Live Insurance News

Homeowners insurance rebate deadline nears for Louisiana Citizens

December 9, 2014December 6, 2014 Julie Campbell

Citizens Insurance Louisiana homeowners insurance property

The Department of Insurance in the state has now issued a reminder to policyholders about the cut-off date. Policyholders with homeowners insurance from are being reminded that there is a Citizens Property Insurance deadline that is now rapidly approaching by which an assessment rebate on policy must be claimed if they wish to take advantage of it. The Louisiana Department of Insurance has sent out a reminder to make sure policyholders complete the necessary steps. Jim Donelon, the commissioner in the state, has reminded homeowners insurance customers that the deadline…

Citizens Property Insurance to shed more policyholders

December 9, 2014December 6, 2014 H. Cutner

Florida homeowners insurance, Citizens Property

Five more insurers in Florida have now been approved to take on the homeowners policies of the state-backed giant. In recent property insurance news, state regulators have now given their approval to five homeowners insurers based in the state in order to give Citizens the opportunity to unload up to 132,441 more policies. Citizens will start to shift more of its homeowners policies outward to those insurers, beginning in February. This will help Citizens to be able to better pursue its goal of removing as many property insurance policies as…

Homeowners insurance surcharges may be reduced in Florida

October 20, 2014October 19, 2014 S.Vagus

Florida Hurricane Catastrophe Fund remains financially strong, which may be a benefit for homeowners New estimates approved for the Florida Hurricane Catastrophe Fund show that it remains strong. The fund was established to help private insurance companies to help pay claims that they receive in the wake of a hurricane. The fund has been put to the test over the years and some have questioned its financially capabilities. Private insurers face significant risks in the Florida market due to the state’s exposure to natural disasters, but the fund remains financially…

Homeowners insurance rates could go up in Florida because of lawsuits

October 10, 2014October 9, 2014 Nordstrom

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…

Homeowners insurance “storm tax” to be put to rest in Florida

September 29, 2014September 27, 2014 Logan B.

Citizens Property Insurance announces it will end its emergency assessment on insurance policies two years ahead of schedule Florida’s Citizens Property Insurance has announced that it will, in fact, be putting an end to emergency assessment it has levied on insurance policies. The assessment, which is often referred to as the “storm tax,” is being put to rest two years ahead of its scheduled expiration. For some homeowners, this may come as a financial relief, but insurance costs are expected to only fall by an average of $40 over the…

Homeowners insurance tax could come to an end in Florida

September 24, 2014September 22, 2014 Nordstrom

Citizens Property Insurance is considering putting an end to its storm tax Florida’s Citizens Property Insurance is considering putting an end to its storm tax, which was first introduced in 2007 as a way for the organization to recover from devastating financial losses. The tax imposed a 1% charge on all homeowners insurance policies that the organization was responsible for. The charge has been somewhat unpopular among homeowners, especially as Citizens continued to raise premiums on their coverage somewhat aggressively. Now, the organization may put an end to the tax…

Homeowners insurance rate reductions coming to Florida

June 25, 2014June 23, 2014 Nordstrom

Citizens announces rate reductions for 2015, affecting most of the insurer’s policies Florida’s Citizens Property Insurance, the state’s largest provider of homeowners insurance coverage, has announced rate reductions for 2015. This will be the first time the state-run insurance organization has been able to offer a rate reduction in several years. The insurer has been facing monumental financial problems recently and has been struggling to overcome these issues while also complying with it duty to provide coverage to its policyholders. The forthcoming rate reduction may go a long way in…