Florida is preparing to restore the insurance industry that is facing a dangerous downturn, says an expert

In the middle of its home insurance market, Florida is taking steps to ensure that homeowners have enough insurance to meet their home insurance needs even if their insurance companies lose. This means that thousands of homeowners won’t have to go out and find new insurance companies, especially in the middle of what should be a hurricane season. Many insurance companies are experiencing discounts. Florida’s state-owned insurance company, Citizens Property Insurance Corporation, promises to be there for homeowners. “If your carrier goes out of business or goes down, you have to move your coverage to another ‘A.'” Friedlander said that applies to 65 percent of people with federal mortgage insurance. 27 insurance companies. The announcement was suspended earlier this week. Friedlander says the move could leave homeowners paying more or scrambling to find new insurance. If that happens, Citizens will provide support through the storm. “Citizens will be at risk for any payments over $ 500,000 to companies that fail to pay during hurricanes,” Friedlander said. “This system is not financially sound.” Citizens already has 1 million customers to take care of, and Friedlander said adding more to his plate would be dangerous. “Moreover, the right through state law to increase insurance premiums for all consumers in the state,” Friedlander said. “So that means if you’re a homeowner, if you’re a renter, if you’re a homeowner, if you drive a car, your car insurance policy, any of these policies can have additional costs over the years.” Friedlander said the government needs to focus on home insurance problems, which are fraudulent practices and lawsuits.

In the middle of its home insurance market, Florida is taking steps to ensure that homeowners have enough insurance to meet their home insurance needs even if their insurance companies lose.

This means that thousands of homeowners won’t have to go out and find new insurance companies, especially in the middle of what should be a hurricane season.

Many insurance companies are experiencing discounts. Florida-based insurance company, Citizens Property Insurance Corporation, promises to be there for homeowners.

“Rates are an indicator of what a company is paying,” said Mark Friedlander, a spokesman for the Florida Insurance Information Institute. “If your carrier does not work or is down, you should move your entry to another “A”.

Friedlander said this applies to 65 percent of residents who have insurance with a mortgage loan.

Demotech, an investment management firm, planned to offload 27 insurance companies. The announcement was postponed earlier this week.

Friedlander says the move could leave homeowners paying more or scrambling to find new insurance. If this happens, Citizens will provide support through the storm.

“Citizens will be at risk for any payments in excess of $500,000 to companies that fail to pay during a hurricane,” Friedlander said. “This system is not economically viable.”

Citizens already has 1 million customers to serve, and Friedlander said adding more to his plate would be risky.

“When it comes to the point where the reserves reach a very low level [Citizens has] The right through state law to pay extra to the insurance bill of every consumer in the state,” Friedlander said. you drive, your auto insurance, any of those policies can have years of fines.”

Friedlander said the government needs to focus on home insurance problems, which are fraudulent practices and lawsuits.