Homeowners insurance policies are still being dumped by Citizens

Florida Homeowners Insurance

The state backed insurer has said that it believes that it will be able to shrink to a smaller size than previously believed. Citizens Property Insurance has now received another wave of shedding homeowners insurance policies from regulators, and the company has now revealed that it will be able to reduce its size by more than what it had once thought. This latest round could allow the insurance company to shed an additional 93,500 of its policies. The state backed homeowners insurance company can now rid itself to up to…

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Flood insurance coverage fails Detroit homeowners

West virginia Flood Insurance Coverage

Many metro Detroit homeowners will not receive compensation for damage caused by flooding. The aftermath of last week’s flooding in metro Detroit, most of which was the cause of sewer backups, has left a number of homeowners in the area with flooded basements and, much to the dismay of many of these residents, they learned that most flood insurance does not cover damaged objects, such as furniture, fridges, computers, and televisions. Some structures in the basement are covered and some are not. According to FEMA guidelines, ordinary federally supported flood…

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Citizens Property Insurance continues to release homeowners insurance policies

Florida homeowners insurance, Citizens Property

Citizens falls below 1 million policies for the first time since 2006 Florida’s Citizens Property Insurance has announced that it has successfully reduced the number of policies it is responsible for to less than 1 million for the first time since 2006. The state-run insurer has been working to depopulate itself per the whims of the state Legislature. Lawmakers believe that depopulating the insurer of policies will help address several problematic financial issues. As such, the policies being released by Citizens are being acquired by private homeowners insurance companies throughout…

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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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New Florida law aims to address homeowners insurance concerns

Florida Homeowners Insurance

Florida’s homeowners insurance market continues to pose significant risks Citizens Property Insurance has been Florida’s last resort for homeowners insurance for several years. Property owners throughout the state rely heavily on the state-run insurance organization in order to receive the coverage they need. The homeowners insurance market in the state has been somewhat turbulent for years due to the disaster prone nature of Florida. Because Citizens Property Insurance accounts for the majority of homeowners insurance policies in the state, it is also liable for the majority of the financial burden…

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Homeowners insurance sector could see some turbulence this hurricane season

Homeowners Insurance

NOAA predictions could bode ill for homeowners insurance sector Hurricane season is nearly here, and that could mean trouble for the U.S. east coast. The National Oceanic and Atmospheric Administration (NOAA) has issued a new report concerning the arrival of hurricane season and what that could mean for states along the Atlantic Ocean. Hurricanes have proven to be a major concern for the U.S. over the past few years, especially when it comes to homeowners insurance and flood coverage. Hurricane Sandy is the most recent example of the damage that…

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Homeowners insurance housecleaning under way at Citizens in Florida

homeowners insurance policy multiple claims

The CEO of the company needs to cut back on the insurer’s spending even further. The CEO of the Citizens homeowners insurance company in Florida implemented some strict travel expense policies in place in order to help cut spending, but is having trouble adhering to those regulations. Barry Gilway has been submitting expenses that are far above the regulations he put into place. It has now been revealed that Gilway, the chief executive officer of the homeowners insurance company, has stayed in a hotel that costs almost twice as much…

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Homeowners insurance policyholders may find themselves paying more for Isaac

Homeowners insurance wind damage

Many residents of the metro New Orleans area may face greater out of pocket expenses. Due to the fact that Isaac came ashore in the form of an actual hurricane, having been upgraded from a tropical storm, residents with homeowners insurance in the area of metro New Orleans are finding that they are paying more for wind damage repairs they face. This is because the deductibles for many of the more recent policies are higher for hurricanes. Homeowners insurance policies that have been written over the last few years include…

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Homeowners insurance policies will typically cover destruction from wildfires

Homeowners Insurance

The fires in Colorado have caused many – affected and not – to look at their own coverage. As hundreds of Colorado homes are destroyed by wildfires, many find themselves looking to their own homeowners insurance to find out what coverage they have in the case of a similar circumstance in their own areas. Fortunately – for both those affected and not – the typical policy does cover this type of damage. According to a spokesperson for the Insurance Information Institute, Michael Barry, wildfire is among the forms of destruction…

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