Live Insurance News

Citizens Property Insurance runs afoul of consumer advocates

October 23, 2012October 23, 2012 S.Vagus

Citizens Property Insurance closes internal affairs office Florida’s Citizens Property Insurance has been popping up regularly in insurance news over the past several months, but not for anything necessarily good. The state-run insurance group has been feeling the burden of its own financial crisis and pressure from state lawmakers to solve its own problems as quickly as possible. Recently, the insurer’s solution to its financial problems have involve depopulation; moving policies to private insurance companies that are willing to serve high risk areas of the state. Citizens Property Insurance has…

State Farm Florida drops rates for homeowners

October 16, 2012October 17, 2012 S.Vagus

State Farm Florida announces rate decreases for South Florida homes A lot of insurance news concerning Florida revolves around the rate increases that consumers could be facing in the near future. This week, however, looks to be a time for some good insurance news. State Farm Florida has announced that consumers in heavily populated areas in South Florida can expect to see their insurance rates decrease. The insurer has been granted approval for a rate decrease by state regulators and new rates are expected to take effect within the coming…

Florida’s Citizens Property Insurance continues to shed policyholders

September 26, 2012September 26, 2012 S.Vagus

Citizens Property Insurance wants to see more policies taken over by private providers It is no secret that Florida’s Citizens Property Insurance has been strapped with serious financial problems in recent years. The state-run insurance group is often considered the last and best place to find affordable insurance coverage for Floridians who inhabit the natural disaster danger zone. Citizens Property Insurance attained this status through offering policies that were well below the average cost of those coming from private insurance groups. While this has been well received by consumers, this…

Florida’s Citizens Property Insurance looms to remove cap on insurance rate hikes

May 17, 2012May 22, 2012 S.Vagus

New plan from Citizens could have homeowners paying more for their insurance Florida homeowners may soon see their insurance rates climb to new heights as the state’s Citizens Property Insurance Corporation begins looking into a new plan that would make changes to the limit imposed on insurance rates. The plan has already generated a fair amount of controversy because it removed the 10% cap on insurance rate hikes for new customers. This plan could have serious financial implications for homeowners throughout the state and lead to some losing their coverage…

Insurers blast Florida lawmakers for inaction on Catastrophe Fund and Citizens Insurance

March 20, 2012March 20, 2012 S.Vagus

The Association of Bermuda Insurers and Reinsurers (ABIR) have begun criticizing Florida lawmakers over their inaction on the state’s Hurricane Catastrophe Fund. Legislators are also coming under fire from ABIR over their failure to take action on the troubled Citizens Property Insurance Corp., the state run insurance organization that accounts for the majority of coverage in the state. Both the Catastrophe Fund and Citizens Insurance are being crippled by financial problems, which could put the state in a very dangerous position once this year’s hurricane season kicks off. Insurers had…