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Lexington Insurance Company announced that they will discontinue home insurance, sending another 8,000 property owners to search for a new insurer. Lexington specialized in homes worth $1+ million and Citizens will only insure property values less than $700,000, so Citizens was not an option.
Data from Citizens, the state-chartered property insurer of last resort for homeowners who can’t find coverage in Florida’s shaky home insurance market, show the company dropped 2,267 policies ...
TAMPA, Fla. (WFLA) — Florida homeowners are still grappling with high property insurance rates. There’s now more concern that Citizens could implement a 14 percent rate hike on renewals next year.
A report from Weiss Ratings, a Palm Beach Gardens ratings agency, found that the state-backed insurer of last resort closed homeowner claims without a payment 50.4% of the time in 2023.
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State Farm said that, in Florida, it had paid out US$1.21 in claims for every dollar in premiums since 2000. Several other home insurers had also pulled out of Florida; many homeowners used the Citizens Property Insurance Corporation run by the state government. [52]
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