florida citizens insurance Archives

Homeowners insurance competition report shows some Florida counties lacking

January 5, 2015January 3, 2015 G. Turner

Some kinds of residential policies in Monroe and Miami-Dade counties are coming up short in options. A new report has now been issued by the Florida Office of Insurance Regulation and has shown that in the counties of Miami-Dade and Monroe, there is a notable lack in competition among homeowners insurance companies for certain kinds of residential policies. This report has brought unwelcome news at a time in which the state is attempting to shrink its last resort coverage. The state has been seeking to reduce the size of Citizens…

Homeowners insurance changes from Citizens could greatly impact coastal properties

May 10, 2013May 25, 2013 H. Cutner

Florida homeowners insurance, Citizens Property

Experts in coverage and in real estate are saying that the homes along the coast could see major changes. According to the homeowners insurance and real estate communities, the reforms to Citizens that have occurred in Florida will have a sizeable impact on the homes located along the southern coast of the state. The legislature has now approved changes that have been designed to reduce the insurer’s enrollment. The reason that Citizens is hoping to considerably reduce the number of people it serves is that its current size makes it…

Homeowners insurance reform bill for Citizens once again delayed

April 27, 2013May 1, 2013 H. Cutner

The overhaul for the state backed insurer is being held back yet again in Florida. On Wednesday, a vote that had been scheduled for a sizeable overhaul of homeowners insurance in Florida was delayed, yet again, which may suggest that the fear of sending rates skyward is holding the bill down in the state Senate. It is not that the bill is without the necessary support, but the sponsor is seeking additional time. The sponsor of the bill is Senator David Simmons (R-Altamonte Springs). He indicated that he has already…

Florida insurance company of last resort publishes internal complaint list

March 1, 2013February 28, 2013 H. Cutner

The release occurred in an effort toward transparency and to clear its name of its many misconduct scandals. Citizens has been making considerable Florida insurance news headlines over the last while, as word of corporate misconduct and improper spending scandals continue to make their way to the media, so the company has now changed tacks and has released a massive list of 474 different internal complaints. Its goal was to show that it has been properly handling any misconduct allegations that it has received. Unfortunately, this list has also revealed…

Homeowners insurance housecleaning under way at Citizens in Florida

February 28, 2013April 30, 2013

homeowners insurance policy multiple claims

The CEO of the company needs to cut back on the insurer’s spending even further. The CEO of the Citizens homeowners insurance company in Florida implemented some strict travel expense policies in place in order to help cut spending, but is having trouble adhering to those regulations. Barry Gilway has been submitting expenses that are far above the regulations he put into place. It has now been revealed that Gilway, the chief executive officer of the homeowners insurance company, has stayed in a hotel that costs almost twice as much…

Homeowners insurance in Florida set to increase despite lack of major storms

January 4, 2013April 30, 2013

Despite the lack of natural disasters, it is still becoming more expensive to keep property coverage. Even though there was a striking lack in major catastrophes due to storms such as hurricanes, in 2012, the premiums associated with homeowners insurance policies in Florida are continuing to rise. The prices for some customers are increasing by a considerable amount across the sector. This trend is lead by the state backed homeowners insurance company of last resort, Citizens. This company has already had its premiums increase proposals approved, and other companies have…

Homeowners insurance plans from Citizens accepted by Florida lawmakers

December 6, 2012December 5, 2012 Julie Campbell

A panel of state officials have embraced new plans by the insurer of last resort. A proposal by the state run homeowners insurance company, Citizens, has now been accepted by Florida lawmakers, changing the current regulations so that the company will now be able to provide private insurers with loans of up to $350 million in order to encourage them to provide residents of the state with coverage so that the company will continue to shrink. The largest insurer in the state currently covers over 1.4 million policyholders. The insurer…