Homeowners insurance from Citizens may be getting pricier (again)

Louisiana homeowners insurance news

Louisiana residents with this coverage may soon be paying more for their coverage later in 2016. Residents of Louisiana who purchase the homeowners insurance of last resort in the state may soon find that their rates are going to be higher than they had been last year, if Citizens gains approval for an increase request that they have submitted. The increases wouldn’t go into effect until later this year, but property owners should prepare themselves. Should the homeowners insurance rate increases be approved, it will be residents of Terrebonne and…

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Citizens aims to change language of homeowners insurance policies

Florida homeowners insurance, Citizens Property

Citizens Property Insurance intends to change policy language concerning water damage Florida’s Citizens Property Insurance is looking to make changes to the language in its homeowners insurance policies in order to mitigate the growth of claims associated with water damage. These claims are beginning to flow from South Florida, where many homeowners are beginning to experience water damage from various issues, ranging from rainfall to faulty plumbing. The changes that Citizens Property Insurance wants to make will adjust the way water damage claims are handled. Changes must be made in…

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Florida’s Citizens aims to shed more homeowners insurance policies

Homeowners Insurance in Florida

Insurer aims to become more consumer friendly by getting rid of additional policies Florida’s Citizens Property Insurance is looking to become more consumer friendly by shedding additional policies in order to become more financially sustainable. Over the past four years, Citizens, which is the last resort provider of homeowners insurance policies for consumers in the state, has shed approximately 1 million policies. These policies have been transferred to private insurers that are honoring the policies that were initially sold by Citizens. The insurer has been shedding these policies in order…

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Homeowners insurance rates on the rise in Florida

Florida Homeowners Insurance

Citizens Property Insurance to raise rates in South Florida and elsewhere Water damage claims are becoming more common in South Florida, which is leading to an increase in homeowners insurance rates in the region. Florida’s Citizens Property Insurance had intended to reduce rates for homeowners in South Florida, but water damage claims have become more plentiful and more costly. Most of the state’s water damage claims originate from South Florida, which is no surprise considering the region’s proximity to the ocean and the storms it is exposed to. Rates had…

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Florida homeowners insurance may be stable this hurricane season

Florida hurricane insurance rates

Florida’s Cat Fund is equipped to handle a significant natural disaster Florida may be able to withstand a major hurricane thanks to the financial capabilities of the state’s Hurricane Catastrophe Fund, also known as the Cat Fund. The fund is designed to provide a financial safety net for homeowners insurance companies that face significant losses in relation to a major storm. The Cat Fund has been used many times in the past to help the state recover from serious losses, but Florida has not suffered a major hurricane in nine…

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