Tag: Citizens insurance

Florida property insurance market is circling the drain, says Citizens CEO

Marc
Florida Property Insurance - Homes in Florida

The state’s insurer of last resort has bloated to an enormous size as the market spirals downward. The Florida property insurance market has reached a critical state, said the CEO of Citizens, the state’s insurer of last resort. The cost of coverage has caused Citizens to become bloated, with thousands of new homeowners signing on every week, slashing chunks out of the market. The result is that the market as a whole in the state has reached a point in which it is collapsing. “The reality is the marketplace in…

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Citizens Insurance is still battling thousands of Hurricane Irma lawsuits

Nordstrom
Citizens Insurance - Hurricane Irma - Home Destruction

The Florida insurer of last resort is still grappling with legal challenges from two years ago. Florida Governor Ron DeSantis and state lawmakers recently approved a Citizens Insurance overhaul plan. The overhaul redesigned the controversial “assignment of benefits” practice. It also added new restrictions regarding lawsuits that can be filed against insurance companies. The state-backed insurance company will still need to deal with its thousands of existing lawsuits. Citizens Insurance is still attempting to work its way through thousands of existing lawsuits. These were filed well before the overhaul was…

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Citizens Insurance in Louisiana dumps more policies

Julie Campbell
Citizens Insurance Louisiana homeowners insurance property

The Insurance Commissioner from the state, Jim Donelon, has announced new participation in this effort. A recent announcement from Insurance Commissioner Jim Donelon has shown that three new insurers have added themselves to the efforts to reduce the number of policies carried by Citizens Insurance in Louisiana. Citizens Property Insurance Corp. has been working to shrink its size after becoming quite bloated. The state’s property insurance company of last resort had been swelling in size following Hurricane Katrina in 2005, and then hit its peak size following Hurricane Rita in…

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Florida-run homeowners insurance provider sheds more policies

S.Vagus
Florida homeowners insurance, Citizens Property

Citizens Property Insurance removed more policies More than 30,000 homeowners insurance policies have been removed from Florida’s Citizens Property Insurance. These policies were removed as depopulation efforts continue by the insurer. These efforts are meant to reduce the overall number of policies that Citizens is responsible for, thereby reducing its financial responsibilities and making the insurer more sustainable in the future. The depopulation was sparked by serious issues the insurer faced in the wake of serious natural disasters that it did not have the financial capability to handle on its…

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Homeowners insurance competition report shows some Florida counties lacking

G. Turner
Florida Homeowners Insurance

Some kinds of residential policies in Monroe and Miami-Dade counties are coming up short in options. A new report has now been issued by the Florida Office of Insurance Regulation and has shown that in the counties of Miami-Dade and Monroe, there is a notable lack in competition among homeowners insurance companies for certain kinds of residential policies. This report has brought unwelcome news at a time in which the state is attempting to shrink its last resort coverage. The state has been seeking to reduce the size of Citizens…

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