Florida approves 4 new home insurance companies for operation in the state

Home insurance Three wooden homes and Florida state flag

The state’s property market is edging on crisis and has been bleeding insurers in recent years. Florida property owners are about to have an additional choice of coverage from four new home insurance companies that have just received their approval to sell in the state from the Florida Office of Insurance Regulation (OIR). The state has been in desperate need of new players in its property coverage market. The most recent home insurance companies to enter the state were Orion180 Select Insurance Company and Orion180 Insurance Company. Shortly before they…

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Citizens covers 1.7 million home insurance policies in Florida

Home insurance - 1.7 million policies Florida

As more insurers withdraw from the state, the insurer of last resort is bloated with policies. Citizens Property Insurance is slated to reach 1.7 million home insurance policies in Florida by the end of the year. This is over three times the number of policies it had in 2020 and far more than it was designed to cover. The issue leading so many home insurance customers to have to turn to Citizens is that insurers have been leaving the state, going under, or issuing non-renewal notices to thousands of customers…

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Part-time residents could see Citizens Florida home insurance rates doubling

Home insurance - Florida Rates Rising

This particular group of Florida residents are expected to see a very large increase in their premiums. The spotlight is on Florida’s part-time residents at the moment, as their home insurance in particular is expected to skyrocket even more than that of people who are permanent residents of the state. Regardless of whether part-time residents live in condos or houses, the rates are heading to the moon. Citizens Insurance – the state home insurance of last resort – has asked regulators for permission to increase the rates of seasonal residents…

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Florida’s state-run property insurance company to dump thousands of policies

Insurance company Dumps home insurance policyholders

Citizens is expected to drop tens of thousands of policyholders into the state’s private market. The largest insurance company in Florida is its state-run Citizens insurance, and that insurer has become massively bloated with policies over the last couple of years due to the ongoing crisis in the state. The insurer is supposed to be the last resort for homeowners seeking coverage in Florida. That said, after picking up over a million policies since the start of 2022, it is expected to take action to unload at least tens of…

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Florida property insurance market is circling the drain, says Citizens CEO

Florida Property Insurance - Homes in Florida

The state’s insurer of last resort has bloated to an enormous size as the market spirals downward. The Florida property insurance market has reached a critical state, said the CEO of Citizens, the state’s insurer of last resort. The cost of coverage has caused Citizens to become bloated, with thousands of new homeowners signing on every week, slashing chunks out of the market. The result is that the market as a whole in the state has reached a point in which it is collapsing. “The reality is the marketplace in…

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Citizens Insurance is still battling thousands of Hurricane Irma lawsuits

Citizens Insurance - Hurricane Irma - Home Destruction

The Florida insurer of last resort is still grappling with legal challenges from two years ago. Florida Governor Ron DeSantis and state lawmakers recently approved a Citizens Insurance overhaul plan. The overhaul redesigned the controversial “assignment of benefits” practice. It also added new restrictions regarding lawsuits that can be filed against insurance companies. The state-backed insurance company will still need to deal with its thousands of existing lawsuits. Citizens Insurance is still attempting to work its way through thousands of existing lawsuits. These were filed well before the overhaul was…

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Citizens Insurance in Louisiana dumps more policies

Citizens Insurance Louisiana homeowners insurance property

The Insurance Commissioner from the state, Jim Donelon, has announced new participation in this effort. A recent announcement from Insurance Commissioner Jim Donelon has shown that three new insurers have added themselves to the efforts to reduce the number of policies carried by Citizens Insurance in Louisiana. Citizens Property Insurance Corp. has been working to shrink its size after becoming quite bloated. The state’s property insurance company of last resort had been swelling in size following Hurricane Katrina in 2005, and then hit its peak size following Hurricane Rita in…

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