By Jim Saunders As of Sept. 1, Citizens had nearly 1.38M policies – making it Florida’s largest property insurer, though it was created as the state’s “insurer of last resort.” TALLAHASSEE, Fla. – As efforts continued to sort out damage from Hurricane Idalia, regulators on Sept. 1, 2023, approved proposals by seven private insurers to pull as many as 202,000 policies from the state’s Citizens Property Insurance Corp. Insurance Commissioner Michael Yaworksy signed orders approving the proposals by Homeowners Choice Property & Casualty Insurance Co., Slide Insurance Co., Florida Peninsula Insurance Co., Monarch National Insurance Co., Safepoint Insurance Co., Loggerhead Reciprocal Interinsurance Exchange and Edison Insurance Co. The proposals were filed in
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ATTOM: In second quarter 2023, 49% of U.S. mortgaged residential properties were considered equity-rich – the highest point in at least four years. CHARLOTTE, N.C. – ATTOM has released its second-quarter 2023 U.S. Home Equity and Underwater Report, which shows that 49% of mortgaged residential properties in the United States were considered equity-rich in the second quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values. The portion of mortgaged homes that were equity-rich in the second quarter of 2023 increased from 47% in the first
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Idalia caused flooding in communities along Fla.’s west coast before making landfill in rural Taylor County, but some say the insurance industry “dodged a bullet.” FORT MYERS, Fla. – Hurricane Idalia raked the west coast of Florida last week, flooding communities before making landfall Wednesday as a Category 3 in the Keaton Beach area of rural Taylor County, causing widespread damage. The storm moved through other sparsely populated areas of North Florida before passing into Georgia and South Carolina. Flooding from surge and water flowing into low-lying areas was reported along the barrier islands in Collier and Lee counties. Water flowed into Sarasota, Bradenton and communities around Tampa Bay before landfall in the Big Bend region. Saying the
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Fla. Insurance Commissioner’s order prevents insurers from cancelling or issuing non-renewals of customers’ policies until Oct. 31 in areas affected by Hurricane Idalia. TALLAHASSEE, Fla. – Florida Insurance Commissioner Michael Yaworsky on Sept. 1, 2023, issued an order that will temporarily prevent property insurers from dropping customers in areas affected by Hurricane Idalia. The order prevents insurers from canceling or issuing non-renewals of policies until Oct. 31 in Alachua, Baker, Bradford, Citrus, Columbia, Dixie, Franklin, Gilchrist, Hamilton, Hernando, Hillsborough, Jefferson, Lafayette, Leon, Levy, Madison, Manatee, Marion, Pasco, Pinellas, Sumter, Suwannee, Taylor, Union and Wakulla counties. Among other things, the order
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By Jim Turner The fed disaster declaration now covers Columbia, Gilchrist, Hernando, Jefferson, Madison, Pasco, Citrus, Dixie, Hamilton, Lafayette, Levy, Suwannee and Taylor counties. TALLAHASSEE, Fla. – Six counties were added to a federal disaster declaration as President Joe Biden on Saturday visited the state and pledged support for rural North Florida communities hammered by Hurricane Idalia. “We’re here to help the state as long as it takes,” Biden said during an appearance in Live Oak. After landing Saturday afternoon at Gainesville Regional Airport, Biden took an aerial tour of the region with Live Oak Police Chief Keith Davis. Biden
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Feeling more optimistic about their personal finances, Floridians’ consumer sentiment inched up eight-tenths of a point in August to 67.6 from July’s revised 66.8. GAINESVILLE, Fla. – Consumer sentiment among Floridians inched up eight-tenths of a point in August to 67.6 from a revised figure of 66.8 in July. Meanwhile, national sentiment dropped 2.1 points. “Floridians’ optimism in August stems from their views on their personal finances compared to a year ago, as well as their outlook for the national economy over the next year. These expectations are in line with the steady decline in inflation over the past twelve
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By Jim Turner Pres. Biden declared seven Fla. counties disaster areas, but Gov. DeSantis thinks more will be added. A declaration opens up additional aid, including more fed funding. TALLAHASSEE, Fla. – Search-and-rescue efforts have narrowed to three counties hit hard by the Category 3 Hurricane Idalia, while Gov. Ron DeSantis wants the federal government to expand a disaster declaration. (Note: Find updated storm-aid information on Florida Realtors’ Hurricane Resource webpage – and also consider a donation to Florida Realtors Disaster Relief Fund.) DeSantis and state Emergency Management Director Kevin Guthrie said Friday they plan to ask the White House to include more
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Georgia Institute of Technology: A before/after study of new affordable housing found that it didn’t harm nearby home values – and in some cases, it raised them. ATLANTA – A new study from Georgia Tech’s School of Public Policy debunks a common belief about the impact of affordable housing on neighborhood property values. The researchers, led by Assistant Professor Brian Y. An, found that developments funded by the Low-Income Housing Tax Credit (LIHTC) do not cause hidden harm to the value of some surrounding properties. This study, recently published in the U.S. Department of Housing and Urban Development (HUD) publication
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Fair Housing Initiatives Program awardees By Kerry Smith Two Fla. agencies will receive $425K each – one in C. Fla., one in the Palm Beaches – for fair housing testing and enforcement to eliminate discriminatory practices. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) is allocating $24,195,749.33 from its $56 million fiscal year (FY) 2023 budget to support 57 fair housing organizations across the nation through the Fair Housing Initiatives Program (FHIP). Of those 57, two are in Florida – one in Central Florida and one in the Palm Beaches. The funds are being directed to HUD’s
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By Latisha Nixon-Jones While FEMA may still be given additional funding, these strategies can help Hurricane Idalia survivors get federal aid faster. JACKSONVILLE, Fla. – As questions loom over the Federal Emergency Management Agency’s (FEMA) ability to fund disaster recovery efforts, people who lost homes to recent wildfires and storms are trying to make their way through the difficult process of securing financial aid. Residents in communities hit by Hurricane Idalia, the Maui fires or other recent disasters have a long, tough journey ahead. How well the initial disaster response meets their needs has far-reaching consequences for community resilience, especially
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