What s next for more than 50,000 Florida homeowners dropped by insurance fox13news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fox13news.com Daily Mail and Mail on Sunday newspapers.
Florida drivers will see lower insurance rates under my bill | Column
A study shows that mandatory bodily injury auto insurance system will result in an average savings of $350 per car per year,
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A rise in auto accidents, such as this one in which three teens in St. Petersburg drove a stolen Toyota Camry over a parked car, is linked to rising car insurance rates in Florida.
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Floridaâs auto insurance system is riddled with fraud. A recent
Timesâ editorial accurately stated that âFloridaâs âno-faultâ auto insurance system is a mess, an incubator for fraud and abuse that serves neither ratepayers nor injured motorists.â
3 Florida Insurers to Drop Thousands of Policies, Make Moves to Stay Afloat
More than 50,000 Florida policyholders will soon be looking for a new carrier for their homeowners insurance after three Florida-based companies were approved by the state regulator to drop the policies. The moves come just a few weeks before the official start of hurricane season and as legislation designed to target the state’s insurance market issues awaits the governor’s signature.
In consent orders signed by Florida Insurance Commissioner David Altmaier, Universal Insurance Co. of North America (UICNA) was approved to drop 13,294 personal residential policies and Gulfstream Property & Casualty was approved to cancel about 20,311 personal residential policies. Both insurers will remove the policies over the next 45 days.
Gov DeSantis, veto Florida s auto insurance bill and start fresh tampabay.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tampabay.com Daily Mail and Mail on Sunday newspapers.
Rate increases granted ranged from 12 percent to 31 percent.
“The Florida insurance market is one of the most complex in the world, and the property market is currently facing significant challenges as the frequency of claims increases and those claims become more expensive,” Bakofsky said.
He said the challenges are mostly because of increased litigation, exacerbated by higher catastrophe claim losses as a result of multiple hurricanes over the past several years, and rising reinsurance costs as a result of a hardening reinsurance market.
“These developments have presented challenges not only to the property industry, but also to Florida consumers,” he said.