In Florida, lawmakers have been working on fixing the problems of the state-run Citizens Property Insurance Corp. Their efforts have yielded few results and now legislation that could help the program recover from its massive debt has hit a roadblock. Legislators have mostly been focused on reducing the number of people receiving coverage from Citizens by having private insurance companies take on more policies. The Legislature has approved an amendment to the bill that would have accomplished this, House Bill 245, which makes transferring policies more difficult. Now, insurers must…
Read MoreTag: homeowners insurance quotes florida
Florida legislation could move consumers from Citizens Property Insurance to more risk surplus lines.
It is no secret that the Florida Citizens Property Insurance group is under financial stress. The state-run insurance company has offered affordable insurance policies to Floridians for decades. This affordability has attracted thousands of consumers, making Citizens the largest insurer in the state, but it has also come at a cost. The insurer now has more policies than it can handle efficiently and is not generating enough revenue to continuing operating viably. State legislators have been working on a way to trim the number of policies covered by the company.…
Read MoreFlorida legislators consider allowing surplus insurers to participate in Citizens Property Insurance Corp
In an effort to make Florida’s Citizens Property Insurance Corp. more sustainable in the future, lawmakers are now considering opening up the state-run insurance program to surplus carriers. Legislators believe that by allowing surplus insurers to participate, the program will go through a depopulation period as consumers take advantage of the wider variety in policies they have access to. Currently, the state-run program covers more than 1.5 million policyholders. With the program being so large, Governor Rick Scott believes that the only two solutions for sustainability lie in depopulating or…
Read MoreFlorida Governor calls for residents to share insight on Citizens Insurance Group
Florida Governor Rick Scott is looking for input from consumers on what to do with the state-run insurance company Citizens Property Insurance Corp. The company has come upon difficult financial times in recent years, much of which has been at the hands of fraud and natural disasters. The company was recently approved to raise rates on sinkhole coverage for homes as a way to offset the losses seen in years past. The new rates have spurred public outcry, which has led regulators to stagger the rate increase over the course…
Read MoreFloridians call for insurance reform to mitigate growing concerns of natural disasters
South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…
Read MoreFloridians call for insurance reform to mitigate growing concerns of natural disasters
South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…
Read MoreFlorida fire insurance warning issued
When most people think of wildfires, there are many places that might come to mind but Florida usually isn’t one of them. Since the first of the year, Florida has had over 2,660 wildfires. Florida’s drought conditions coupled with low humidity and high winds have made ideal conditions for wildfires. The director with the Division of Forestry in Florida has issued several warnings and urged residents to follow county burn bans. Visitors to the states parks are also encouraged to check any burn bans that may be in affect before…
Read More