Florida Homeowners Insurance Market Sees Promising Shift with Depopulation Program

Angela Linders
florida insurance homeowers

The landscape of Florida’s homeowners insurance industry is undergoing significant changes as private insurers have absorbed 275,324 policies from the state-run Citizens Property Insurance Corp so far in 2023. These changes, spotlighted during the recent Citizens Board of Governors meeting, demonstrate a strategic attempt to balance the market through a process called “depopulation.” What Depopulation Means for Consumers For consumers, the depopulation program has a direct impact on their insurance decisions. Here’s what it boils down to: if a private insurance company extends an offer that exceeds a policy owner’s…

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Consumer watchdog considers banning US title insurance

G. Turner
Title Insurance -Ban in question

The Consumer Financial Protection Bureau is thinking about stopping this mortgage lender practice A leading consumer watchdog in the United States is thinking about whether mortgage lenders should be banned from charging borrowers for title insurance. The coverage is meant to add a layer of protection for lenders Charging homebuyers for title insurance has long been a practice among mortgage lenders, who use it to provide themselves with additional protection.  According to people familiar with the Consumer Financial Protection Bureau consumer watchdog matter, as cited in a recent Bloomberg report,…

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A Curious Case of British Columbia’s Ban Amidst US Automation Optimism

Marc
Autonomous Car - BC Ban

While the United States gears up for a driverless future, with expectations set to see fully automated cars by 2025 and beyond, British Columbia takes a surprising detour. The province has instituted a new regulation, effectively banning the use of autonomous vehicles on its roads, raising eyebrows and prompting discussions over safety concerns and the future of the insurance industry. Autonomous Cars – A Green Light in the US, A Red One in BC The cutting-edge narrative of autonomous vehicles—heralded by the U.S. National Highway Traffic Safety Administration (NHTSA) as…

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Lemonade homeowners insurance now available to French property owners

Marc
Homeowners Insurance - French Flag

The artificial intelligence-powered coverage is now being sold in France through an expanded partnership. The headline making home insurance company Lemonade, which is a digital coverage provider powered by artificial intelligence and social impact, recently announced that it has expanded its partnership with BNP Paribas Cardif and this has allowed them to start selling in France. French property owners can now purchase Lemonade policies Millions of property owners across France are now able to purchase extensive home insurance policies through Lemonade, a company known for a seamless digital experience from…

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3 Zip Codes Get The Worst of State Farm Non-renew Campaign in California

G. Turner
State Farm - Fire Risk Assessment - Bel Air

In an announcement that may reshuffle the deck for homeowners’ insurance across California, industry giant State Farm revealed a strategic shift in their coverage plans, affecting thousands of property and commercial apartment policies in the state. With implications extending to the very nature of wildfire and earthquake risk management, this move by State Farm is poised to remove billions in risk from the company’s books. Earthquake Aftermath Concerns Amplify Fire Risks in California While earthquake policies in California are indeed underwritten through the state-run California Earthquake Authority, State Farm’s heightened…

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