Florida regulators approve further depopulation efforts Florida insurance regulators have approved yet another initiative from the state’s Citizens Property Insurance organization to shed policies. The state-run insurer has been working to depopulate itself of homeowners insurance policies for the past few years in order to resolve ongoing financial issues. The endeavor has proven quite successful, as the insurer recently announced that it now has some $7 billion in reserve capital. The initiative has caused some concern among consumers, however, whose policies are being taken up by private companies. 151,000 policies…
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Homeowners insurance risk warnings for Halloween celebrations issued
As property owners add their decorations and prepare for parties this weekend, there are certain cautions from the industry. As Halloween approaches, people have started to decorate their homes in preparation for trick or treaters and for parties that will be held this upcoming weekend (the last one before the holiday), but the industry is warning that there are certain risks involved and that homeowners insurance should be properly checked and understood before proceeding. This way, it can help to avoid possible problems and misunderstandings with insurers. It can also…
Read MoreHomeowners insurance customers in Oklahoma still paying high rates
Residents of the state are still seeing costs that are among the highest in the United States. Property owners in Oklahoma are already paying some of the highest homeowners insurance rates in the country due to the state’s high risk of severe weather such as tornadoes, hail, and other damaging forces of nature. Now, insurers in the state are seeking to increase their rates by as much as 40 percent. Despite the fact that the residents of the state are already paying more than those of most other states across…
Read MoreHomeowners insurance bill in Florida signed by Governor Scott
This will help to reform Citizens so that it will be able to further reduce its massive size. Governor Rick Scott has just signed a Florida bill into law which will allow a huge number of changes to be made to Citizens, the largest homeowners insurance company in the state. One of the goals of the bill is to move more of the policyholders from the state backed insurer into the private market. According to Senator David Simmons (R – Altamonte Springs), who sponsored SB 1770, “It’s a hell of…
Read MoreHomeowners insurance adjusters win victory in Florida
Lawmakers repeal fee cap on homeowners insurance adjusters Florida lawmakers have repealed a cap of fees associated with public insurance adjusters this week in what is being considered a major victory for the homeowners insurance sector. The state introduced a 10% cap on these fees in 2008, hoping to placate some of the economic concerns that have been associated with Florida’s homeowners insurance market. The cap was meant to limit the financial risks of the state-run Citizens Property Insurance, which had been battling with homeowners insurance fraud and an epidemic…
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