Live Insurance News

Homeowners insurance in Florida set to increase despite lack of major storms

January 4, 2013April 30, 2013

Despite the lack of natural disasters, it is still becoming more expensive to keep property coverage. Even though there was a striking lack in major catastrophes due to storms such as hurricanes, in 2012, the premiums associated with homeowners insurance policies in Florida are continuing to rise. The prices for some customers are increasing by a considerable amount across the sector. This trend is lead by the state backed homeowners insurance company of last resort, Citizens. This company has already had its premiums increase proposals approved, and other companies have…

Homeowners insurance plans from Citizens accepted by Florida lawmakers

December 6, 2012December 5, 2012 Julie Campbell

Florida homeowners insurance, Citizens Property

A panel of state officials have embraced new plans by the insurer of last resort. A proposal by the state run homeowners insurance company, Citizens, has now been accepted by Florida lawmakers, changing the current regulations so that the company will now be able to provide private insurers with loans of up to $350 million in order to encourage them to provide residents of the state with coverage so that the company will continue to shrink. The largest insurer in the state currently covers over 1.4 million policyholders. The insurer…

Insurance news scandal and media fire response from Citizens

November 29, 2012November 29, 2012 Julie Campbell

Florida Insurance News - Citizens insurance

The Florida homeowners insurer of last resort says that the dramatic reports are misleading. The homeowners insurer of last resort in Florida is now responding to the latest insurance news that includes heavy media fire regarding the scandal that surrounds the closure of the company’s watchdog department. Citizens says that much of the media coverage is highly misleading and is quite inaccurate. The CEO of the state backed insurer gave his own insurance news statement. Barry Gilway did agree that there have been a small group of supervisors within the…

Homeowners insurance of last resort shuts down internal watchdog

October 24, 2012October 24, 2012 Julie Campbell

Citizens in Florida is now under fire against significant opposition to the move. Citizens Property has already been facing fierce opposition from critics over the recent changes that it has been making to its homeowners insurance coverage in order to decrease its number of policyholders, and this disapproval was heightened this week when it announced that it has axed its own internal watchdog group. This occurred at the same time that the insurer is already under investigation for high corporate spending. On Monday, Dan Krassner, the executive director of Integrity…

Homeowners insurance customers face risks in switching from Citizens

October 8, 2012October 7, 2012 Julie Campbell

Consumers in South Florida are offered policies from private insurers, without the rates. Thousands of residents of South Florida that have their homeowners insurance coverage through Citizens have received a letter stating that unless they opt out, their policies would be taken over in November by a private insurer. Though these customers do see potential in the switch, the situation is making it difficult to make an informed decision. Those with Citizens Insurance – the state backed insurer of last resort in Florida – have heard that the company intends…