Skyrocketing home insurance rates in Florida have become a massive problem for many property owners in the state who are struggling to be able to find coverage they can afford. The state has been teetering on the edge of crisis, and the situation is continuing to worsen recently.

According to Citizens Property Insurance Corporation, the state’s insurer of last resort, it is projected to hit a record 1.7 million home insurance policies by the end of the year.

The Florida Office of Insurance Regulation (OIR) has announced measures to ensure Florida insurers are well-equipped to handle claims in the wake of catastrophic events. As part of their compliance efforts, each authorized residential property insurer must possess a claims-handling manual that adheres to the provisions set forth by Florida law.

A Florida jury has ruled that $800,000 in damages should be awarded to the family of a girl that alleged hot chicken nuggets from a local McDonald’s franchise left her severely burned.

Days after a major insurance provider announced it was pulling out of Florida due to environmental risks, State Farm Insurance announced Thursday it is recommitting itself to the residents of the state, NewsNation has learned.

Most property insurance policies contain ‘Concealment or Fraud’ provisions. As the name suggests, these provisions penalize claimants for material misrepresentations or concealment by releasing insurers from payment obligations, regardless of whether relevant claims would otherwise be covered.

Two of the worst U.S. floods in 2022 ravaged homes, destroyed businesses and forced residents to evacuate for weeks. But homeowners in Florida and Kentucky are getting wildly different payments from a federal flood insurance program crucial to rebuilding and recovery.

The future insurability of Florida hurricanes is in question because of storm severity, the state’s storm-exposed coastal topography and development patterns, and Florida’s high-cost legal environment. These factors combine to make coverage for hurricane risks in Florida the most expensive in the country.

More than $950 million in lightning-caused U.S. homeowners insurance claims were paid out in 2022 to 62,000-plus policyholders, with $125 million of the total attributable to California alone, according to the Insurance Information Institute (Triple-I.).

Floods pose a severe threat to communities across the United States, causing extensive property damage and potential risks to human life. Recognizing the importance of identifying flood-prone cities, Insurify developed a flood risk score, taking into account FEMA’s risk scores for coastal and river flooding, population data, average home insurance premiums, and average home values.

The Florida Office of Insurance Regulation held a hearing in Tallahassee on whether to approve Citizens Property Insurance’s recommended rate increase.

If approved, this means that those under the policy would see a statewide average rate increase of about 14%.

Anyone in Florida who has opened a home insurance bill in the last few years knows premiums have been skyrocketing. New estimates from a data analysis company shows they’ve actually been rising faster than in any other state -- a lot faster.

Many of the nation’s disaster organizations are exposed to perilous financial risks at the start of hurricane season, jeopardizing efforts across much of the U.S. to recover from catastrophes.

The Florida Legislature has approved the "Insurer Accountability" Act, which is slated to come into effect on July 1, 2023. This new law introduces comprehensive insurance coverage and claims handling standards for insurance companies operating in the state. Moreover, it empowers the Office of Insurance Regulation (OIR) with expanded regulatory authority over the insurance industry.

Where an insured does not fulfill his or her contractual duty to provide prompt notice and an insurer claims it was prejudiced as a result, Florida courts apply a two-step analysis to determine the impact of the notice.