Florida’s Citizens Property Insurance Corporation has disclosed details of its proposed risk transfer program for the coming year, which includes a budget of $725 million to fund an additional $4.2 billion of protection.
Tag: Citizens
Citizens Insurance Wants Rate Hikes Enacted at Florida’s Upcoming Special Legislative Session
Citizens wants to be the insurer of last resort, and not the insurer with the lowest premiums.
Louisiana Department of Insurance Approves January 2023 Rate Increase for Citizens
Louisiana Citizens’ request for a 63% rate increase on its residential property insurance policies beginning January 1 was approved by the Louisiana Department of Insurance. Citizens’ current policyholders will not be affected by the rate increase until they renew their policy after that date. Louisiana law requires Citizens to charge at least 10% more than… Continue reading Louisiana Department of Insurance Approves January 2023 Rate Increase for Citizens
Florida’s Already Fragile Property Insurance Market to Incur Billions in Losses Post Ian
Hurricane Ian could be among the costliest in US history. According to Chuck Watson of Enki Research, the massive storm tearing through parts of Florida at 150 mph is expected to cause $30 billion to $60 billion in damages and economic losses. The insurance industry is looking at a loss of $20 billion at the… Continue reading Florida’s Already Fragile Property Insurance Market to Incur Billions in Losses Post Ian
Insurance Agents in Louisiana Scramble to Find Homeowners Coverage Amid Policy Cancellations
Insurance agents are feeling the pressure as they scramble to find new coverage for tens of thousands of Louisianans who are losing their home insurance this month and next month. “I worked until 2:30 in the morning writing policies,” Ross Fayard, owner of Amstate Insurance says. Fayard was already dealing with finding new coverage for… Continue reading Insurance Agents in Louisiana Scramble to Find Homeowners Coverage Amid Policy Cancellations
Citizens Insurance Reverses Decision to Drop Past-Due Policies on Aug. 15
Citizens Property Insurance Corp. has reversed its decision to resume canceling homeowner insurance policies of customers who haven’t been able to pay their bills because of COVID-19-related hardships. The company recently announced in a letter to agents and customers that it would resume canceling and non-renewing policies with past-due accounts on Aug. 15. But after… Continue reading Citizens Insurance Reverses Decision to Drop Past-Due Policies on Aug. 15
Citizens Property Insurance Will Purchase $200M in Inland Reinsurance
For the first time in 14 years, Citizens Property Insurance Co. is purchasing reinsurance for its inland customers for this year’s hurricane season. The state-run “insurer of last resort” plans to purchase about $200 million in additional coverage, spurred by “mounting losses” from claims unrelated to storms and litigation over those claims, as well as… Continue reading Citizens Property Insurance Will Purchase $200M in Inland Reinsurance