Live Insurance News

Homeowners insurance rate reductions coming to Florida

June 25, 2014June 23, 2014 Nordstrom

Florida homeowners insurance, Citizens Property

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…

Ethics loophole generates controversy in Florida’s insurance industry

June 4, 2014June 2, 2014 Nordstrom

Ethics loophole creates new drama for Citizens Property Insurance A loophole existing in Florida’s ethics laws has generated new controversy for the state’s Citizens Property Insurance group. The loophole allows the organization’s executives to work for companies that offer then multi-million dollar contracts only a few short months after having received a job offer. The matter has caught the attention of Integrity Florida, a non-partisan research institute and accountability organization. The organization has sent an official letter to Citizens Inspector General Bruce Meeks petitioning for a review of the matter.…

Citizens Property Insurance continues to release homeowners insurance policies

February 13, 2014February 11, 2014 Marc

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…

Citizens launches new initiative to shed homeowners insurance policies

January 31, 2014January 28, 2014 S.Vagus

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…

Florida homeowners insurance rates are highest in the US

December 20, 2013December 17, 2013 Marc

Florida continues to have trouble with insurance rates Homeowners in Florida are no strangers to high insurance rates. Homeowners insurance premiums throughout the state have often drawn criticism for being quite high and on the verge of being uncontrolled. A new report from the National Association of Insurance Commissioners aims to shed some light on the issue by comparing Florida homeowners insurance rates with those found in other states. Notably, other states that have experienced more natural disasters than Florida in recent years have lower insurance rates by comparison. Report…