Live Insurance News

Citizens Property Insurance runs afoul of consumer advocates

October 23, 2012October 23, 2012 S.Vagus

Citizens Property Insurance closes internal affairs office Florida’s Citizens Property Insurance has been popping up regularly in insurance news over the past several months, but not for anything necessarily good. The state-run insurance group has been feeling the burden of its own financial crisis and pressure from state lawmakers to solve its own problems as quickly as possible. Recently, the insurer’s solution to its financial problems have involve depopulation; moving policies to private insurance companies that are willing to serve high risk areas of the state. Citizens Property Insurance has…

Florida Catastrophe Fund may be out of money

October 9, 2012 S.Vagus

Florida Catastrophe Fund facing serious financial troubles It is no secret that Florida is prone to hurricanes and flooding disasters. This is one of the reasons many property insurers have chosen not to offer coverage in some parts of the state. In 2010 and 2011, Florida was pummeled by powerful storms that caused widespread damage to homes and businesses. Because many insurers were not liable to pay claims associated with damage they do not cover, consumers had to turn to the Florida Catastrophe Fund. Now, information is coming to light…

Auto insurance reforms to PIP have yet to lower premiums

October 3, 2012April 30, 2013

Florida drivers are still waiting for the promised savings to kick in. Over one hundred auto insurance companies were required to report their intentions to reduce their rates on Monday, as a result of the massive changes to the personal injury protection (PIP) plan in Florida. However, as many predicted, these insurers didn’t show any clear intention to reduce prices. A new law in the state required that these auto insurance providers send a rate filing to the Office of Insurance Regulation at the start of October, which would…

Citizens Property Insurance gets approval for rate hikes

October 3, 2012 S.Vagus

Florida homeowners insurance, Citizens Property

Florida regulators approve rate increase proposal from Citizens Property Insurance Florida Businesses and homeowners can expect to see their insurance premiums jump by at least a double-digit sum early next year. Florida’s Citizens Property Insurance has been granted approval for a rate increase that will take effect January 1, 2013. The insurer’s rate proposal was approved by the Florida Office of Insurance Regulation this week. Though there are roughly three months before the new rates take effect, policyholders are up in arms over the approval of the rate hike. Homeowners…

Auto insurance in Florida continues to be a problem

October 1, 2012 S.Vagus

Lawmakers benefits of new auto insurance laws to be seen soon Auto insurance in Florida has been in flux for some time. State lawmakers have been laboring to make changes to Florida’s auto insurance regulations in the hopes of curbing the prevalence of fraud. Legislators have made significant changes to the state’s personal injury protection (PIP) regulations, which have been hailed both as a remedy for fraud and a financial problem for consumers and businesses. Whatever the case may be, auto insurers are tasked with figuring out ways to lower…

Homeowners insurance at Citizens being moved in record numbers

September 28, 2012April 30, 2013

Approximately 60,000 more policies are being shifted to private insurers with owner consent. Citizens Property Insurance Corp in Florida has taken its next step in its aggressive effort to dump policies, having now announced that many of its homeowners insurance customers will need to decide whether or not they will remain with the state backed company. Following all of its efforts it may shed up to 300,000 policies. This drop would represent about one fifth of its total of almost 1.47 million policies. The goal is to have sloughed them…

Florida’s Citizens Property Insurance continues to shed policyholders

September 26, 2012September 26, 2012 S.Vagus

Citizens Property Insurance wants to see more policies taken over by private providers It is no secret that Florida’s Citizens Property Insurance has been strapped with serious financial problems in recent years. The state-run insurance group is often considered the last and best place to find affordable insurance coverage for Floridians who inhabit the natural disaster danger zone. Citizens Property Insurance attained this status through offering policies that were well below the average cost of those coming from private insurance groups. While this has been well received by consumers, this…