New Regulatory Changes Pave the Way for Florida’s Newest Insurer Florida’s tumultuous property insurance market welcomes a new player as Mangrove Property Insurance officially enters the scene. This new Florida-domiciled insurance carrier, spearheaded by Stephen Weinstein, aims to provide stability and comprehensive solutions for homeowners navigating one of the nation’s most challenging insurance landscapes. With its approval secured in mid-January 2025 from the Florida Office of Insurance Regulation (OIR), Mangrove has ambitious plans to assume about 81,000 policies from Citizens Property Insurance Corp. by mid-April. The launch of Mangrove comes…
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Florida Cracks Down on Insurers, Returns $6 Million to Consumers
Florida Insurance Commissioner Returns Nearly $6 Million to Consumers Following Insurance Investigations This Year The Florida Office of Insurance Regulation (FLOIR), under the leadership of the state’s insurance commissioner, has taken significant action against insurers failing to meet administrative and consumer protection standards. Throughout 2024, these efforts have culminated in nearly $6 million being returned to consumers. This regulatory crackdown highlights the state’s commitment to holding insurance companies accountable and ensuring Florida residents receive fair treatment in handling claims and other insurance-related processes. Details of Fines and Investigations FLOIR’s efforts…
Read More2 Florida home insurance companies aim to raise rates more than 50%
Amica Mutual Insurance and Castle Key Indemnity have requested the increases in the state Home insurance rate hikes are nothing new to Florida property owners, but a recent request made by two private insurers in the state aims to increase rates by over 50 percent. Increases at that level are high even for Florida Amica Mutual Insurance and Castle Key Indemnity have formally requested to raise their rates by more than 50 percent for policies covering condominiums and secondary residences. According to the companies, the increases are required to help…
Read MoreState Farm Boldly Upholds Commitment to Florida’s Home Insurance Landscape
Even as Farmers and AAA reduce their business in the state, the insurer says it’s not leaving. State Farm has announced that it has no plans to leave Florida’s home insurance market like other insurers have done, and even as that insurer did that exact thing this year in California. Florida’s market has been riding the line on the edge of a crisis, but State Farm isn’t leaving. According to State Farm, it continues to see an opportunity in Florida’s home insurance market, particularly due to recent reforms for the…
Read MoreFlorida lawmakers look to insurer accountability to overcome state crisis
New legislation is intended to acknowledge that insurance companies have not yet faced heavy regulation. As the homeowners’ insurance industry in Florida continues to scramble in crisis mode, lawmakers have introduced a new insurer accountability strategy as a part of a broader effort to control skyrocketing premiums and company insolvencies. The bill would raise fines for insurance companies that have been using bad practices. The insurer accountability bill would put higher fines in place for insurance companies with bad behaviors. The companies will also be required to do more information…
Read MoreHurricane Ian sends Florida homeowners insurance company into insolvency
United Property & Casualty Insurance Co. experienced larger losses than expected from the storm. United Property & Casualty Insurance Company was hit harder than predicted by Hurricane Ian and regulators have now taken steps to place the insurer into receivership after the storm sent it into insolvency. The process has now been triggered to obtain court approval to send the insurer into receivership. Interim Insurance Commissioner Michael Yaworsky issued a letter to Jimmy Patronis, Florida’s Chief Financial Officer, to launch the process to obtain approval from the courts to place…
Read MoreFlorida to pay up to $5M in insurance deductibles for hurricane victims
Low- and moderate-income families most affected by Hurricane Ian may qualify for this support. The Florida Housing Finance Corporation is offering $5 million to help pay the insurance deductibles of low- and moderate-income victims of Hurricane Ian, announced Governor Ron DeSantis. The money is meant to help those families to cover the out-of-pocket portion of their home coverage. The corporation functions as the housing finance agency in the state and receives funding from the state for the SHIP program (State Housing Initiatives Partnership). There is $5 million reserved for use…
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