Citizens Property Insurance announced on Friday that Florida state insurance regulators have approved its request to cut the maximum policy coverage limit to $1 million from $2 million for residential properties in wind-eligible areas throughout the state. The change will become effective February, 1st for new policies and May, 1st for renewals.
The change applies to wind-only and multi-peril policies that include wind coverage. Properties with a replacement cost value of more than $1 million and condominium units with a combined building and contents replacement cost of more than $1 million will no longer be eligible for coverage. New applications for coverage under the old limit received by January, 18th will be honored for one policy term.
Continue Reading Citizens Property Insurance Cuts Residential Coverage Limit
Tags: buyers, Florida, homeowner insurance, hurricane preparedness, real estate
After our last post reviewing some of the 
What stories impacted Florida real estate the most in 2011? Our guess is it depends on your perspective; were you a buyer or a seller? Did you lose your job or find a new one, were you looking for a rental or did you need a place to locate your existing or new business? All these scenarios were impacted one way or another in 2011. So, let’s take a look back at just what occurred and see if any will continue into 2012.
Even with the headwinds of the downturn in the housing market and the economy, the population in Florida has continued to grow. And, while the growth has slowed significantly in terms of percentage (1.36%), it still added 256,000 new residents from April 1, 2010, and July 1, 2011. That ranks it ninth in the country in terms of percentage growth behind the District of Columbia, Texas, Utah, Alaska, Colorado, North Dakota, Washington and Arizona.
Florida courts will no longer require mandatory foreclosure mediation after the Florida Supreme Court announced it will close down the two-year-old program yesterday. Citing reports the program didn’t work as well as hoped and that the court system could no longer justify the cost, Supreme Court Chief Justice Charles Canady said new foreclosure cases will no longer be referred to mediation.
