Live Insurance News

Insurance news in Florida made when Governor contacted Citizens

November 22, 2012November 20, 2012 Julie Campbell

Florida homeowners insurance, Citizens Property

Gov. Rick Scott is seeking to find out why the state-backed insurer fired its corporate integrity team. The Governor of Florida, Rick Scott, has made insurance news by throwing in his support for the efforts to investigate why the corporate integrity team was let go from the state’s insurer of last resort, Citizens Property Insurance Corp. The Chief Inspector General, Melinda Miguel, has now been assigned to investigate the event. On Monday, Governor Scott directed the Chief Inspector General to look into the termination of the watchdog team – which…

Citizens Property Insurance runs afoul of consumer advocates

October 23, 2012October 23, 2012 S.Vagus

Citizens Property Insurance closes internal affairs office Florida’s Citizens Property Insurance has been popping up regularly in insurance news over the past several months, but not for anything necessarily good. The state-run insurance group has been feeling the burden of its own financial crisis and pressure from state lawmakers to solve its own problems as quickly as possible. Recently, the insurer’s solution to its financial problems have involve depopulation; moving policies to private insurance companies that are willing to serve high risk areas of the state. Citizens Property Insurance has…

Florida Catastrophe Fund may be out of money

October 9, 2012 S.Vagus

Florida Catastrophe Fund facing serious financial troubles It is no secret that Florida is prone to hurricanes and flooding disasters. This is one of the reasons many property insurers have chosen not to offer coverage in some parts of the state. In 2010 and 2011, Florida was pummeled by powerful storms that caused widespread damage to homes and businesses. Because many insurers were not liable to pay claims associated with damage they do not cover, consumers had to turn to the Florida Catastrophe Fund. Now, information is coming to light…

Auto insurance reforms to PIP have yet to lower premiums

October 3, 2012April 30, 2013

Florida drivers are still waiting for the promised savings to kick in. Over one hundred auto insurance companies were required to report their intentions to reduce their rates on Monday, as a result of the massive changes to the personal injury protection (PIP) plan in Florida. However, as many predicted, these insurers didn’t show any clear intention to reduce prices. A new law in the state required that these auto insurance providers send a rate filing to the Office of Insurance Regulation at the start of October, which would…

Citizens Property Insurance gets approval for rate hikes

October 3, 2012 S.Vagus

Florida regulators approve rate increase proposal from Citizens Property Insurance Florida Businesses and homeowners can expect to see their insurance premiums jump by at least a double-digit sum early next year. Florida’s Citizens Property Insurance has been granted approval for a rate increase that will take effect January 1, 2013. The insurer’s rate proposal was approved by the Florida Office of Insurance Regulation this week. Though there are roughly three months before the new rates take effect, policyholders are up in arms over the approval of the rate hike. Homeowners…