Surplus lines carriers can start taking out secondary home policies from Citizens Property Insurance Corp. on July 1, under a bill signed by Florida Gov. Ron DeSantis.
Tag: Citizens
Citizens Looking to Reduce Policies in Effort to Help ‘Fix’ Florida’s Insurance Crisis
“We want insurance to be affordable, but that’s why we need to have more competition; we need to have more private companies coming back into the state,” said Citizen’s CEO, Tim Cerio.
Heads of Florida OIR, Citizens, Say Property Market Is Heading in the Right Direction
If there were only one numerical trend needed to understand how dire the property insurance market in Florida has been, it would be the steady growth of policies taken on by the state’s insurer of last resort, Citizens Property Insurance Corp.
State Approves Private Insurers to Take 153,000 More Homeowners Policies from Citizens
Amid a push to move policyholders into the private market, regulators have approved proposals by six private insurers to take as many 153,000 policies from the Florida’s Citizens Property Insurance Corp., the state’s property insurer of last resort.
FL Citizens Insurance Looks for Average 11.5% Rate Hike in State
Citizens Insurance is looking for a new increase in rates and it would take effect right after hurricane season ends.
Status of the Property Insurance Market in Florida
Florida is frequently the target of increasingly severe natural disasters like hurricanes, floods, and other calamities that drastically affect the property insurance market.
Florida Regulators Say No to Citizens’ Request for 13.3% Rate Increase
Amid explosive growth in its number of policies, Citizens this year asked the Office of Insurance Regulation for approval of an overall 13.3% rate increase, with 12% hikes for “multi-peril” policies on primary residences.
Florida Shifting 184,000 Homeowner Policies from Citizens to Private Insurers
As homeowners continue piling into the state-backed Citizens Property Insurance Corp., regulators this week approved proposals that could lead to private insurers pulling as many as 184,000 policies from Citizens starting in October.
Two Insurers Approved to Take Over 26,000 Policies from Florida State-run Insurer Citizens
Citizen’s insurance has swelled to 1.3 million customers and was never intended to hold that many policies. Slide Insurance has agreed to step in and take 25,000 of those policies. Loggerhead will take 1,000 policies.
Citizens Property Insurance Approves 2023 Rate Hike
Citizens board members approved a recommended statewide average increase of 14.2% for all Personal Lines policies – homeowners, condominium unit owners, dwellings, renters and mobile homes.