On average, the cost of homeowners insurance in Florida has gone up by 32.5% since 2016. This is more than three times higher than the average rate change that the rest of the country experienced during this time period. The [...]
Insurance claims filed in the wake of the tornadoes that devastated parts of six states and claimed at least 88 lives last weekend could result in $5 billion in insurance payouts. According to the Wall Street Journal, the potential payout number [...]
American Coastal, part of United Property and Casualty Insurance, Florida’s largest private insurer of property, has, for now, dodged an $18 million bullet on hail damage coverage for a South Florida condominium complex, after a state appeals court ruled partly [...]
With Risk Rating 2.0, FEMA now has the capability and tools to address rating disparities by incorporating more flood risk variables. With improved technology, FEMA can now help people understand a single property’s flood risk profile. This is a vast [...]
Congress has temporarily reauthorized the National Flood Insurance Program (NFIP) through February 18, 2022. Prior to this reauthorization, the NFIP had been set to expire on December 3, 2021. There have been 18 temporary reauthorizations since 2017 as more comprehensive [...]
According to regulators and lobbyists, the 52 property insurance companies serving Florida are bleeding money despite massively raising prices for homeowners over the past few decades. This claim has lawmakers considering additional changes to prop up the floundering industry. “Their [...]
Roughly 65,000 property owners may be required to buy flood insurance for the first time under a proposal released by the Federal Emergency Management Agency, according to a report by the Sun Sentinel. The new flood maps use new data [...]
A leak from the AC or HVAC unit can be a nuisance and can cause significant and costly damage, if not discovered and fixed promptly. AC/HVAC leaks can cause major water damage and mold to your property. If you have [...]
Roof leaks, flood damage, and mold contamination are all situations that condo unit owners should be aware of. In Florida, the Condominium Association insurance policy should cover water damage inflicted by burst plumbing from common elements of the building and [...]
Suppose your house was hit by a tropical storm or some other kind of intense weather event that caused severe flooding. You may think that the damage caused to your property by the flooding is covered in your homeowner’s insurance [...]
