The Florida Home Insurance market has recently experienced a significant shift, with People's Trust Insurance Company ceasing to accept new business applications, and Monarch Insurance Company taking over some policies from Citizens. As a result, many are concerned we are still out of the danger zone yet.

I share these concerns and hope that ...

FIGA Approves 1% Emergency Assessment for All New and Renewal Policies Beginning October 1, 2023.

This assessment is necessary to provide funds to pay covered losses for the liquidation of UPC. The OIR issued an assessment ...

The rates for reinsurance have gone up 100% in the last four years, and experts are projecting another 50% hike by June 1.

And when these go up, insurers will pass some of the burden to consumers.

Until reinsurers can regain confidence in the Florida market following reckless litigation and fraudulent roofing practices, rate increases ...

Last two weeks were not any better than the previous months. While the new legislation is settling, the damage prior to the legislation is still hurting the few remaining insurance carriers.

🟡 VYRD Insurance Limiting new policies to a few zip codes. Total value of the accepted policies are decreased too.

🟡 kin. Insurance Kin has secured ...

UPC Insurance Insolvency

United Property & Casualty Insurance Company (UPC) of St. Petersburg has become the seventh Florida domestic insurance company to become insolvent in the past 13 months. UPC went into a regulated policy run-off this past December with another carrier picking up 72,000 of its 135,000 policies since then. But ...

It's not getting any better unfortunately. Recently we have received this news.

“The entire industry is experiencing significant cost pressures,” due to more-frequent storms and higher cost of repairs, reads the bulletin from Caren Latona, Allstate’s Central East Zone sales director, and Shannon Bauer, Southeast regional sales ...