Tag: Citizens insurance news

Regulators consider removing Florida Citizens Insurance $700K policy cap

Marc
Citizens Insurance - Policies Binder

The issue of the cap has pulled a notable amount of attention from counties with high-value home. As Florida homeowners continue to struggle to obtain coverage, industry regulators are now considering the removal of a $700,000 cap on Citizens Insurance policies. The insurer of last result is not legally permitted to cover more than $700K of a “replacement cost”. The only exception to that Citizens Insurance replacement cost limit is in Miami-Dade and Monroe counties, where there is a $1 million cap instead. The issue is that the home coverage…

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Homeowners insurance discounts wrongly denied

An administrative judge has ruled that the discount forms used by the state’s property insurers are flawed. In a ruling that could potentially rock the entire homeowners insurance industry in Florida, an administrative judge has deemed the forms used by property insurers throughout the state for the calculation of premiums discounts to be highly flawed and that they must be completely rewritten. The decision from the judge could lead to massive implications for policyholders in the state. Many residents of Florida have made special efforts to hurricane proof their homes…

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Insurance news from Louisiana shows Citizens chief will not receive $50K raise

Insurance Commissioner Jim Donelon - Insurance News

Jim Donelon, the commissioner for the state, has rejected the pay increase for the company’s top exec. The CEO of Louisiana Citizens Property Insurance Corp., Richard Robertson, made insurance news when his pay raise of $50,000 was rejected by the state’s commissioner, Jim Donelon. The commissioner said that this is the wrong time for the raise, though the CEO’s work was praised. Commissioner Donelon said that Robertson has done good work as the CEO of the state-run property insurer, but that the timing of this salary increase was inappropriate. Donelon…

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Fllorida lawmakers concerned over insurer’s estimates of possible deficit

H. Cutner

Florida officials are voicing their concern over assessments of a possible coverage shortfall made by the state’s homeowner’s insurance provider, Citizens Property Insurance. The insurer has enough financial resources to cover $15 billion in property damage, or what they consider a one-in-50 year hurricane event. Damages beyond that point, however, would require the insurer to levy the accounts of policyholders to offset the deficit. Considering the frequency and severity of natural disasters of late, this news has lawmakers worried over what troubles the hurricane season has in store. Citizen’s estimates…

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