Florida Citizens Property Insurance Archives

Homeowners insurance reform bill for Citizens once again delayed

April 27, 2013May 1, 2013 H. Cutner

Florida homeowners insurance, Citizens Property

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…

Homeowners insurance costs eclipse mortgages in Florida

March 28, 2013April 30, 2013

Florida homeowners now paying more for insurance than for their homes One of the highest expenses facing Florida families has long been the mortgage on their homes. Mortgages in the state, just as elsewhere throughout the U.S., put a large amount of financial pressure on families. While mortgages have been the highest expense for many families in the state, these families are beginning to pay more for their homeowners insurance coverage, according to the Insurance Information Institute. The non-profit organization suggests that consumers are paying more for their homeowners, auto,…

Reinsurance industry may win subsidies in Florida

March 7, 2013April 30, 2013

Lawmakers consider new subsidies for the reinsurance industry This year, the Florida Legislature will be considering several proposals that could have a major impact on windstorm insurance throughout the state. Lawmakers continue to grapple with a problematic insurance market, where many insurance companies are either looking to raise rates exponentially or abandon certain sectors entirely. Given the ongoing problems with the state’s Citizens Property Insurance organization, lawmakers are eager to address any issues that insurance companies may have, and may be turning to the reinsurance industry to do just that.…

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 market continues to shift as Florida’s Citizens takes more aggressive action

February 26, 2013February 25, 2013 S.Vagus

Citizens Property Insurance causes shift in homeowners insurance market Florida’s Citizens Property Insurance has been facing serious financial problems that have also attracted a great deal of criticism to the state-run organization. Florida lawmakers have been pressuring the insurer to resolve many of its own issues, which has lead to a shift in the state’s homeowners insurance market as the insurer sheds policies and these policies are taken up by private homeowners insurance companies. Now, Citizens making a move to increase its hurricane coverage this year in the hopes of…

Homeowners insurance depopulation continues for Citizens

February 23, 2013February 21, 2013 Marc

Florida-run insurer continues to let go of homeowners insurance policies Florida’s Citizens Property Insurance continues to face significant challenges. The state-run organization has been one of the best, if not the only, places to find affordable homeowners insurance coverage for many Florida residents, especially those living near the coast. Over the past few years, the insurer has been grappling with dubious financial issues that have threatened to make it insolvent. Ordered to address this issue aggressively, the insurer has been actively depopulating itself of policies. 31,000 policies to be taken…

Homeowners insurance rate cap dodges from Citizens targeted by South Florida legislators

January 14, 2013January 14, 2013 Julie Campbell

New legislation is taking aim at efforts the insurer has made to get around the limit. Lawmakers in South Florida have just filed new legislation with the goal of stopping Citizens Property Insurance from being able to get around the homeowners insurance rate increase cap of 10 percent, by charging the higher rates only to new customers. This largest property insurer in Florida was tinkering with the idea throughout the last half of 2012. The state backed homeowners insurance company of last resort has a rate increase cap applied against…