More bad news is on the horizon for Florida homeowners. On top of insurers pulling out of the state altogether, Florida’s state-created Citizen’s Property Insurance just voted to raise rates by 14% across the state. The board of governors for the insurance corporation voted unanimously earlier in June. Raising the rates by 14% is dangerously close to the maximum rate increase allowed by the state.
Insurance rates are rising across the country largely because insurance companies have faced significant losses in the last year. In total, the U.S. property/casualty industry faced over $21 billion in underwriting losses in 2023 alone, A.M. Best reported. The $21 billion in losses is a slight improvement from the $24.9 billion in losses recorded in 2022, but insurance companies are still passing these losses onto customers in the form of higher premiums.
Adding to the costliness of homeownership is record-high housing prices, on top of surging home insurance costs. There was an annual gain of 6.3% in home prices in April, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. "For the second consecutive month, we've seen our National Index jump at least 1% over its previous all-time high," Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices said.
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