Florida legislators consider allowing surplus insurers to participate in Citizens Property Insurance Corp

In an effort to make Florida’s Citizens Property Insurance Corp. more sustainable in the future, lawmakers are now considering opening up the state-run insurance program to surplus carriers. Legislators believe that by allowing surplus insurers to participate, the program will go through a depopulation period as consumers take advantage of the wider variety in policies they have access to. Currently, the state-run program covers more than 1.5 million policyholders. With the program being so large, Governor Rick Scott believes that the only two solutions for sustainability lie in depopulating or…

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Florida dodges volatile hurricane season, could make Citizens Property Insurance more financially sound for 2012 season

Hurricane season has come to an end and Florida and its insurers are still standing. Florida has managed to evade major hurricanes for the past six consecutive years. For a state that is growing increasingly dependent upon insurance coverage, this is no small feat. Florida’s Citizens Property Insurance has also emerged from the season virtually unscathed by major storms, though the state-run insurer is still wracked with persistent financial and fraud issues. The 2011 Atlantic hurricane season produced 19 named storms, of which only 7 became full-fledged hurricanes, according to…

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Florida Governor calls for residents to share insight on Citizens Insurance Group

Florida Governor Rick Scott is looking for input from consumers on what to do with the state-run insurance company Citizens Property Insurance Corp. The company has come upon difficult financial times in recent years, much of which has been at the hands of fraud and natural disasters. The company was recently approved to raise rates on sinkhole coverage for homes as a way to offset the losses seen in years past. The new rates have spurred public outcry, which has led regulators to stagger the rate increase over the course…

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Floridians call for insurance reform to mitigate growing concerns of natural disasters

South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…

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Floridians call for insurance reform to mitigate growing concerns of natural disasters

South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…

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Security First and Esurance to offer Florida homeowners insurance

Security First Insurance Co. has partnered with Esurance and will be underwriting so that they may offer insurance to Florida homeowners. This announcement comes close on the heels of the purchase of Esurance, an online auto insurance company, as well as its associated site, Answer Financial, by Allstate Insurance. The April purchase was worth $1 billion. Esurance offers the third highest number of quotes for car insurance through its 24/7 call center and its website. It sells car insurance policies in thirty states. According to Esurance – which is recognized…

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Florida fire insurance warning issued

When most people think of wildfires, there are many places that might come to mind but Florida usually isn’t one of them. Since the first of the year, Florida has had over 2,660 wildfires. Florida’s drought conditions coupled with low humidity and high winds have made ideal conditions for wildfires. The director with the Division of Forestry in Florida has issued several warnings and urged residents to follow county burn bans. Visitors to the states parks are also encouraged to check any burn bans that may be in affect before…

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