Tag: Citizens property insurance

Citizens Property Insurance to shed more policyholders

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…

Read More

Homeowners insurance surcharges may be reduced in Florida

S.Vagus
Homeowners Insurance Florida

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…

Read More

Homeowners insurance rates could go up in Florida because of lawsuits

Nordstrom
Florida Homeowners Insurance

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…

Read More

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

Logan B.
Florida Homeowners Insurance

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…

Read More

Homeowners insurance tax could come to an end in Florida

Nordstrom
Florida Homeowners Insurance

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…

Read More