Live Insurance News

Citizens’ home insurance changes get the nod from Florida lawmakers

March 13, 2024March 12, 2024 Logan B.

Both the House and the Senate have given the green light to a bill about insuring second homes As Florida continues to seek new ways to unload policies from its home insurance company of last resort, Citizens Property, the House gave its approval to a bill that could shift some second homes off the insurer and into the private coverage market. The Senate already gave its approval to the bill HB 1503 was passed unanimously by the Florida House after it had already received the Senate’s approval. Its next stop…

Part-time residents could see Citizens Florida home insurance rates doubling

June 28, 2023June 27, 2023 G. Turner

This particular group of Florida residents are expected to see a very large increase in their premiums. The spotlight is on Florida’s part-time residents at the moment, as their home insurance in particular is expected to skyrocket even more than that of people who are permanent residents of the state. Regardless of whether part-time residents live in condos or houses, the rates are heading to the moon. Citizens Insurance – the state home insurance of last resort – has asked regulators for permission to increase the rates of seasonal residents…

Florida’s state-run property insurance company to dump thousands of policies

June 13, 2023June 12, 2023 H. Cutner

Insurance company Dumps home insurance policyholders

Citizens is expected to drop tens of thousands of policyholders into the state’s private market. The largest insurance company in Florida is its state-run Citizens insurance, and that insurer has become massively bloated with policies over the last couple of years due to the ongoing crisis in the state. The insurer is supposed to be the last resort for homeowners seeking coverage in Florida. That said, after picking up over a million policies since the start of 2022, it is expected to take action to unload at least tens of…

Regulators consider removing Florida Citizens Insurance $700K policy cap

September 5, 2022September 2, 2022 Marc

The issue of the cap has pulled a notable amount of attention from counties with high-value home. As Florida homeowners continue to struggle to obtain coverage, industry regulators are now considering the removal of a $700,000 cap on Citizens Insurance policies. The insurer of last result is not legally permitted to cover more than $700K of a “replacement cost”. The only exception to that Citizens Insurance replacement cost limit is in Miami-Dade and Monroe counties, where there is a $1 million cap instead. The issue is that the home coverage…

42K Louisiana home insurance policyholders were dropped last Friday

July 20, 2022July 21, 2022 H. Cutner

The State Insurance Commissioner is scrambling to address the growing coverage crisis. Last Friday, a staggering 42,000 Louisiana home insurance customers learned that their policies were not going to be renewing and that they had 60 days to find a new policy to ensure uninterrupted coverage. This figure only adds to an already growing number of policyholders dropped by their insurers. According to Louisiana Insurance Commissioner Jim Donelon, there have been six home insurance companies that have completely withdrawn from the state and there are another fifty that have ceased…

Citizens greenlit for hiking homeowner insurance rates 6.4 precent

July 1, 2022July 1, 2022 Logan B.

Florida’s insurer of last resort received the approval for the increase after requesting 10.7 percent. Citizens customers are bracing for a homeowner insurance rates increase as high as almost 11 percent, which will become effective as of September 1, 2022. This, according to the Florida Office of Insurance Regulation (OIR) after the insurer received approval to increase premiums by an average of 6.4 percent across the state. The state-run corporation currently provides coverage for over 800,000 homes throughout Florida. As private insurers flee from the state’s marketplace, which is frequently…

Florida property insurance special session set to tackle crisis

April 28, 2022April 27, 2022 Nordstrom

Governor Ron DeSantis is calling lawmakers back in May to take on the market’s critical health. State Governor Ron DeSantis has announced that he will be calling a special Florida property insurance session in May, bringing lawmakers back to work to try to repair the worst components of the crisis. Atlantic Hurricane Season is rapidly approaching and the homeowners policy market is in a critical state. With Atlantic Hurricane Season about to start on June 1, the governor is holding a special legislative session in May to take on the…