Florida’s “Wall of Wind” (WOW) is about to go on steroids! Florida International University’s Extreme Events Institute was just awarded a $12.8 million grant from the National Science Foundation for the design of a full-scale testing facility capable of producing winds of 200 mph. Plus, a first-time ever water basin that will simulate storm surge …
With four weeks remaining in the Florida legislative session, bills are making steady progress that would open the insurance market to more surplus lines companies, help check the rapidly rising policy count at Citizens Property Insurance, and provide rules of the road on handling …
Another week has brought more property insurance companies announcing they’ll stop writing new homeowners policies in Florida and/or stop renewing existing ones. Claims creep from the 2020 hurricane season and higher litigation and reinsurance costs are combining to make Florida an increasingly inhospitable market for property insurance companies.
Among the companies …
Beside their direct impact on Florida homeowners, the dwindling number of carriers and the multiple double-digit rate increases in property insurance we’ve seen are impacting Florida’s real estate market as well. There’s new concern they will affect the availability and affordability of insurance for new homebuyers. I had the …
A South Florida foreclosure lawsuit in federal court serves as a reminder for those of us in the property insurance business of what we’re dealing with in litigation and attorney fees where a fee multiplier is added to the award. In this case, the judge reduced the requested attorney fees …
