Posts in category 'Home Hazard Insurance'

You may have noticed that your annual renewal for your home hazard insurance policy has either been creeping higher, or has drastically risen over the past couple years.  Here is a brief history on why insurance costs have gone up in Florida, and what is being done about it.

What has caused insurance rates to skyrocket in Florida?

• The initial reason was steadily rising rates due to Hurricanes, especially Hurricane Irma in 2017. The original statute of limitations for filing Hurricane claims was 3 years, so many claims concluded in 2020, with many still in litigation.
  
  
• The rising cost of "re-insurance", which insurers pay to ensure they can cover all claims after a catastrophic storm event.
  
  
• A combination of well-meaning court rulings and changes in state l...

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