Nearly five dozen Florida businesses have submitted plans to participate in a $2 billion taxpayer-funded plan to shore up the struggling property insurance industry, which would only save homeowners about 1% to 3% on annual premiums. If those companies pass those savings on to their customers, it would barely make a dent in the double-digit… Continue reading Florida Insurance Firms, Not Homeowners, Reap Benefit of $2 Billion Taxpayer-Financed Fund
Tag: property insurance florida
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 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
Florida’s Property Insurers Hit Performance and Surplus Lows: AM Best
AM Best has reported that a group of property insurers in Florida have hit a five-year performance and surplus low in 2020, and given persisting and significant market hurdles, the rating agency believes companies will find sustaining current surplus levels a challenge. Despite no hurricanes making landfall in 2019 to 2020, Florida property insurance writers… Continue reading Florida’s Property Insurers Hit Performance and Surplus Lows: AM Best
Florida Consumers ‘Flabbergasted’ As Property Insurers Push for Double-Digit Rate Hikes
Florida property insurers are jacking up rates by double-digit percentages, blaming the hikes on lingering damage from past hurricanes, a wave of litigation, and a law that encourages lawyers to sue by allowing courts to award them big fees. The rate increases in Florida, the third-largest property insurance market among U.S. states, are the highest… Continue reading Florida Consumers ‘Flabbergasted’ As Property Insurers Push for Double-Digit Rate Hikes