In Florida, homeowner's insurance on August 25, 2014 at 1:32
There’s good news for Florida homeowners insurance – the market is the strongest it has been in 10 years. The bad news is that the general news focuses on the bad news!
The Ocala Star Banner took the time to report and clarify news about insurance failures. “These failures do not happen as frequently as claimed,” said Kevin McCarty, Florida’s insurance commissioner. He quotes the number of demises – far smaller than one would think – and provides insight into why some went under.
In a field of nearly 120 companies, 12 couldn’t sustain themselves. It doesn’t take a math genius to see that 90 percent of companies are doing well.
Newspapers do their best to report facts and figures, but they often require more in-depth discussions. It’s not that you can’t believe everything you read, but you need to look further.
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In Florida, Insurance, Insurance Industry, Natural Disasters on July 8, 2014 at 1:32
Florida has made it to its eighth year being hurricane-free which leaves room to rejoice considering Florida’s size and geographical position reaching into the warm waters of the Atlantic creates a risky spot for hurricanes to form. Despite the high risk location, the condo market is booming.
More than 200 new residential towers near the Atlantic waters have been anticipated for South Florida since 2011. Since then, nearly 50 new high-rises have been built, some already completed. The increase in condos along the coast illustrates the insatiable appetite for coastal living.
This year Florida supposedly is benefiting from an El Nino weather patterns which forecasters believe will produce a below average number of storms. However, precautions still must be taken since forecasters believe that one large storm can make for a disastrous season.
Almost 80 percent of Florida’s residential and commercial property valued around $3 trillion – lies in susceptible coastal areas. Since Florida has not had a major hurricane since Wilma in 2005, Florida’s Hurricane Catastrophe Fund has collected $13 billion.
To read more on insurance policies and precautions click here.