citizens insurance florida Archives

New Florida law aims to address homeowners insurance concerns

June 4, 2013June 3, 2013 Logan B.

Florida’s homeowners insurance market continues to pose significant risks Citizens Property Insurance has been Florida’s last resort for homeowners insurance for several years. Property owners throughout the state rely heavily on the state-run insurance organization in order to receive the coverage they need. The homeowners insurance market in the state has been somewhat turbulent for years due to the disaster prone nature of Florida. Because Citizens Property Insurance accounts for the majority of homeowners insurance policies in the state, it is also liable for the majority of the financial burden…

Homeowners insurance makes it tougher to purchase a house in Florida

August 16, 2012April 30, 2013

The coverage industry in the state is having a large impact on real estate. Though buyers are returning to the real estate market as they start to lose their hesitation to buy a property and regain the means with which to do so, but the homeowners insurance prices in Florida are making those same consumers balk. In some cases, it is leading buyers to decide against a purchase, in others, they are swamped after they’ve bought. Depending on the neighborhood in Florida, the homeowners insurance premiums can be prohibitive for…

Citizens Insurance withdraws discounts for damage prevention

July 24, 2012July 23, 2012 Marc

Home inspections for hurricane proofing efforts have led to several revoked premiums decreases. Citizens Insurance has been visiting homes throughout Florida that have received a discount on their premiums based on their hurricane proofing efforts, and has revoked the price advantage for many whose preventative techniques are inadequate or nonexistent. This has put the insurer under a great deal of fire. Almost three quarters of the 225,502 homeowners who are covered by Citizens Insurance and that underwent the inspections have seen price increases based on the reports of the inspectors.…

Citizens insurance faces massive public outcry at Miami workshop

July 23, 2012April 30, 2013

Insurer intends to increase rates by 7.5 percent in 2013. The Citizens Insurance board received an angry scolding from homeowners and lawmakers alike during a Miami workshop in which it announced its intentions to increase its rates by 7.5 percent, on average, next year. The proposed rates increase would affect premiums across the state. Though almost all homeowners with Citizens Insurance coverage would find themselves with higher premiums, some areas would be harder hit than others. South Florida, for example, will have higher increases than other regions if the proposed…

Florida lawmakers attempt to manage problematic and controversial solution to Citizens Property Insurance problem

March 8, 2012 S.Vagus

In Florida, lawmakers have been working on fixing the problems of the state-run Citizens Property Insurance Corp. Their efforts have yielded few results and now legislation that could help the program recover from its massive debt has hit a roadblock. Legislators have mostly been focused on reducing the number of people receiving coverage from Citizens by having private insurance companies take on more policies. The Legislature has approved an amendment to the bill that would have accomplished this, House Bill 245, which makes transferring policies more difficult. Now, insurers must…

Florida consumers filed class-action lawsuit against Citizens Property Insurance

February 8, 2012February 16, 2014 Live Insurance News

As Florida’s Citizens Property Insurance continues… to struggle beneath the crushing weight of debt, the state-run company’s policyholders are mobilizing for a massive lawsuit against the company. Consumers have filed a class-action lawsuit against the company this week in Tallahassee, Florida. Consumers are joined by Senator Mike Fasano, who believes that the company has been too bullish in its implementation of rate hikes. This is the same issue being brought to light by the lawsuit. Consumers claim that the company is overestimating the value of homes and thus driving up…

Florida legislation could move consumers from Citizens Property Insurance to more risk surplus lines.

February 7, 2012February 7, 2012 Nordstrom

It is no secret that the Florida Citizens Property Insurance group is under financial stress. The state-run insurance company has offered affordable insurance policies to Floridians for decades. This affordability has attracted thousands of consumers, making Citizens the largest insurer in the state, but it has also come at a cost. The insurer now has more policies than it can handle efficiently and is not generating enough revenue to continuing operating viably. State legislators have been working on a way to trim the number of policies covered by the company.…