Homeowners insurance customers in Florida receive explanation for cost hikes

Florida Homeowners Insurance

The commissioner in the state has released a statement to property owners to explain the rates. The homeowners insurance head in Florida has released a statement that has said that there is a reason that the cost of coverage has not been falling despite the fact that one of the biggest expenses typically faced by insurers is now an area in which they are saving money. In fact, the commissioner went on to caution that the rates for this coverage may continue to rise. As some homeowners insurance companies have…

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Homeowners insurance changes proposed by Florida commissioner

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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Rates for Florida workers’ compensation to increase by 8.9 percent by 2012

According to Kevin McCarty, the Florida Insurance Commissioner, the insurance rates for workers’ compensation are slated to increase by 8.9 percent, and will do so beginning on January 1, 2012.  By giving his approval for the rise in rates, McCarty has simultaneously refused the National Council on Compensation Insurance (NCCI) rate request, stating that there was a flaw in the council’s methodology.  Equally, McCarty has denied another increase proposal by the NCCI regarding minimum premiums.  Should the NCCI wish to continue to pursue its request, it will need to re-file. …

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Citizens Property Insurance rate increase struck down by Florida’s Insurance Commissioner

Florida’s Insurance Commissioner has taken a bold stand against the state-run insurance company Citizens Property Insurance Corp. The insurer has been facing staunch opposition lately for a rate increase that will raise the rates of sinkhole coverage throughout the state by an average of 400%. Commissioner Kevin McCarty has ruled against the rate increase and now demands that the insurer make dramatic changes to their rate proposal. McCarty is keen to see the insurer propose new rates that are friendlier toward consumers. The insurer’s rate increase has been under investigation…

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Hopes that new Florida insurance bill will solve fraudulent sinkhole claims issue

Florida Insurance Commissioner feels certain that Governor will sign SB 408 into law. The bill pertains to property and casualty insurance and directly effects property insurance coverage and overhauling a system vulnerable to fraudulent claims. Property insurers have had to increase rates in efforts to keep up with mounting sinkhole claims, rising reinsurer fees and other issues that are pushing costs through the roof. However, with the passing of SB 408, much of that is likely to change. Bill 408 directly goes after what many insurers and several Lawmakers consider…

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