Insurance

Florida's state-backed insurer of last resort, Citizens Property Insurance, will transfer thousands of policies to private insurers across 2024.

Six new insurers are entering the Florida market this year, promising to offer new options for residents seeking coverage.

It's getting harder for Californians to find private insurers to cover their homes as companies pause or cut business in the state.

Florida insurance crisis could spill over to the state's housing market if residents are left without affordable home insurance.

Governor Gavin Newsom recently announced new plans to combat retail theft and other organized property crimes in California.

Two Florida Republicans are looking to expand the coverage offered by state-run Citizen Property Insurance.

Investors are concerned that higher insurance premiums in Florida might make it hard for homebuyers to get a mortgage in disaster-prone areas.

Storms like the one that recently hit Florida, which caused major flooding, are becoming more frequent, increasing pressure on the state's insurance market.

"My chicken is called Repecka and we get laughs all the time," said one commenter on a viral video.

"The American dream is slowly turning into the American nightmare for the average Joe," a Florida resident told Newsweek.

"Parents don't necessarily have a moral obligation to put children in their will," a legal expert told Newsweek.

Democrat Maxwell Frost has blamed Florida's insurance crisis over the Republican governor's "lack of leadership."

A Reddit user is being backed for refusing to add her boyfriend's son to her employer-sponsored insurance plan.

The man misappropriated funds for more than $131,000, leaving seven customers without property insurance coverage when Hurricane Ian struck the state.

The homeowners insurance crisis in Florida is attracting new companies to invest in the sector as others close shop.

"It's a hellscape many of us are seriously considering escaping," one reader told Newsweek.

Floridians have been hit by dual crises as home insurance premiums are skyrocketing too.

A rise in natural disasters has increased the cost of home insurance across the United States.

A recent study found that Floridians cannot expect insurance premiums to go down any time soon.

Keith told Newsweek: "My reaction when I got the bill was not very worried initially simply because I was so grateful to have had the surgery."

"What the housing market needs now is stability and certainty," NAHB told Congress in a letter urging lawmakers to extend the National Flood Insurance Program.

Hurricane Idalia is expected to further increase home insurance rates in Florida, where many struggle to find coverage.

The National Flood Insurance Program is set to expire at the end of September, which will make it more difficult for homebuyers to take out a mortgage.

An insurance crisis has taken hold in states with a high risk of costly natural disasters, specifically areas subject to increased impact from climate change.

The increased risk of extreme weather events, combined with rampant fraud, is making Florida "uninsurable"—a fate that might await other states in the future.

A majority of 76 percent of Floridians think that houses in the state are too expensive, according to new polling conducted on behalf of Newsweek.

Florida's insurance market has been unstable for decades but has grown increasingly volatile in recent years.

Car owners in the Sunshine State pay the highest car insurance premiums in the entire country.

Premiums have risen significantly in the past two years, driven by the higher cost of living, supply shortages, and more severe accidents.

Farmers Insurance was the fourth major insurer to discontinue new coverage in Florida.