Property insurance crisis disrupting Florida real estate market as buyers struggle to get policies

“We’re hearing from realtors that are extremely concerned that they cannot close on properties they are selling because the homeowner will be unable to obtain property insurance to make that sale go forward,” said Mark Friedlander, spokesman for the Insurance Information Institute.

“So that’s very concerning as we’re just getting into hurricane season,” Friedlander said. “Potentially, we could see more failures this year.” Houses being used as short-term rentals are also being rejected by insurance companies and some carriers are refusing to write policies for homes with solar panels installed.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

2 more property insurance companies scaling back in Florida just 2 weeks into hurricane seasonTwo weeks into hurricane season, and two property insurance companies in Florida are scaling back policy coverage, citing their vulnerability to natural disasters like hurricanes and flood.
Source: wjxt4 - 🏆 246. / 63 Read more »

Two more property insurance companies scaling back coverage in FloridaOver the past 18 months in Florida, 16 property insurance companies have decided to stop writing new business to new homeowners in one form or the other.
Source: WOKVNews - 🏆 247. / 63 Read more »