Live Insurance News

Homeowners insurance at Citizens being moved in record numbers

September 28, 2012April 30, 2013

Approximately 60,000 more policies are being shifted to private insurers with owner consent. Citizens Property Insurance Corp in Florida has taken its next step in its aggressive effort to dump policies, having now announced that many of its homeowners insurance customers will need to decide whether or not they will remain with the state backed company. Following all of its efforts it may shed up to 300,000 policies. This drop would represent about one fifth of its total of almost 1.47 million policies. The goal is to have sloughed them…

Citizens Insurance rejects consumer benefits

September 4, 2012September 3, 2012 Nordstrom

Florida Insurance News - Citizens insurance

Report reveals Citizens Insurance rejections Florida’s Citizens Insurance has rejected more than 90,000 reports from commissioned inspectors that identified consumers to be eligible for property insurance discounts, according to an inspection from The Palm Beach Post. The Post inspected 225,000 records concerning the matter and found that Citizens Insurance had been rejecting these cases based on an attempt to cut costs and boost revenue. The state-run insurance group has been struggling with financial trouble for several years and is being pressured by government officials to solve these problems. Inspections part…

Homeowners insurance company taking a look at its own expenses

August 23, 2012April 30, 2013

Citizens in Florida is examining its salary, travel, and management costs. Citizens currently faces $1.9 billion in expenses every year at the three corporate locations across the state, in order to provide homeowners insurance to policyholders throughout Florida. The leaders of that state backed insurer are now looking into those costs. This investigation includes both the pay and the benefits that are being received by its employees, as well as the costs associated with travel, and the expenses relating to its overall structure of management. Simultaneously, these company heads are…

Citizens Insurance will make significant changes to its reinspections

August 21, 2012August 21, 2012 Julie Campbell

Following consumer outcry and heavy media attention, the insurer will be altering the program. Citizens Insurance has now announced that it will be overhauling its highly controversial reinspection program, following significant consumer upset as well as massive negative media coverage. So far, the program has led to a tremendous $137 million in premiums increases. The new plans for the program will give homeowners who have lost their discounts on their Citizens Insurance policies, the opportunity to have a second inspection, free of charge, at which time they can either have…

Homeowners insurance premiums are causing some seniors to go without

August 14, 2012August 14, 2012 Julie Campbell

The skyrocketing rates are proving to be prohibitive to many older Americans in Florida. As the cost of homeowners insurance moves ever skyward, many senior citizens who are living in Florida are finding themselves in the highly risky position of having to allow their policies to lapse, and to take their chances with the costs that would occur if a hurricane should strike. As many seniors own their own homes with no mortgages, they have this precarious option. As seniors have often paid off their houses, they are legally allowed…