Florida insurance market reaches crisis point with another insurer bankruptcy

Florida insurance - Bankruptcy Sign

As insurers rapidly depart the market, even recent legislation isn’t having a fast enough impact. The Florida insurance market for property coverage has been rapidly stumbling again following storms in recent years. As a result, the insurers that aren’t withdrawing are going bankrupt. FedNat is the latest of the insurers to cancel the homeowners’ policies it’s been selling in the state. Florida insurance has reached a desperate level. This latest withdrawal of FedNat will cancel another 68,200 policies in the state, following a massive trend of coverage cancellation there. Homeowners…

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Nearly 100 insurance rate increases get the nod in Florida

Insurance rate increases - Florida neighborhood

The state Office of Insurance Regulation green lighted the hikes, suggesting a struggling sector. The Florida Office of Insurance Regulation has given its approval to almost 100 property insurance rate increases across the state. This indicates that the industry conditions in the state have reached a difficult point. The approvals were issued to dozens of homeowners and business insurers that filed for the hikes. According to a report published by News 6 WKMG, dozens of property insurers filed court documents with the intention of obtaining approval for insurance rate increases…

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Homeowners insurance organization makes progress in Florida

Florida homeowners insurance, Citizens Property

Citizens Property Insurance finds financial success Florida’s Citizens Property Insurance has been struggling beneath a shroud of controversy for the past year. The state-run insurer has been cutting policies in an effort to depopulate itself and reduce financial strain while also raising rates on insurance policies that it has maintained. This has generate a great deal of criticism that has been issued against the state-run organization as well as lawmakers, but it has also placed Citizens Property Insurance in the “best financial shape” it has ever been in, according to…

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Homeowners insurance market in Florida may be stabilizing

Florida Homeowners Insurance

Florida’s homeowners insurance market may be calming down The homeowners insurance market in Florida is notorious throughout the U.S. for being somewhat volatile and unstable. The state is considered a very high risk zone to the homeowners insurance sector and has regularly fallen victim to natural disasters in the past. These disasters have created a sense of unease among homeowners insurance companies, many of whom are unwilling to do business in some parts of the state. There are signs that the homeowners insurance market is finally starting to stabilize, however.…

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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…

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Scott Wallace, CEO of Citizens Property Insurance, to step down

Scott Wallace, the President and CEO of Citizens Property Insurance Corp., has announced that he will be stepping down on April 6, 2012 from his positions in the corporation. Wallace has been the CEO for the insurer for over six years, and has been the head of the company throughout a time when it underwent a significant amount of growth and became the largest provider of homeowners’ insurance in Florida, reaching approximately 1.5 million policies. Citizens did face some scrutiny after state officials and Governor Rick Scott worked to find…

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Florida prepares for the battle against PIP fraud

Residents in Florida have joined with business associations and law enforcement agencies to create the Gear Up Florida Coalition, with the goal of protecting insurance consumers in the state from the skyrocketing costs that are resulting from the increasing instance of fraud to its no-fault law. According to Tammy Perdue, the Florida General Counsel for Associated Industries, they want to bring fraud from car accidents to an end and change the organized systems that are encouraging these criminal behaviors. She explained that it will be critical for legislative action to…

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