Live Insurance News

Citizens Property Insurance runs afoul of consumer advocates

October 23, 2012October 23, 2012 S.Vagus

Citizens Property Insurance closes internal affairs office Florida’s Citizens Property Insurance has been popping up regularly in insurance news over the past several months, but not for anything necessarily good. The state-run insurance group has been feeling the burden of its own financial crisis and pressure from state lawmakers to solve its own problems as quickly as possible. Recently, the insurer’s solution to its financial problems have involve depopulation; moving policies to private insurance companies that are willing to serve high risk areas of the state. Citizens Property Insurance has…

Citizens Property Insurance of Florida proposes rate increases averaging 428% for sinkhole policies

July 26, 2011July 26, 2011 S.Vagus

Sinkholes have been quite troublesome in Florida recently. Earlier in the year, the state was inundated with insurance claims regarding damages caused by sinkholes. The majority of these claims, however, were fraudulent, as regulators discovered little to no evidence of sinkholes when investigating properties claiming to have suffered damage. The overwhelming number of falsified claims coming from property owners has caused many insurers to limit the extent of their coverage or otherwise raise the premiums associated with sinkhole insurance. Citizens Property Insurance, the state-funded insurance program, too will be raising…