Insurance – Different in FL and TX

The insurance issues in FL are quite different from those in TX. See this article from the NYTimes: Irma May Force Florida Insurers to Turn to Deeper Pockets  

When the storm is over and the streets are safe again, Floridians will be checking what has become of their homes. They may also want to check on their insurers.
The big national carriers like State Farm and Allstate pulled out of Florida’s homeowners’ market years ago, citing catastrophic risks and unhelpful state regulators. Those departures left a vacuum that the state filled, initially, with a state-owned insurer, Citizens Property Insurance. Eventually, the state offered incentives to coax some brave new insurers into the market.

As a result, all that may seem to stand between Florida’s homeowners and potential ruin is one state-owned insurer and dozens of relatively little-known companies that do all or most of their business in the state. They all have the benefit of the Florida Hurricane Catastrophe Fund, which, with no major storms in the past 12 years, has $17 billion at the ready — a sum that may not be nearly enough.

2 thoughts on “Insurance – Different in FL and TX

  1. There is an important correction at the end of this article: “Correction: September 11, 2017
    An earlier version of this article referred incorrectly to the participation of big national carriers like State Farm and Allstate in the homeowners’ insurance market in Florida. While they have cut back on writing policies, they have not withdrawn.”
    My own experience is that, in Orlando, I was able to get a State Farm policy on my house. They are cautious about granting coverage. The cost is much higher than what I paid in Oklahoma, where we got a good discount for our mitigation features. State Farm Orlando gave me a discount for buying a special inspection that evaluated our wind, sinkhole, and flood risk.

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