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…

Home Insurance Premiums in Florida Creating A Wide Range of Variations

August 4, 2023August 3, 2023 Logan B.

While premiums have been sharply rising, quotes vary widely from one insurer to another. Though the average home insurance premiums for residents of Florida are very high and rising, the actual amount people are paying depends on a range of factors, and the spectrum is enormous. Homeowners are struggling to find out what they will need to pay for their coverage. The one thing that appears to be standard across the board is that home insurance premiums in the state are climbing. Florida has been edging on a crisis as…

Homeowners insurance policies are still being dumped by Citizens

January 13, 2015January 11, 2015 H. Cutner

The state backed insurer has said that it believes that it will be able to shrink to a smaller size than previously believed. Citizens Property Insurance has now received another wave of shedding homeowners insurance policies from regulators, and the company has now revealed that it will be able to reduce its size by more than what it had once thought. This latest round could allow the insurance company to shed an additional 93,500 of its policies. The state backed homeowners insurance company can now rid itself to up to…

Homeowners insurance through Citizens in Louisiana is hanging in there

September 10, 2012April 30, 2013

Isaac claims have left the last resort insurer in pretty good shape. Though Hurricane Isaac certainly left its mark and was considered to be a “fairly significant event” for the homeowners insurance of last resort, Louisiana Citizens Property Insurance Corp., the insurer was still able to cover the claims that came in and had the resources that it needed ready and waiting. This insurance news was released by Richard Robertson, the insurer’s chief executive. Citizens is the homeowners insurance company that sells its policies to people within the state who…

Homeowners insurance company taking a look at its own expenses

August 23, 2012April 30, 2013

Citizens in Florida is examining its salary, travel, and management costs. Citizens currently faces $1.9 billion in expenses every year at the three corporate locations across the state, in order to provide homeowners insurance to policyholders throughout Florida. The leaders of that state backed insurer are now looking into those costs. This investigation includes both the pay and the benefits that are being received by its employees, as well as the costs associated with travel, and the expenses relating to its overall structure of management. Simultaneously, these company heads are…

Louisiana Citizens Property Insurance seeks to raise rates by 10.5% throughout the state

January 16, 2012January 16, 2012 Nordstrom

Homeowners in Louisiana may see their insurance rates jump as the state’s own Citizens Property Insurance company proposes new, higher rates. The state-run insurer, which accounts for more than 120,000 policies, is looking to raise rates throughout the state by an average of 10.5%. For some parts of the state – particularly those near the coast – these rates will be higher. Insurance Commissioner Jim Donelon is currently reviewing the rate increase proposal to see if it is needed in the current market. The insurer claims that higher rates are…

Louisiana insurance rebates remain unclaimed by policyholders eligible to claim the money

December 9, 2011 Marc

Louisiana Insurance Commissioner Jim Donelon says that $270 million in insurance rebates still remains unclaimed by policyholders this week. Late last month, Donelon issued a notice to policyholders explaining that they could be eligible for rebates. Thus far, however, no one has come forward looking to claim their share of the money. If the funds remain unclaimed, the state may seek to take control of the money. Such a move would only be possible if the state’s Legislature passes new laws regarding the matter. The money was recovered from property/casualty…