Tag: florida home insurance company

Florida home insurance company fined $1 million for policyholder mistreatment

Nordstrom
Home insurance - Florida Flag - Hurricane Sign - Pay Fine

Victims of Hurricane Ian were mistreated by this insurer, which must now pay a fine One of the largest home insurance companies in Florida has agreed to pay a fine of $1 million after having been accused of policyholder mistreatment. Affected customers are those who were victims of Hurricane Ian According to state Insurance Commissioner Michael Yaworsky, Heritage Property and Casualty Insurance was in violation of Florida law for failure to pay or deny home insurance claims within 90 days. Hurricane Ian was just easing out of Category 5 status…

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Florida’s Citizens Insurance will limit rate increase over the next several years

S.Vagus

Earlier this year, Florida’s largest home insurance company, Citizens Property Insurance Corp., proposed the largest rate increase in the state’s history. The company sought to increase the average rates of insurance policies for homes and business by 400% throughout the state, along with a proposed 2,000% increase for certain, risk-prone counties. The proposal was opposed by several consumer advocacy groups, but that opposition proved futile as state insurance regulators approved the proposal. Since the approval, lawmakers have been struggling to find a balance between enacting the rate increase and granting…

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