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…

Read More

Gov DeSantis says ‘significant reforms’ coming to Florida home insurance

Florida home insurance - Reforms

Another insurer has dropped 64,000 policies, sending the state into an even worse condition. With only a week and a half left until the Atlantic hurricane season begins, the Florida home insurance crisis has achieved urgent status. Property owners across the state have been scrambling to obtain the coverage they require. Even worse, in a market already bleeding policies and insurers, FedNat Insurance Company and its sister companies have dropped over 68,000 Florida home insurance policies. This insurance news has arrived just as the special legislative session has been scheduled…

Read More

Florida insurance bills take steps nearer to becoming law

Florida insurance - Laws

Two bills meant to overcome the challenges to the industry in the state have moved ahead. Two Florida insurance bills taking aim at the rapidly rising homeowners and property rates have moved a step closer to becoming law in the state, having passed a key Senate subcommittee. Senate Bill 1728 was sponsored by Senator Jim Boyd (R-Bradenton). SB 1728 received overwhelming support in a vote by the Subcommittee on Agriculture, Environment and General Government of the Senate Appropriations Committee. The bill aims to make a string of changes. The largest…

Read More

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…

Read More

Homeowners insurance rates could go up in Florida because of lawsuits

Florida Homeowners Insurance

Citizens Property Insurance may be open to “bad faith” lawsuits in the future Rates for homeowners insurance policies through Florida’s Citizens Property Insurance could be on the rise once again. The Florida Supreme Court is weighing a decision on whether or not the state-funded insurance company is liable for “bad faith” lawsuits. The 1st District Court of Appeals believes that the insurer should be open to such lawsuits, but Citizens argues that it should be exempt due to the way the company was formed. Citizens Property Insurance was created by…

Read More

Ethics loophole generates controversy in Florida’s insurance industry

Florida homeowners insurance, Citizens Property

Ethics loophole creates new drama for Citizens Property Insurance A loophole existing in Florida’s ethics laws has generated new controversy for the state’s Citizens Property Insurance group. The loophole allows the organization’s executives to work for companies that offer then multi-million dollar contracts only a few short months after having received a job offer. The matter has caught the attention of Integrity Florida, a non-partisan research institute and accountability organization. The organization has sent an official letter to Citizens Inspector General Bruce Meeks petitioning for a review of the matter.…

Read More

Citizens launches new initiative to shed homeowners insurance policies

Florida homeowners insurance, Citizens Property

New initiative may help Citizens send policies to private companies Florida’s Citizens Property Insurance has launched a new initiative that is designed to further depopulate itself of costly homeowners insurance policies. The state-run insurer had been suffering from serious financial issues in the past, which are associated with the state’s exposure to natural disaster and the disasters that had visited the state in the past. Citizens has overcome many of its past issues, but is still working to shed policies and the organization is encouraging policyholders to find coverage from…

Read More