The Florida Office of Insurance Regulation has approved the takeout of more than 54,000 residential multiperil policies from Citizens Property Insurance Corp.
Tag: Citizens Property Insurance
Gov. Ron DeSantis Calls Citizens Property Insurance ‘Not Solvent’ in CNBC Interview
In an interview with CNBC, Gov. Ron DeSantis raised more concern about Citizens Property Insurance ahead of a potentially active storm season and amid a federal investigation into whether the state insurer has enough money in the bank for a future natural disaster.
Citizen’s Property Insurance Would Cover All Floridians Under Proposed Plan
Representatives Spencer Roach from Fort Myers and Representative Hillary Cassel from Dania Beach proposed that state-run Citizens Property Insurance cover wind claims for anyone in the state who wants it.
Florida Bill Would Allow Surplus Lines to Take Out Vacation Homes
A bill is moving through the Florida senate that would open the door to surplus lines carriers seeking to take out secondary, or vacation, homes covered by Citizens Property Insurance Corp.
Florida-only Insurers Weather Hurricane Idalia Amid Market Pullback
Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market.
Citizens Insurance Eyes Rate Hikes
Leaders of the Florida state-backed Citizens Property Insurance Corp. approved a proposal Wednesday that would raise average rates by 14.2 percent this year.
Citizen Insurance CEO to Retire
Citizens Property Insurance Corp. President and CEO Barry Gilway said Thursday he will retire.
More than Two Big Storms in Florida Could Spell Trouble for Insurers
In Florida, it’s that time of year again. Peak hurricane season is bearing down on the state like the flying saucer in the film “Nope.” Insiders in the insurance industry say policyholders are insured as long as the state isn’t hit by more than two major storms. Typically, the most dangerous tropical cyclones strike Florida… Continue reading More than Two Big Storms in Florida Could Spell Trouble for Insurers
As Home Values Soar, Calls Grow to Increase Citizens Insurance Eligibility Cap to $1M Statewide
Inflation has rendered thousands of Florida homes and condos ineligible for coverage by Citizens Property Insurance Corp., the state-owned “last-resort insurer.” Owners of Citizens-insured homes with replacement values in the $500,000 to $600,000 range received notices of non-renewal just a few years ago, forcing them to seek far-more expensive coverage in the unregulated surplus lines… Continue reading As Home Values Soar, Calls Grow to Increase Citizens Insurance Eligibility Cap to $1M Statewide
Florida’s Citizens Faces Hurricane Season with Reinsurance Shortfall
Florida’s state-run property insurance corporation, like some private insurers, has been unable to obtain all of the reinsurance coverage required to cover the risks posed by hurricanes and other threats in the coming year. Citizens Property Insurance Corp., the state’s last-resort insurer, has obtained roughly one-third of the backup coverage it sought, according to spokesman… Continue reading Florida’s Citizens Faces Hurricane Season with Reinsurance Shortfall