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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Florida-run homeowners insurance provider sheds more policies

Florida homeowners insurance, Citizens Property

Citizens Property Insurance removed more policies More than 30,000 homeowners insurance policies have been removed from Florida’s Citizens Property Insurance. These policies were removed as depopulation efforts continue by the insurer. These efforts are meant to reduce the overall number of policies that Citizens is responsible for, thereby reducing its financial responsibilities and making the insurer more sustainable in the future. The depopulation was sparked by serious issues the insurer faced in the wake of serious natural disasters that it did not have the financial capability to handle on its…

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Homeowners insurance competition report shows some Florida counties lacking

Florida Homeowners Insurance

Some kinds of residential policies in Monroe and Miami-Dade counties are coming up short in options. A new report has now been issued by the Florida Office of Insurance Regulation and has shown that in the counties of Miami-Dade and Monroe, there is a notable lack in competition among homeowners insurance companies for certain kinds of residential policies. This report has brought unwelcome news at a time in which the state is attempting to shrink its last resort coverage. The state has been seeking to reduce the size of Citizens…

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Homeowners insurance rebate deadline nears for Louisiana Citizens

Citizens Insurance Louisiana homeowners insurance property

The Department of Insurance in the state has now issued a reminder to policyholders about the cut-off date. Policyholders with homeowners insurance from are being reminded that there is a Citizens Property Insurance deadline that is now rapidly approaching by which an assessment rebate on policy must be claimed if they wish to take advantage of it. The Louisiana Department of Insurance has sent out a reminder to make sure policyholders complete the necessary steps. Jim Donelon, the commissioner in the state, has reminded homeowners insurance customers that the deadline…

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Citizens Property Insurance to shed more policyholders

Florida homeowners insurance, Citizens Property

Five more insurers in Florida have now been approved to take on the homeowners policies of the state-backed giant. In recent property insurance news, state regulators have now given their approval to five homeowners insurers based in the state in order to give Citizens the opportunity to unload up to 132,441 more policies. Citizens will start to shift more of its homeowners policies outward to those insurers, beginning in February. This will help Citizens to be able to better pursue its goal of removing as many property insurance policies as…

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Louisiana homeowners insurance rates at Citizens are headed up

Citizens Insurance Louisiana homeowners insurance property

The insurer of last resort is now increasing the amount that policyholders must pay for coverage. Throughout the state, Louisiana homeowners insurance customers who have their coverage through Citizens are discovering that their rates are headed up yet again, regardless of whether they are covered for their homes or for wind-only policies. Other forms of coverage affected by the change include mobile home, renters, and condo policies. The average increase across all of these forms of Louisiana homeowners insurance and other affected forms of coverage is 5.2 percent. Following a…

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