Friday, July 15, 2022 / by Dave Magua
Southern Fidelity Insurance Company is the fourth insurer ordered into liquidation so far this year, leaving an estimated 78,000 policyholders in Florida scrambling to find new coverage in 30 days, just as hurricane season gets underway.
Southern Fidelity Insurance Company is the latest property insurer to shut down in Florida.
"Effective July 15, 2022, all Southern Fidelity policies are going to expire," said Mark Friedlander of the Insurance Information Institute.
This is the fourth insurer ordered into liquidation so far this year, leaving an estimated 78,000 policyholders in Florida scrambling to find new coverage in 30 days, just as hurricane season gets underway.
Because the Florida property insurance market is so unstable right now, it's very difficult to find coverage for your home," Friedlander said.
That's why Friedlander says most of those impacted will likely end up with Citizens, the state-created insurer.
"They have already surpassed 900,000 polici. ...
Thursday, July 14, 2022 / by Dave Magua
Housing costs were one of the biggest drivers of inflation in June, pushing higher at a pace unseen since 1990, according to a report Wednesday from the Bureau of Labor Statistics.
American housing costs rose faster in June than in any month since 1990 — and the change was one of the biggest factors placing an increase strain on family budgets.
The prices of a broad range of consumer goods and services were 9.1 percent higher last month than they were a year ago, and rose 1.3 percent from May to June alone, according to a report Wednesday from the Bureau of Labor Statistics.
Housing costs for homeowners rose 5.5 percent over the past year, and saw a 0.7 percent bump from May to June alone. Over both periods, the bureau reported the fastest escalation in homeownership costs since 1990.
As an input to future reports, housing inflation could get worse before they get better, according to First American Chief Economist Mark Fleming.
“One headwind for the Fed’s fight N ...