What’s New
Two Florida-based insurers have created a new insurance program which promises to create “affordable, turnkey insurance options” for homebuyers in the crisis-stricken state.
The new program announced by Security First Insurance and Embark MGA earlier this month integrates insurance quotes into the homebuying and mortgage qualification process, seeking to make it easier for homebuyers to get coverage while they’re purchasing a property—something that is increasingly becoming a challenge in the Sunshine State.
Why It Matters
Florida is in the midst of an insurance crisis that has left homeowners scrambling to find coverage.
Premiums have skyrocketed in recent years, driven by more frequent and more severe extreme weather events, excessive litigation, and widespread fraud. As a result of the growing risk posed by climate change, private insurers have cut coverage or withdrawn from the Sunshine State entirely, leaving Floridians with limited options beside the state’s insurer of last resort, Citizens…