With more than 850,000 policies, the state-backed Citizens Property Insurance Corp. has become an 800-pound gorilla in Florida’s troubled insurance market. But you wouldn’t have known that as lawmakers passed bills during a special legislative session last week to try to shore up the industry. Lawmakers did not make changes designed specifically to address issues… Continue reading Florida Lawmakers Leave Out Citizens Property Insurance Issues
Tag: Citizens Property Insurance
Florida’s Citizens Insurance Settles Fraud Case Against Law Firm
Citizens Property Insurance Corp., a state-owned corporation, has agreed to a $1 million settlement with the Coral Gables-based The Strems Law Firm, P.A. Insurers claim Strems was a major driver of excessive litigation, which drives up homeowner premiums. Scot Strems and his firm filed 8,756 lawsuits against property insurers, mostly in South Florida, between May… Continue reading Florida’s Citizens Insurance Settles Fraud Case Against Law Firm
Proposed 11% Rate Hike for Citizens Property Insurance Customers Goes Before Regulators
Insurance regulators took up a request by Citizens Property Insurance Corp. to raise rates by nearly 11%, as policies continue pouring into the state-backed insurer. The Florida Office of Insurance Regulation held a three-hour hearing on the request, which, if approved, would begin taking effect Aug. 1. It was not immediately clear when regulators will… Continue reading Proposed 11% Rate Hike for Citizens Property Insurance Customers Goes Before Regulators
Florida Senate, House Weigh Options to Address Troubled Insurance Market
With premiums skyrocketing and homeowners flocking to the state-backed Citizens Property Insurance Corp., Florida Senate and House members began advancing proposals to address the troubled insurance market on Wednesday. However, in the coming weeks, the Senate and House will have to reconcile their differences on how far they will go in making changes — especially… Continue reading Florida Senate, House Weigh Options to Address Troubled Insurance Market
Citizens Adds Thousands of Policies as Florida Lawmakers Seek to Steer Homeowners to Private Insurers
Citizens Property Insurance Corp., backed by the state, continued to add thousands of policies per week in December, while new legislative proposals would attempt to steer more homeowners into the private insurance market. According to newly posted data, Citizens had a total of 759,305 policies as of Dec. 31, an increase of nearly 217,000 policies… Continue reading Citizens Adds Thousands of Policies as Florida Lawmakers Seek to Steer Homeowners to Private Insurers
Citizens Insurance Reduces Rate Hikes
Citizens Property Insurance is scaling back a proposed rate hike after lawmakers and Florida Gov. Ron DeSantis approved an overhaul that the state-backed insurer has long pursued. Members of Citizens’ Actuarial and Underwriting Committee advanced a plan Tuesday to the full Board of Governors to lower a proposed average residential premium increase from 8.2 percent… Continue reading Citizens Insurance Reduces Rate Hikes