Tag: Florida homeowners insurance

Florida insurers seek political stability for the sake of the market

S.Vagus
Florida Insurance

Florida insurers gather to discuss concerns over state policies and regulations Florida’s relationship with the insurance industry has been somewhat tense in recent months. State legislators have been working to promote consumer-friendly policies and regulations, but have done little to accommodate the needs of insurers. This is the notion held by insurance executives who attended the Florida Association of Insurance Agents annual event last week. Amongst the topics touched upon during the event, insurers were keen to address the issue of rates for property coverage throughout the Florida market. Rate…

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

S.Vagus
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…

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Florida insurer issues world’s largest catastrophe reinsurance bond

S.Vagus

Citizens breaks world record for largest bond issued Florida’s Citizens Property Insurance has issued the largest catastrophe reinsurance bond in world history. Citizens made a powerful entry into the catastrophic bond market late last week, issuing more than $750 million in bonds. The bonds are considered to be the largest insurance-linked security in the world, putting Citizens in a powerful position in the bond market. Though the state-run insurance organization has been facing daunting financial problems, the bonds are expected to help solve these challenges. Bonds worth more than $750…

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Citizens premiums skyrocketing as it aims to shrink its number of customers

Julie Campbell
Florida Insurance

In an effort to reduce its number of policyholders by over 675,000, Citizens Property Insurance is sending its rates skywards. In an effort to take up to 678,000 policyholders out of its state-run coverage program and resume its position as a last resort carrier, Citizens Property Insurance has been rapidly raising its Florida homeowners insurance rates while decreasing the coverage it provides. Citizens is justifying its dramatic “depopulation” strategy by saying it will prevent financial ruin in the state. The insurer used its revised budget proposal to unveil both the…

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Citizens may increase homeowners insurance policy rates

Julie Campbell
homeowners insurance

Citizens is debating whether or not to increase the rates for new homeowners insurance policies. Consumers, in Florida, taking out new homeowners insurance policies at Citizens may discover that they are being charged higher initial rates than existing policyholders with that insurer. The result of a proposal being debated by the governing board at Citizens Property Insurance Corp. could mean that individuals taking out a policy from the state-backed coverage pool after January 1, 2013 may find that the rates that they pay are over 10 percent higher than the premiums…

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