Tag: Florida insurance

Auto insurance reform in Florida comes under fire

Marc
Florida proof of Auto Insurance

Consumers argue that provisions are too harsh for the innocent Earlier this month, a number of auto insurance reform measures took effect in Florida. State legislators had been working to enact auto insurance reforms to combat the significant problem of fraud the state had been facing for years. The auto insurance reform law that was passed earlier in the year has made drastic changes to the auto insurance industry and has imposed significant limitations on the claims benefits consumers can receive. The law has been in effect for a whole…

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Florida’s Citizens Insurance to receive assistance from private insurers

S.Vagus
Citizens Insurance

Private insurers come to the aid of troubled Citizens Insurance Private insurance companies in Florida may be coming to the aid of the state’s beleaguered Citizens Property Insurance Corp. The state run insurance organization has been facing financial troubles for the past several years. The insurer is considered one of the last, best places to attain affordable homeowner’s insurance coverage in the state. This is due to the fact that many private insurance companies have been limiting the policies they write within Florida due to the state’s penchant for natural…

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State Farm Florida looks to raise rates on rental property policies

Adrian Flemming
Florida homeowners insurance - homes in Florida on coastline

Insurer confronted with criticism concerning rate increase proposal State Farm Florida Insurance is looking to raise rates on rental property premiums throughout the state, a fact that has been criticized by some Florida officials and consumer advocates. The rate increase would affect approximately 33,000 policies throughout Florida, including apartment buildings and homes that are rented out by landlords. State officials and consumers advocates are questioning the rationale behind the proposed rate increase because State Farm no longer writes new business in the state and has not done so for some…

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Citizens Insurance considers Manatee policy rate increases

Florida homeowners insurance, Citizens Property

This would mean higher premiums for approximately 1.5 million policyholders in Florida. The Citizens Insurance state run company in Florida is surrounded by controversy, while some feel that it is vital to the state and others are just waiting for the bottom to fall out. The company sells about 1,000 new policies every week, but may be headed toward financial ruin. Many experts are saying that though it is growing very rapidly, this massive insurer could face disaster if even a single major storm makes its way through the state,…

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Florida insurers seek political stability for the sake of the market

S.Vagus
Florida Insurance

Florida insurers gather to discuss concerns over state policies and regulations Florida’s relationship with the insurance industry has been somewhat tense in recent months. State legislators have been working to promote consumer-friendly policies and regulations, but have done little to accommodate the needs of insurers. This is the notion held by insurance executives who attended the Florida Association of Insurance Agents annual event last week. Amongst the topics touched upon during the event, insurers were keen to address the issue of rates for property coverage throughout the Florida market. Rate…

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Florida’s Citizens Property Insurance looms to remove cap on insurance rate hikes

S.Vagus
Florida Homeowners Insurance

New plan from Citizens could have homeowners paying more for their insurance Florida homeowners may soon see their insurance rates climb to new heights as the state’s Citizens Property Insurance Corporation begins looking into a new plan that would make changes to the limit imposed on insurance rates. The plan has already generated a fair amount of controversy because it removed the 10% cap on insurance rate hikes for new customers. This plan could have serious financial implications for homeowners throughout the state and lead to some losing their coverage…

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Advisory panel warns that Florida may not be able to handle an active hurricane season

S.Vagus
Florida Homeowners Insurance

Florida’s Cat Fund facing financial woes This year’s Atlantic hurricane season is scheduled to begin on June 1. The season has yet to begin but has been the subject of speculation throughout the insurance industry. The past two years have played host to turbulent seasons, one of which caused significant damage in the eastern U.S. Some predictions hold that this year’s season may be mild, but Florida may not be able to withstand a hit from a strong storm. The Florida Hurricane Catastrophe Fund (Cat Fund), a state-run service that…

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