Tag: Citizens property insurance

Citizens Property Insurance prepares for Tropical Storm Isaac

S.Vagus
Tropical Storm Isaac

Citizens Property Insurance begins preparations for a potentially powerful storm Florida’s Citizens Property Insurance is preparing for the coming of Tropical Storm Isaac. The storm has lashed the Florida Keys, causing a modest amount of damage in the region, but is making its way further into the Gulf of Mexico. The storm is expected to make landfall, where the National Hurricane Center suggests that it could gain hurricane strength. The government agency has issued warnings stretching from Louisiana to parts of the Florida panhandle, encouraging states and consumers to prepare…

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Florida’s Citizens Insurance to receive assistance from private insurers

S.Vagus
Citizens Insurance

Private insurers come to the aid of troubled Citizens Insurance Private insurance companies in Florida may be coming to the aid of the state’s beleaguered Citizens Property Insurance Corp. The state run insurance organization has been facing financial troubles for the past several years. The insurer is considered one of the last, best places to attain affordable homeowner’s insurance coverage in the state. This is due to the fact that many private insurance companies have been limiting the policies they write within Florida due to the state’s penchant for natural…

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Citizens Insurance withdraws discounts for damage prevention

Marc
Florida Homeowners Insurance

Home inspections for hurricane proofing efforts have led to several revoked premiums decreases. Citizens Insurance has been visiting homes throughout Florida that have received a discount on their premiums based on their hurricane proofing efforts, and has revoked the price advantage for many whose preventative techniques are inadequate or nonexistent. This has put the insurer under a great deal of fire. Almost three quarters of the 225,502 homeowners who are covered by Citizens Insurance and that underwent the inspections have seen price increases based on the reports of the inspectors.…

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Citizens Insurance considers Manatee policy rate increases

Florida homeowners insurance, Citizens Property

This would mean higher premiums for approximately 1.5 million policyholders in Florida. The Citizens Insurance state run company in Florida is surrounded by controversy, while some feel that it is vital to the state and others are just waiting for the bottom to fall out. The company sells about 1,000 new policies every week, but may be headed toward financial ruin. Many experts are saying that though it is growing very rapidly, this massive insurer could face disaster if even a single major storm makes its way through the state,…

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Citizens premiums skyrocketing as it aims to shrink its number of customers

Julie Campbell
Florida Insurance

In an effort to reduce its number of policyholders by over 675,000, Citizens Property Insurance is sending its rates skywards. In an effort to take up to 678,000 policyholders out of its state-run coverage program and resume its position as a last resort carrier, Citizens Property Insurance has been rapidly raising its Florida homeowners insurance rates while decreasing the coverage it provides. Citizens is justifying its dramatic “depopulation” strategy by saying it will prevent financial ruin in the state. The insurer used its revised budget proposal to unveil both the…

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