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First Street estimates that 39 million U.S. homes are insured at artificially suppressed prices compared with the risk they actually face. Of those, nearly 6.8 million homes are covered by state-backed "insurer of last resort" policies.
September 20 -
The gap highlights the problem of under-insurance in a state that's the nation's fastest growing and also one of the most vulnerable to impacts of climate change, and where the insurance industry is already under strain.
August 31 -
Warren Buffett's firm ramped up its reinsurance exposure to the state, looking to take advantage of rising prices.
August 30 -
The use of catastrophe models and of sophisticated AI to make coverage decisions are all under debate.
August 21 -
"The main climate factors expected to influence the 2023 Atlantic hurricane activity are the ongoing El Nino and the warm phase of the Atlantic Multi-Decadal Oscillation, including record-warm Atlantic sea surface temperatures," said NOAA's Matthew Rosencrans.
August 11 -
Since 2020, the number of properties it insures has tripled to almost 1.4 million. Citizens estimates it may add another 300,000 by the end of the year
August 10 -
Yellen, who also chairs the Financial Stability Oversight Council, said that a spate of extreme weather events is causing insurers to raise rates on homeowners.
July 28 -
The Florida Insurance Guaranty Association is getting ready to head back to the market next week with a variable-rate bond deal after successfully selling fixed-rate bonds last week to help fund claims from insolvent insurance companies.
July 5 -
The Florida Insurance Guaranty Association, which handles the claims of insolvent insurers, plans to borrow $600 million in the municipal bond market.
June 26 -
The average annual property insurance payment in the state is $4,231, nearly triple the national rate of $1,544, according to the Insurance Information Institute, an industry association.
May 23