received some alarming news: Farmers Insurance would not renew his building’s insurance policy, which expired in August. The reason? The three-unit residential building located near Alamo Square was constructed before 1925. As chairman of the homeowner’s association, Erbe jumped into action and sought new coverage. He thought he had another policy […]
HOA Homefront: Tips for ‘bare walls’ property insurance (CA)
Quite recently two of the largest residential property insurance companies announced major cutbacks in California. State Farm announced it had stopped accepting applications for any California insurance policies, and Allstate announced it was “pausing” any new homeowners insurance and HOA insurance policies to protect existing customers. Read the article………………………..
Loss of homeowner fire insurance kindles debate over fairness (CA)
There are 115 insurers still writing new policies in California, and there’s also the California FAIR Plan Association, which was established to meet the needs of the state’s homeowners unable to find insurance in the traditional marketplace. FAIR provides up to $3 million in coverage per HOA complex, according to Michael Soller, deputy insurance commissioner […]
Homeowners in Boulder’s mountain communities struggle to find insurance after devastating wildfires (CO)
Jessica Brookhart lives south of Gold Hill in the mountains west of Boulder. She built her home with her husband in 2017. That home is currently uninsured. Facing a three-fold increase in her Farmers Insurance policy renewal last year, Brookhart shopped around, only to discover significantly diminished options from her broker. Read the article………………………..
Farmers Insurance Halts Sale of Homeowners Policies in Florida
In early June, Farmers Insurance Group announced it would cease issuing new homeowners policies in Florida for the foreseeable future. A Farmer’s spokesperson explained the decision, stating, “[w]ith catastrophe costs at historically high levels and reconstruction costs continuing to climb, we implemented a pause on writing new homeowners policies to more effectively manage our risk […]
‘We’re in a perfect storm.’ Insurers flee parts of America amid the climate crisis and rising costs to rebuild.
The droves of Americans moving out west and to Gulf Coast states are putting themselves at risk of becoming uninsurable. More extreme wildfires, hurricanes, and other climate-fueled disasters combined with the rising costs of building materials are straining property-insurance providers in California, Colorado, Florida, Louisiana, and Texas — with some companies pulling out of some […]
Florida insurance fraud investigation widens to include earlier hurricanes
Republican Florida Chief Financial Officer Jimmy Patronis confirmed at an Orlando news conference Thursday that the investigation of alleged insurance fraud that was launched in the wake of Hurricane Ian last September is widening to include earlier storms. Read the article………………………..
How to prepare for California wildfire season now that State Farm and Allstate have halted new home insurance policies
Allstate also quietly announced in its 2022 third quarter earnings report in November that it would no longer write new homeowners and condominium policies in California. Read the article………………………..
New law prohibits insurance companies from altering claim estimates (FL)
The start of hurricane season is here, but many Southwest Floridians are still fighting their insurance companies about their Hurricane Ian claims more than eight months later. The Insurer Accountability Act aims to bring more balance between the consumer and the insurance industry. Read the article………………………..
State Farm no longer accepting property insurance applications in California
State Farm said it will no longer accept new applications for home and business insurance in California because of an increase in catastrophic events and construction costs, the company announced Friday. Read the article………………………..
Coastal South Carolina condo ownership 101: Get smarter about buying insurance
On Hilton Head Island, two neighboring condo owners could share the same beachfront views, have similar floor plans but pay significantly different annual rates for their condo insurance. Aside from the price variance, these two neighbors may have a disparity in coverage levels including what is covered after a storm or flood hits. Read the […]
Regulators were warned years ago that insurance companies were altering Florida claims
After seeing Buvens’ estimate, United Property and Casualty, known as UPC, sent engineers to the home. The engineers found six broken tiles but reported no damage. A final report — with Buvens’ name on it — said the claim wasn’t covered and the homeowner was owed $0. Read the article………………………..
Despite lawsuit restrictions, insurance experts say storm risks propelling rising rates (FL)
Even after lawmakers pulled the plug on litigation incentives that Florida property insurers have long blamed for rising homeowner rates, there’s more insurance sticker shock ahead, experts say. Read the article………………………..
As climate risks rise, flood insurance costs stun US homeowners
Homeowner Tommy Becnel has never had a flood claim on his house in the hurricane-prone U.S. state of Louisiana, but his annual insurance premium is still set to rise 10-fold, to nearly $7,000, in the years ahead. Read the article………………………..
More scrutiny over HOA insurance issue (CA)
The cost of homeowners association fire insurance continues to climb and is difficult to secure in wildland fire areas. The issue, which is threatening some residents’ homeownership, has garnered the attention of local elected leaders, who recently met with HOA representatives in search of help. Read the article………………………..
Florida lawmakers reverse Citizens flood insurance requirement for high-rise condos
Back in December, 8 On Your Side told you how a new rule was about to kick in. It required Citizens Property Insurance policyholders who live in high- rise buildings to buy flood insurance as well. This applied even to condo owners on the 20th floor, for example. Read the article………………………..
What is Loss Assessment Coverage?
Flaming elevators! Roofs torn off by tornadoes! Lobby floors so slick they could double as slip ’n’ slides! (That last one sounds kind of fun, but it can do a lot of damage to an elbow or a tailbone.) What do all these risks have in common? Read the article………………………..
Florida homeowners face new 1% assessment fee amid property insurance crisis
The Florida Insurance Guaranty Association (FIGA), which handles claims when insurance companies go insolvent, voted on March 31 to ask state regulators to collect a 1% emergency “assessment” to help cover claims from insurance companies that may or have become insolvent. Read the article………………………..
