Florida’s Insurance Commissioner has taken a bold stand against the state-run insurance company Citizens Property Insurance Corp. The insurer has been facing staunch opposition lately for a rate increase that will raise the rates of sinkhole coverage throughout the state by an average of 400%. Commissioner Kevin McCarty has ruled against the rate increase and now demands that the insurer make dramatic changes to their rate proposal. McCarty is keen to see the insurer propose new rates that are friendlier toward consumers. The insurer’s rate increase has been under investigation…
Read MoreTag: Florida sinkhole insurance bill
Massive rate increases from Florida’s insurance program approved
Early this week, Florida’s Citizens Property Insurance proposed massive rate increases for sinkhole coverage. On average, policies would be impacted by an increase of 428% throughout the state. The proposal was seen as excessive by many consumer advocacy groups, but the insurers that make up the state-run program argue that higher rates are needed to combat fraud. Despite the best efforts of opponents, the proposals were passed as part of Senate Bill 408. Now that the new rates have been approved, Florida residents can expect to pay a lot more…
Read MoreFlorida’s Insurance Bills and Scott’s Tort Reform
In Florida it only seems normal for issues to be a constant battle of back and forth until the time begins to run out and everyone realizes its now or never when it comes to legislature and insurance issues. The property insurance bill has yet to be passed. As for the other insurance bill that is trying to be passed, which is nothing more than a collection of administrative and regulatory changes, is on its way to the governor. But, things don’t look to bright for 2011 in this case.…
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