Homeowners insurance changes proposed by Florida commissioner

Homeowners Insurance

Alterations have been put forward to the property coverage in the state, particularly for Citizens. Kevin McCarty, the commissioner in Florida, has proposed some considerable changes to the homeowners insurance system in the state, particularly when it comes to the coverage offered by Citizens. This was announced by the commissioner to the state Senate Banking and Insurance Committee this week. The goal for McCarty’s proposals is the decrease the risk faced by the Citizens, the state backed homeowners insurance company of last resort. At the moment, that insurer is responsible…

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Homeowners insurance of last resort shuts down internal watchdog

homeowners Insurance news

Citizens in Florida is now under fire against significant opposition to the move. Citizens Property has already been facing fierce opposition from critics over the recent changes that it has been making to its homeowners insurance coverage in order to decrease its number of policyholders, and this disapproval was heightened this week when it announced that it has axed its own internal watchdog group. This occurred at the same time that the insurer is already under investigation for high corporate spending. On Monday, Dan Krassner, the executive director of Integrity…

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Homeowners insurance worries place significant strain on Floridians

Homeowners Insurance credit score

Residents of the state are more worried about coverage than taxes. The rising cost of homeowners insurance is an increasing political liability among lawmakers in Florida, as the results of a survey have now been released that shows that financial concerns over this coverage are now much greater than those regarding property taxes. The state’s residents have been seeing a tremendous spike in their coverage rates in recent years. The annual survey was performed by Leadership Florida, and its results were just released. They showed that 46 percent of people…

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Homeowners insurance customers face risks in switching from Citizens

Homeowners Insurance in Florida

Consumers in South Florida are offered policies from private insurers, without the rates. Thousands of residents of South Florida that have their homeowners insurance coverage through Citizens have received a letter stating that unless they opt out, their policies would be taken over in November by a private insurer. Though these customers do see potential in the switch, the situation is making it difficult to make an informed decision. Those with Citizens Insurance – the state backed insurer of last resort in Florida – have heard that the company intends…

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Citizens Insurance will make significant changes to its reinspections

insurance industry report

Following consumer outcry and heavy media attention, the insurer will be altering the program. Citizens Insurance has now announced that it will be overhauling its highly controversial reinspection program, following significant consumer upset as well as massive negative media coverage. So far, the program has led to a tremendous $137 million in premiums increases. The new plans for the program will give homeowners who have lost their discounts on their Citizens Insurance policies, the opportunity to have a second inspection, free of charge, at which time they can either have…

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Homeowners insurance makes it tougher to purchase a house in Florida

homeowners Insurance

The coverage industry in the state is having a large impact on real estate. Though buyers are returning to the real estate market as they start to lose their hesitation to buy a property and regain the means with which to do so, but the homeowners insurance prices in Florida are making those same consumers balk. In some cases, it is leading buyers to decide against a purchase, in others, they are swamped after they’ve bought. Depending on the neighborhood in Florida, the homeowners insurance premiums can be prohibitive for…

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Citizens may increase homeowners insurance policy rates

homeowners insurance

Citizens is debating whether or not to increase the rates for new homeowners insurance policies. Consumers, in Florida, taking out new homeowners insurance policies at Citizens may discover that they are being charged higher initial rates than existing policyholders with that insurer. The result of a proposal being debated by the governing board at Citizens Property Insurance Corp. could mean that individuals taking out a policy from the state-backed coverage pool after January 1, 2013 may find that the rates that they pay are over 10 percent higher than the premiums…

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