Homeowners insurance policies continue to be released by Florida’s Citizens Property Insurance

Florida Homeowners Insurance

State-run insurer finds success with its depopulation efforts Florida’s Citizens Property Insurance, which offers homeowners insurance coverage to consumers, has successfully shed the bulk of its policies over the past year. The state-run organization has been trying to depopulate itself of policies in order to address its financial issues, reducing its exposure to risks while becoming more stable and resilient against future natural disasters. The policies released by the organization have been picked up by private companies, which continue to provide consumers with homeowners insurance coverage. Citizens Property Insurance now…

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Homeowners insurance policies are still being dumped by Citizens

Florida Homeowners Insurance

The state backed insurer has said that it believes that it will be able to shrink to a smaller size than previously believed. Citizens Property Insurance has now received another wave of shedding homeowners insurance policies from regulators, and the company has now revealed that it will be able to reduce its size by more than what it had once thought. This latest round could allow the insurance company to shed an additional 93,500 of its policies. The state backed homeowners insurance company can now rid itself to up to…

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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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Homeowners insurance surcharges may be reduced in Florida

Homeowners Insurance Florida

Florida Hurricane Catastrophe Fund remains financially strong, which may be a benefit for homeowners New estimates approved for the Florida Hurricane Catastrophe Fund show that it remains strong. The fund was established to help private insurance companies to help pay claims that they receive in the wake of a hurricane. The fund has been put to the test over the years and some have questioned its financially capabilities. Private insurers face significant risks in the Florida market due to the state’s exposure to natural disasters, but the fund remains financially…

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Homeowners insurance rates could go up in Florida because of lawsuits

Florida Homeowners Insurance

Citizens Property Insurance may be open to “bad faith” lawsuits in the future Rates for homeowners insurance policies through Florida’s Citizens Property Insurance could be on the rise once again. The Florida Supreme Court is weighing a decision on whether or not the state-funded insurance company is liable for “bad faith” lawsuits. The 1st District Court of Appeals believes that the insurer should be open to such lawsuits, but Citizens argues that it should be exempt due to the way the company was formed. Citizens Property Insurance was created by…

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