Category: Florida homeowners insurance news
June 27, 2014 - No Comments
ORLANDO, Fla. – June 27, 2014 – Citizens Property Insurance Corp. Board of Governors on Wednesday approved a 2015 rate package that reflects an overall average 2.9 percent statewide decrease for personal residential policyholders. Single-family homeowners will see an average drop of 3.2 percent for the coming year under a slate of rate recommendations that must be approved later by the Florida Office of Insurance Regulation. Overall, personal and commercial rates will decrease by 1 percent.
June 24, 2014 - No Comments
TALLAHASSEE, Fla. – June 24, 2014 – Nearly seven out of 10 Citizens Property Insurance Corporation personal-lines policyholders would see rate reductions in 2015 under a slate of rate recommendations being considered today by the Board of Governors in Orlando. Under the rates proposed by Citizens, policyholders with homeowners policies would see an average decrease of 3.2 percent, while mobile-home owners would see an average 3.9 percent.
June 17, 2014 - No Comments
TALLAHASSEE, Fla. – June 16, 2014 – A Florida bill to ease the burden of skyrocketing flood insurance costs became law on Friday when signed by Gov. Rick Scott. The Florida Legislature approved the bill, SB 542, earlier this year. Despite recent reforms at the federal level to slow flood insurance rate increases resulting from Biggert-Waters, legislation passed by Congress in 2012 to reform the National Florida Insurance Program (NFIP), Florida Realtors and other business groups sought an alternative to the NFIP at the state level.
May 19, 2014 - No Comments
State regulators are taking it too easy on insurance companies, a consumer group says. That's certainly not the narrative you'll hear from the insurance industry. But Americans paid a record amount for property and casualty insurance in 2013, $478 billion in earned premiums, and it's excessive, argues the Consumer Federation of America. "The data make it indisputably clear that insurance companies are overcharging their customers in order to rake in huge profits," said J. Robert Hunter, the group's director of insurance and a former consultant to Florida regulators.
May 16, 2014 - No Comments
TALLAHASSEE, Fla. – May 16, 2014 – A troubled Florida property insurer under a state order not to take new customers because of financial problems has been taken over by a competitor. United Property and Casualty Insurance of St. Petersburg has acquired Sunshine State Insurance Co. of Jacksonville, regulators said Thursday.
May 15, 2014 - No Comments
Florida is heading into hurricane season with good news. The state-created fund that backs up private insurers in Florida appears to be in very good financial shape again this year.
April 30, 2014 - No Comments
The Florida Office of Insurance Regulation (FOIR) approved the removal of up to 10,000 multi-peril personal residential policies from Citizens Property Insurance Corp. to Southern Oak Insurance Company. The approval is part of an ongoing process to reduce the number of policies held by state-owned Citizens by transferring them into the private insurance market.
April 8, 2014 - No Comments
Florida is one of the top 10 states for water-related insurance claims that don't involve flooding. Overall, that's a bit positive. Since the state is the fourth largest in the U.S. – almost third largest – its rank as No. 8 seems better than average. However, much of the non-flood water damage in states to the north comes courtesy of winter, such as frozen water pipes that burst or basement flooding.
April 3, 2014 - No Comments
DEERFIELD BEACH, Fla. – April 2, 2014 – One of Florida’s fastest-growing property insurers is canceling thousands of policies, abruptly cutting ties with many customers in Palm Beach County and other parts of South Florida less than 90 days after they signed up. People’s Trust Insurance Co. is calling it “prudent exposure management,” though it is infuriating customers who are losing coverage so close to hurricane season. One Palm Beach Gardens customer said,” I smell a rat.” Fewer than 5 percent of its more than 115,000 policies are affected, said a spokeswoman for the company, which last week completed a transfer of its headquarters to Deerfield Beach from Boca Raton.
March 29, 2014 - No Comments
NEW YORK – March 28, 2014 – While stories of skyrocketing flood insurance rates have made the most headlines, a series of NBC news stories cites a different type of problem: Flood insurance rates for at least 500 mainly coastal condo complexes are too low. In some cases, NBC News says, a flood map rewrite that removed the condo buildings from high-risk flood zones has saved their HOAs as much as 97% on flood premiums underwritten by the National Flood Insurance Program (NFIP).
March 27, 2014 - No Comments
WASHINGTON – March 27, 2014 – In testimony before a U.S. House subcommittee, Federal Emergency Management Administration (FEMA) Administrator Craig Fugate talked about the timing of implementation. He suggested that homeowners and buyers be patient – it may take awhile for the law’s mandates to filter down to insurance agents.