Tag: Florida property insurance

Florida insurance bills take steps nearer to becoming law

Marc
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…

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Nearly 100 insurance rate increases get the nod in Florida

G. Turner
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 rates could go up in Florida because of lawsuits

Nordstrom
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…

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Ethics loophole generates controversy in Florida’s insurance industry

Nordstrom
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.…

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Citizens launches new initiative to shed homeowners insurance policies

S.Vagus
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…

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