Tag: Florida property insurance

Citizens covers 1.7 million home insurance policies in Florida

Marc
Home insurance - 1.7 million policies Florida

As more insurers withdraw from the state, the insurer of last resort is bloated with policies. Citizens Property Insurance is slated to reach 1.7 million home insurance policies in Florida by the end of the year. This is over three times the number of policies it had in 2020 and far more than it was designed to cover. The issue leading so many home insurance customers to have to turn to Citizens is that insurers have been leaving the state, going under, or issuing non-renewal notices to thousands of customers…

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Florida Senator says property insurance crisis needs Governor DeSantis to “come home”

Logan B.
Property Insurance Crisis - Image of home over person's hand

Lawmakers in the state are calling for greater accountability as coverage prices break records. As Florida faces some of its highest ever property insurance rates – with more increases on their way – lawmakers are calling for greater accountability in the industry. Rate hikes and policy cancellations are reaching their worst ever level in the state. Now, a Senator representing Jacksonville is pushing for Florida Governor Ron DeSantis to call another special property insurance session this summer, for the one purpose of generating savings and benefits for homeowners. Florida Senator…

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Florida insurance agents know they offer more than AI

Nordstrom
Insurance agents - Robots as staff

Many of these professionals aren’t feeling threatened by artificial intelligence technology. In California, insurance agents have been voicing their concerns over the potential threat artificial intelligence (AI) could have to their jobs. However, in Florida, these professionals seem to feel far more confident that they can offer a great deal that AI cannot. Florida’s property insurance industry has been struggling for several years due to rising risks and costs. “Things are getting better. They are,” said Great Florida Insurance owner Gordon Gillespie, who was among the hundreds of agents at…

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Florida’s state-run property insurance company to dump thousands of policies

H. Cutner
Insurance company Dumps home insurance policyholders

Citizens is expected to drop tens of thousands of policyholders into the state’s private market. The largest insurance company in Florida is its state-run Citizens insurance, and that insurer has become massively bloated with policies over the last couple of years due to the ongoing crisis in the state. The insurer is supposed to be the last resort for homeowners seeking coverage in Florida. That said, after picking up over a million policies since the start of 2022, it is expected to take action to unload at least tens of…

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Florida insurance adjustors alleging fraud in Hurricane Ian payments

Nordstrom
Insurance adjustors - Fraud

Independent licensed professionals are providing evidence of fraud among certain insurers. Independent licensed insurance adjustors in Florida have been providing state regulators with evidence of alleged fraud relating to payouts made following Hurricane Ian. Hurricane Ian was the third most costly storm in the United States and the most expensive ever for Florida. The storm caused about $109 billion in damage in Florida. Field insurance adjustors are providing evidence to state regulators of allegedly fraudulent conduct by insurers which would affect thousands of homeowners in central and south Florida. Some…

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