State Farm Insurance Company, the nation’s largest insurer, just announced it was suspending all new Home and Business Property Insurance in California. Misery may love company, but State Farm’s action in California does not help Florida’s insurance challenges. California has been a challenge for insurance companies for many years. Restrictive rate regulations coupled Learn More “California and Florida: Insurance Wastelands”
For two years we have been warning about the oncoming Homeowners Insurance Crisis. Today the crisis is here and it is getting worse every week. Four Homeowners Insurance companies have failed in the past few months. Many more have restricted new business, cancelled existing policies, or announced plans to do so. Citizens, our state-run market of Learn More “Important Notice Regarding Florida’s Homeowners Insurance Crisis”
For two years we have written about the worsening Homeowner Insurance Crisis in Florida. We advised that premiums would increase – they have exploded. We warned that underwriting standards would tighten – they are now onerous. We predicted insurance companies would fail – two domestic carriers were placed in receivership in the past ten Learn More “Florida Homeowners Insurance Crisis Worsens”
Below is a reprint of a recent agent’s newsletter from Olympus Insurance Company. Olympus is a leading provider of Homeowners Insurance in Florida. The newsletter provides excellent insights into the current Homeowners Insurance crises. Olympus is a valued partner of our agency and we appreciate Olympus’s approval to share this confidential document. State of Florida Learn More “The State of Florida’s Insurance Market: Welcome to the Thunderdome”
Floridians are being impacted by the rising costs of construction and construction materials (and the costs trends will continue to rise). In the past 6 months construction costs have exploded, in part as a result of supply shortages and Covid shutdowns. Nowhere is this more evident than in the cost of building a single-family home. Learn More “The Rise of Construction Costs”