The Florida Republican Mayors Public Policy Association is endorsing two congressional bills that would provide tax breaks for victims of disasters and those who buy flood insurance.
Tag: Florida property insurance
Florida Property Insurance Market Improves; Reinsurance Dependency Remains High
Higher homeowners’ premiums, a decline in legal costs related to recent legislative efforts and the ongoing de-population of the state-backed insurer of last resort are the backdrop as Florida’s property insurance market churns toward another hurricane season, according to a new AM Best report.
Host of Florida Property Insurance Regulatory Changes Kicking In
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.
Florida’s 125% Surge in Property Insurance Bills Sows Havoc
With Florida being threatened by more powerful hurricanes, commercial-property insurance costs last year surged at nearly five times the national pace, according to credit rating firm AM Best.
Florida Committee Moves Bill to Increase Citizens’ Coverage Cap
The Florida Senate Banking and Insurance Committee has advanced a measure that would increase the maximum dwelling replacement value for homes covered by Citizens Property Insurance Corp. to $1 million from the current $700,000.
Orange Insurance Exchange Announces Launch and Entry into the Florida Property Insurance Market
Orange Insurance Exchange, a reciprocal insurer, is pleased to announce its formation and launch in the Florida property insurance market.
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.
Governor DeSantis Signs Legislation to Support Florida Policyholders When Disaster Strikes
Governor DeSantis signed three bills to strengthen Florida’s property insurance market, expand the state’s home hardening and hazard-mitigation programs, and further protect consumers against bad actors.
Another Florida Insurer, St. Johns, Headed into Insolvency
Florida’s insurance carrier challenges continue, with another company facing insolvency and analysts claiming that nearly half of the smaller Florida-focused homeowners carriers they have tracked have failed to make a profit. St. John’s Insurance is the most recent failure, with the Florida Department of Financial Services appointing a receiver and liquidating the company’s assets. Demotech… Continue reading Another Florida Insurer, St. Johns, Headed into Insolvency
Citizens Insurance Customers to Get Larger Rate Hike Due to Change in FL Law
Customers of Citizens Property Insurance Corp. are getting a bigger rate hike than was initially proposed, due to a change in a state law that was partially blocked by a federal judge this week. Citizens officials expressed disappointment in Sunday’s ruling, in which Chief U.S. District Judge Mark Walker found that the new law, approved… Continue reading Citizens Insurance Customers to Get Larger Rate Hike Due to Change in FL Law