Tag: Florida hurricane insurance

Citizens Insurance considers Manatee policy rate increases

Florida homeowners insurance, Citizens Property

This would mean higher premiums for approximately 1.5 million policyholders in Florida. The Citizens Insurance state run company in Florida is surrounded by controversy, while some feel that it is vital to the state and others are just waiting for the bottom to fall out. The company sells about 1,000 new policies every week, but may be headed toward financial ruin. Many experts are saying that though it is growing very rapidly, this massive insurer could face disaster if even a single major storm makes its way through the state,…

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State Farm pulls out of church market in Florida, as well as others

State Farm has announced that it will no longer be offering insurance coverage to churches in Florida. The company’s exit from the market leaves hundreds of churches throughout the state looking for new insurance companies. The move is part of the company’s desire to focus more on the property market in the state, a plan that sees the insurer pulling out of other markets in the coming years. The insurer has not released estimates of how many churches will be affected by the decision, but has said that at least…

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Chief of the Florida hurricane fund voices concerns regarding cash shortage

The chief operating officer of the hurricane fund in Florida, Jack Nicholson, has expressed serious concerns about the fund’s ability to assist insurance companies in paying for claims that have been made following major storms. Florida has been using the hurricane fund for almost two decades, since the time when the southern part of the state was devastated by Hurricane Andrew. Money from the fund is provided to insurance companies in order to assist them in paying off claims made by homeowners in the event of a hurricane – or…

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Florian Insurance seeks to educate Floridians on insurance via website and Virtual Insurance Office

With the severity of recent storms in the South, residents of Florida have been growing concerned about their insurance coverage. Now that hurricane season is in full swing – a season that the National Oceanic and Atmospheric Administration claims will be unusually active – many have unanswered questions about their coverage and whether or not they are protected in the worst case scenario. Local insurer Florian Insurance, Inc., is seeking to placate people’s worries by offering advice and insight on insurance operations. According to the Independent Insurance Agents and Brokers…

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Fllorida lawmakers concerned over insurer’s estimates of possible deficit

H. Cutner

Florida officials are voicing their concern over assessments of a possible coverage shortfall made by the state’s homeowner’s insurance provider, Citizens Property Insurance. The insurer has enough financial resources to cover $15 billion in property damage, or what they consider a one-in-50 year hurricane event. Damages beyond that point, however, would require the insurer to levy the accounts of policyholders to offset the deficit. Considering the frequency and severity of natural disasters of late, this news has lawmakers worried over what troubles the hurricane season has in store. Citizen’s estimates…

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Risk Management Services hurricane catastrophe model approved by Florida Commission

H. Cutner

The residential property insurance marketplace in the state of Florida is expected to face an even greater amount of volatility after the modeling commission for the state approved the use of a new catastrophe model by Risk Management Services (RMS).  The RMS U.S. Model Version 11.0 was approved by the Florida Commission on Hurricane Loss Projection Methodology, which allows insurance companies to use it for the calculation of the potential exposure to hurricane loss.  That said, this model has not been without controversy, especially in terms of its changes to…

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