One major Florida- based insurer, Southern Fidelity Insurance Co., which insures about 75,000 homes in the state, announced Thursday that it was suspending writing new business or renewing existing policies until it completes purchase of its required levels of reinsurance— which is insurance that insurers must buy to guarantee they can pay all claims after...
Despite the recent special legislative session, insurance companies in Florida are still struggling to secure critical financial backing required by the June 1 start of hurricane season, experts say.
But last week, Florida’ s insurance commissioner David Altmaier said that the Office of Insurance Regulation can help where the Legislature failed— by allowing insurers to offer coverage that won’ t pay the full cost of roof replacements. Proposals to make Florida’ s generous roof replacement requirements less profitable for opportunistic homeowners,...
But last week, Florida’ s insurance commissioner David Altmaier said that the Office of Insurance Regulation can help where the Legislature failed— by allowing insurers to offer coverage that won’ t pay the full cost of roof replacements. Proposals to make Florida’ s generous roof replacement requirements less profitable for opportunistic homeowners,...
Last month insurers failed to get reforms enacted by the Legislature that would have allowed insurers to offer reduced coverage for roof replacements. Now the Insurance Commissioner says he can authorize it anyway -- as long as its offered to consumers as a choice.
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Insurers want the state Legislature to let them cover only the depreciated value of your older roof, rather than full replacement value. Fannie Mae and Freddie Mac, which back most home loans, say that's not allowed. More and more insurers are offering it as an option, but you might have it and not know. That could be an expensive oversight.
Will your home insurance policy pay to fully replace your roof if it’ s damaged in a hailstorm, a tornado, a fire, or by a falling tree branch during a summer thunderstorm? Or does your policy cover only your roof’ s depreciated value, leaving you on the hook to pay thousands— perhaps tens of thousands of dollars— if you suddenly need a new one? A recently filed state Senate...
Insurers want the state Legislature to let them cover only the depreciated value of your older roof, rather than full replacement value. Fannie Mae and Freddie Mac, which back most home loans, say that's not allowed. More and more insurers are offering it as an option, but you might have it and not know. That could be an expensive oversight.