Florida homeowners with Citizens Property Insurance upset over mandatory flood insurance in non-flood zones
As of last week, 1.24 million Florida homeowners have the state’s “insurer of last resort,” Citizens Property Insurance. But now, some are worried about a mandatory flood insurance requirement, even if they aren’t in flood zones. Read the article………………………..
Are you having issues with insurance coverage after Hurricane Ian? Mold is one reason (FL)
Dealing with insurance is a hassle. It’s confusing and complicated. And with a major natural disaster, it’s even worse. Bouncing back from Ian — and festering mold — has been problematic amid an unstable and chaotic insurance market. Thousands of claims have been rejected, leaving many wondering what’s next. Read the article………………………..
New bill can be the latest fix on homeowner’s insurance rates (FL)
A bill heading to Gov. Ron DeSantis’ desk could make it harder for homeowners to sue over construction defects in their homes. Read the article………………………..It’s Florida’s latest effort to manage what some call out-of-control litigation.
Colorado would offer homeowners, businesses last-resort property insurance under new bill
The measure comes in response to growing wildfire risk across the state. The majority of U.S. states already offer state-run or state-regulated property insurance to people who can’t get covered on the private market. Read the article………………………..
Hurricane Ian’s hit on insurer complaint helpline hours draws scrutiny (FL)
Griping that Floridians only have three hours a day to lodge complaints about their property insurer via the state’s consumer hotline have led the state to open up another hour on the line, officials say. Read the article………………………..
Three FL property insurance carriers seeking rate hikes between 14% and 103% for condo policies
This week, a small insurance company – Kin Interinsurance Network – based in St. Petersburg, asked the Florida Office of Insurance Regulation (OIR) to approve a rate hike of 103.2 percent for condominium policies. Read the article………………………..
Loss assessment coverage
Loss assessment coverage may differ from one insurance company to the next. However, most loss assessment coverage will include protection from three kinds of losses: damage, liabilities and deductibles. Read the article………………………..
San Diego condo owners hit by high wildfire insurance to get some relief from state (CA)
State officials says a new plan will boost FAIR plan coverage limits to $20 million, helping condo HOAs in wildfire zones access insurance coverage. Read the article………………………..
Report: Citizens Insurance may increase rates by about 14% in statewide hike (FL)
On Wednesday, Citizens Property Insurance Corporation’s Board of Governors approved new rate recommendations for 2023. Board members recommended an average increase of 14.2% for all personal lines policies – homeowners, condominium units, dwellings, renters and mobile homes. Read the article………………………..
Castle Key Insurance Seeks To Boost Florida Condo Rates
Castle Key Insurance Companies proposed an overall 53.5 percent rate increase for Florida condominium residents who have policies with Castle Key Indemnity Co. The filing, reported Friday by the Insurance Journal, would take effect May 14. Read the article………………………..
Florida lawmakers eye expanding property insurance reforms to all types of insurance
A homeowner in Florida who opens their annual renewal to see their premium has increased or finds out their carrier has suddenly dropped them may not have noticed anything different despite reforms. Read the article………………………..
Florida lawmakers’ answer to insurance crisis: Make it harder to sue insurers
Floridians are paying the highest auto and homeowners insurance premiums in the nation — and those rates continue to rise. Saying they want to drive down costs, Tallahassee lawmakers are working to limit policyholders’ abilities to sue their insurance companies. Read the article………………………..
Insurers slashed Hurricane Ian payouts far below damage estimates, documents and insiders reveal (FL)
After years of more frequent and intense storms, national carriers have pulled back from the market and smaller, regional carriers with smaller financial reserves jumped in. In the wake of Hurricane Ian, those companies have been aggressively seeking to limit payouts to policyholders by altering the work of licensed adjusters, according to a Washington Post […]
Insurance—What Is Going On Right Now?!? (CO)
If you haven’t looked at your insurance in the past year, you may be saying what?!? when you do. While it has always been a necessary evil, it is something that both individuals and associations alike must obtain, and never before has it been so expensive or near impossible to secure. Insurance provides protection for […]
A guide to Homeowner’s insurance in an Association (IL)
Insurance is a topic most people like to avoid, but it is an important one. As owners or landlords, we all have to be responsible and carry the proper insurance for our homes. Who’s responsible for what? It’s an important question often asked by owners, and the answer is sometimes more complicated than you’d think. […]
Insurance industry pushes wildfire mitigation as solution to condo crisis (CA)
In recent months, more than 1,000 condo owners in San Diego have had their property insurance policies not renewed by Farmers Insurance due to wildfire risk. Janet Ruiz is the Director of Strategic Communication for the Insurance Information Institute, a nonprofit trade group that educates the public on behalf of the insurance industry. Read the […]
Florida property insurance rates expected to jump 40% to 50% in June
The Sunshine State, home to more than 22 million people, has an affordability problem when it comes to housing-not just for buying a home or finding a place to rent. Protecting your home can also be expensive. Read the article………………………..
Farmers cancels insurance for 115 homeowners in Scripps Ranch (CA)
More condominium owners are coming forward after not being renewed by Farmer Insurance due to wildfire risk. The Village Woods complex in Scripps Ranch with 115 condos is the latest to be dropped. Read the article………………………..
State legislators respond to condo insurance crisis from wildfire risk (CA)
Walt Mooromsky is one of 240 condo owners in the Canyon Park Villas in Mira Mesa, who recently had their property insurance not renewed by Farmers Insurance due to wildfire risk. Read the article………………………..
Farmers cancel insurance for 338 homes in Rancho Bernardo (CA)
More condo owners are coming forward to report Farmers Insurance has not renewed their property insurance due to wildfire risk. Residents in the 338-unit Morada condo complex may now be looking at thousands of dollars in special assessments to get insurance on the secondary market. Read the article………………………..