Tag: FL Homeowners insurance

Homeowners insurance rates in Florida may spike under new bill

Homeowners Insurance

Property owners could find themselves paying a great deal more should SB1770 pass. If a new Senate Bill (SB 1770) is able to pass the Florida Legislature, property owners purchasing homeowners insurance coverage through Citizens could be facing steep rates. The complex bill made its way relatively smoothly through the Senate of the state. Throughout that time, lawmakers have been hearing considerable figures regarding the costs that would be faced within the state if a large hurricane should strike. These figures included $100 billion in possible damages, over $9 billion…

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Homeowners insurance costs eclipse mortgages in Florida

Homeowners Insurance Florida

Florida homeowners now paying more for insurance than for their homes One of the highest expenses facing Florida families has long been the mortgage on their homes. Mortgages in the state, just as elsewhere throughout the U.S., put a large amount of financial pressure on families. While mortgages have been the highest expense for many families in the state, these families are beginning to pay more for their homeowners insurance coverage, according to the Insurance Information Institute. The non-profit organization suggests that consumers are paying more for their homeowners, auto,…

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Homeowners insurance housecleaning under way at Citizens in Florida

homeowners insurance policy multiple claims

The CEO of the company needs to cut back on the insurer’s spending even further. The CEO of the Citizens homeowners insurance company in Florida implemented some strict travel expense policies in place in order to help cut spending, but is having trouble adhering to those regulations. Barry Gilway has been submitting expenses that are far above the regulations he put into place. It has now been revealed that Gilway, the chief executive officer of the homeowners insurance company, has stayed in a hotel that costs almost twice as much…

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Homeowners insurance changes proposed by Florida commissioner

H. Cutner
Homeowners Insurance

Alterations have been put forward to the property coverage in the state, particularly for Citizens. Kevin McCarty, the commissioner in Florida, has proposed some considerable changes to the homeowners insurance system in the state, particularly when it comes to the coverage offered by Citizens. This was announced by the commissioner to the state Senate Banking and Insurance Committee this week. The goal for McCarty’s proposals is the decrease the risk faced by the Citizens, the state backed homeowners insurance company of last resort. At the moment, that insurer is responsible…

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Homeowners insurance rate cap dodges from Citizens targeted by South Florida legislators

Julie Campbell
Homeowners Insurance

New legislation is taking aim at efforts the insurer has made to get around the limit. Lawmakers in South Florida have just filed new legislation with the goal of stopping Citizens Property Insurance from being able to get around the homeowners insurance rate increase cap of 10 percent, by charging the higher rates only to new customers. This largest property insurer in Florida was tinkering with the idea throughout the last half of 2012. The state backed homeowners insurance company of last resort has a rate increase cap applied against…

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