Live Insurance News

Citizens Property Insurance continues to release homeowners insurance policies

February 13, 2014February 11, 2014 Marc

Florida homeowners insurance, Citizens Property

Citizens falls below 1 million policies for the first time since 2006 Florida’s Citizens Property Insurance has announced that it has successfully reduced the number of policies it is responsible for to less than 1 million for the first time since 2006. The state-run insurer has been working to depopulate itself per the whims of the state Legislature. Lawmakers believe that depopulating the insurer of policies will help address several problematic financial issues. As such, the policies being released by Citizens are being acquired by private homeowners insurance companies throughout…

Florida may become home for private flood insurance

February 11, 2014February 8, 2014 Logan B.

Florida lawmakers seek to open up the market to private insurers Flood insurance rates may remain stable in the U.S. for a time as federal lawmakers begin investigating ways to reform the federal program that provides flood protection, but many homeowners are still concerned about the financial impact of flood coverage and the federal program’s ability to actually honor the policies it represents. The National Flood Insurance Program is currently crippled by massive debt. While the program has been able to pay claims thanks to the support of emergency spending…

Florida prepares to open its own health insurance exchange

February 3, 2014February 1, 2014 S.Vagus

Florida moves to open a state-run exchange Florida may soon be operating its own health insurance exchange. The state has become a well known opponent of the Affordable Care Act , going so far as to seek the dismantling of the federal health care reform law through the Supreme Court as well as banning insurance navigators from working in the state. The state has missed its deadline to develop and operate a working exchange last year, meaning that a federal exchange has been set up for the state’s residents. Now,…

Flood insurance rate hikes set to hit Florida

January 20, 2014January 18, 2014 S.Vagus

Florida homeowners are preparing for major rate hikes as federal law’s provisions go active Florida homeowners are bracing themselves for a major increase in their flood insurance rates. Provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 are set to take effect in the coming weeks and this will involve a major spike in insurance premiums. The law is meant to address the financial issues that have plagued the National Flood Insurance Program for the past several years. The federal program accounts for the vast majority of flood protection…

Proof of auto insurance goes electronic in Florida

January 7, 2014January 4, 2014 Julie Campbell

The state has joined more than half of the country that allow drivers to display coverage on their smartphones. Florida has now become one of the 30 total states that are now allowing drivers to show digital proof of auto insurance on the screens of their smartphones and other mobile devices as a legitimate way of showing that they have the required coverage for their vehicles. The Cabinet and the Governor have now signed the administrative rule that allowed the change to be implemented. The Florida Cabinet and Governor Rick…

Florida homeowners insurance rates are highest in the US

December 20, 2013December 17, 2013 Marc

Florida continues to have trouble with insurance rates Homeowners in Florida are no strangers to high insurance rates. Homeowners insurance premiums throughout the state have often drawn criticism for being quite high and on the verge of being uncontrolled. A new report from the National Association of Insurance Commissioners aims to shed some light on the issue by comparing Florida homeowners insurance rates with those found in other states. Notably, other states that have experienced more natural disasters than Florida in recent years have lower insurance rates by comparison. Report…

More homeowners insurance policies being removed from Citizens

December 10, 2013December 7, 2013 S.Vagus

Florida regulators approve further depopulation efforts Florida insurance regulators have approved yet another initiative from the state’s Citizens Property Insurance organization to shed policies. The state-run insurer has been working to depopulate itself of homeowners insurance policies for the past few years in order to resolve ongoing financial issues. The endeavor has proven quite successful, as the insurer recently announced that it now has some $7 billion in reserve capital. The initiative has caused some concern among consumers, however, whose policies are being taken up by private companies. 151,000 policies…