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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Ethics loophole generates controversy in Florida’s insurance industry

Florida homeowners insurance, Citizens Property

Ethics loophole creates new drama for Citizens Property Insurance A loophole existing in Florida’s ethics laws has generated new controversy for the state’s Citizens Property Insurance group. The loophole allows the organization’s executives to work for companies that offer then multi-million dollar contracts only a few short months after having received a job offer. The matter has caught the attention of Integrity Florida, a non-partisan research institute and accountability organization. The organization has sent an official letter to Citizens Inspector General Bruce Meeks petitioning for a review of the matter.…

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Citizens launches new initiative to shed homeowners insurance policies

Florida homeowners insurance, Citizens Property

New initiative may help Citizens send policies to private companies Florida’s Citizens Property Insurance has launched a new initiative that is designed to further depopulate itself of costly homeowners insurance policies. The state-run insurer had been suffering from serious financial issues in the past, which are associated with the state’s exposure to natural disaster and the disasters that had visited the state in the past. Citizens has overcome many of its past issues, but is still working to shed policies and the organization is encouraging policyholders to find coverage from…

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Homeowners insurance from Citizens to be lost by many property owners

Florida homeowners insurance, Citizens Property

By January, there will be tens of thousands of consumers who will no longer be covered by the state-backed company. January is coming ever closer, and by that time the homeowners insurance from Citizens that is currently covering a large proportion of the property owners in the Florida will be shrinking by tens of thousands of policies. By that point, policyholders will no longer have the choice as to whether or not they remain with Citizens. This should not come as a complete surprise to many of the people in…

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Homeowners insurance claims from sinkholes rising in Florida

Florida Sinkhole Homeowners Insurance

The increase in this type of damage is starting to make a mark on several of the state’s industries. Although sinkholes have always been around, there has been a sudden increase in the number of homeowners insurance claims relating to their damage throughout Florida, causing engineers, scientists, real estate developers, and other experts at a difficult conflict. Many believe that it is the activity of humans that is causing this spike in sink holes. There are some geological experts that have stated that they feel that there is a growing…

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Lawmakers looking to get involved in homeowners insurance in Florida

Florida Homeowners Insurance

Homeowners insurance may soon become a political battlefield The drama surrounding Florida’s Citizens Property Insurance continues to unfold as state lawmakers begin to play a larger role in the state-run insurers struggle to free itself from the financial burdens of its past. The state-run insurer was recently rattled by an onslaught of corporate scandals that aroused the ire of the Florida Legislature. The insurer claims that it has successfully reduces its risk exposure over the past year, but lawmakers are seemingly unconvinced by the organization’s claims. It is becoming increasingly…

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Homeowners insurance market continues to shift as Florida’s Citizens takes more aggressive action

Florida homeowners insurance, Citizens Property

Citizens Property Insurance causes shift in homeowners insurance market Florida’s Citizens Property Insurance has been facing serious financial problems that have also attracted a great deal of criticism to the state-run organization. Florida lawmakers have been pressuring the insurer to resolve many of its own issues, which has lead to a shift in the state’s homeowners insurance market as the insurer sheds policies and these policies are taken up by private homeowners insurance companies. Now, Citizens making a move to increase its hurricane coverage this year in the hopes of…

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