United Insurance acquires policies from Citizens

Insurance Industry News Deal

Florida’s Citizens bequeaths policies to United Insurance Florida’s Citizens Properly Insurance has been working to depopulate itself of the vast majority of its policies in recent months. The insurer, which is run by the state, is being pressured by lawmakers to address many of the issues that have pushed it to the verge of financial disaster. This pressure has led Citizens to take measures to shed policies, such as raising rates on coverage. This week, United Insurance has announced that it has assumed a significant number of these policies. United…

Read More

Homeowners insurance in Florida set to increase despite lack of major storms

homeowners insurance news florida

Despite the lack of natural disasters, it is still becoming more expensive to keep property coverage. Even though there was a striking lack in major catastrophes due to storms such as hurricanes, in 2012, the premiums associated with homeowners insurance policies in Florida are continuing to rise. The prices for some customers are increasing by a considerable amount across the sector. This trend is lead by the state backed homeowners insurance company of last resort, Citizens. This company has already had its premiums increase proposals approved, and other companies have…

Read More

Citizens Property Insurance continues to raise rates in Florida

homeowners insurance cost rising

Florida homeowners insurance becoming more expensive due to Citizens Property Insurance Florida did not experience a calamitous storm throughout 2012. While the state did fall victim to some tropical storms, the damage caused by these events was modest when compared to that of Hurricanes Sandy and Irene, both of which caused serious problems along the East Coast. Despite the fact that the state seems to have skirted any major natural disaster, the cost of property insurance in Florida is on the rise, and Citizens Property Insurance may be the reason.…

Read More

Citizens Property Insurance runs afoul of consumer advocates

citizens property insurance news

Citizens Property Insurance closes internal affairs office Florida’s Citizens Property Insurance has been popping up regularly in insurance news over the past several months, but not for anything necessarily good. The state-run insurance group has been feeling the burden of its own financial crisis and pressure from state lawmakers to solve its own problems as quickly as possible. Recently, the insurer’s solution to its financial problems have involve depopulation; moving policies to private insurance companies that are willing to serve high risk areas of the state. Citizens Property Insurance has…

Read More

State Farm Florida drops rates for homeowners

Homeowners Insurance

State Farm Florida announces rate decreases for South Florida homes A lot of insurance news concerning Florida revolves around the rate increases that consumers could be facing in the near future. This week, however, looks to be a time for some good insurance news. State Farm Florida has announced that consumers in heavily populated areas in South Florida can expect to see their insurance rates decrease. The insurer has been granted approval for a rate decrease by state regulators and new rates are expected to take effect within the coming…

Read More

Florida’s Citizens Property Insurance continues to shed policyholders

property insurance news

Citizens Property Insurance wants to see more policies taken over by private providers It is no secret that Florida’s Citizens Property Insurance has been strapped with serious financial problems in recent years. The state-run insurance group is often considered the last and best place to find affordable insurance coverage for Floridians who inhabit the natural disaster danger zone. Citizens Property Insurance attained this status through offering policies that were well below the average cost of those coming from private insurance groups. While this has been well received by consumers, this…

Read More

Florida’s Citizens Property Insurance looms to remove cap on insurance rate hikes

Florida Homeowners Insurance

New plan from Citizens could have homeowners paying more for their insurance Florida homeowners may soon see their insurance rates climb to new heights as the state’s Citizens Property Insurance Corporation begins looking into a new plan that would make changes to the limit imposed on insurance rates. The plan has already generated a fair amount of controversy because it removed the 10% cap on insurance rate hikes for new customers. This plan could have serious financial implications for homeowners throughout the state and lead to some losing their coverage…

Read More