Florida legislation could move consumers from Citizens Property Insurance to more risk surplus lines.

It is no secret that the Florida Citizens Property Insurance group is under financial stress. The state-run insurance company has offered affordable insurance policies to Floridians for decades. This affordability has attracted thousands of consumers, making Citizens the largest insurer in the state, but it has also come at a cost. The insurer now has more policies than it can handle efficiently and is not generating enough revenue to continuing operating viably. State legislators have been working on a way to trim the number of policies covered by the company.…

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Florida legislators feeling pressure to solve the fraud plaguing the state’s insurance industry

Florida Governor Rick Scott is pressuring lawmakers to make changes to some of the state’s auto and property insurance laws. The Governor claims that these laws are each costing consumers millions of dollars. Legislators have been trying to find a resolution for the issue for over a decade but have so far been unable to make any headway. Governor Scott is now pushing for a solution to be found quickly to prevent further financial stresses falling upon consumers. State law requires Floridian drivers to purchase personal injury protection. The issue…

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Citizens board of governors submits new legislative agenda to Florida lawmakers

The governing board of Florida’s Citizens Property Insurance Corp. has agreed on a new legislative agenda that could save the state-run insurance program more than $1.5 billion in insured losses. The board met with state legislators this week in Orlando to discuss the agenda, particularly what legislators can do to make the insurance program more efficient. The board expressed the importance of making cuts to the types of properties the program can insure and has begun pressuring lawmakers to hasten the rate at which premiums can rise. Earlier this year,…

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Florida Governor calls for residents to share insight on Citizens Insurance Group

Florida Governor Rick Scott is looking for input from consumers on what to do with the state-run insurance company Citizens Property Insurance Corp. The company has come upon difficult financial times in recent years, much of which has been at the hands of fraud and natural disasters. The company was recently approved to raise rates on sinkhole coverage for homes as a way to offset the losses seen in years past. The new rates have spurred public outcry, which has led regulators to stagger the rate increase over the course…

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Floridians call for insurance reform to mitigate growing concerns of natural disasters

South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…

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Floridians call for insurance reform to mitigate growing concerns of natural disasters

South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…

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Florida insurer asking for 27% rate hike

As insurers all over the country continue to receive criticism from policyholders, and even then federal government, many of them continue to seek rate increases. Fidelity National Property and Casualty Insurance of Jacksonville, Florida, is proposing a rate hike of 27%. The proposal is a move to recoup the monetary losses of last year, according to vice president John Giorgianni. State regulators are currently reviewing the proposal and it may be subject to additional review by the Department of Health and Human Services. Giorgianni insists that the rate hikes is…

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