Citizens Property Insurance

Lawmakers tackle property insurance abuse

Lawmakers tackle property insurance abuse

Legislation to put stricter requirements on assignment of benefits (AOB) insurance claims has passed the Florida House of Representatives amid vocal support from the insurance industry. The AOB issue for years has been plaguing the state’s insurance industry, which contends that the current law artificially raises the cost of property repairs and subsequently drives up […]

Irma leaves Citizens Insurance with policy bloat

Irma leaves Citizens Insurance with policy bloat

For Citizens Property Insurance, the ultimate goal is to go out of business. The state-run Florida property insurance provider was created to offer an insurance option for residential and commercial properties that could not secure insurance through the private marketplace. When the insurance market is doing well, property owners are moved off Citizens and on […]

Citizens insurance cleared for rate increases

Citizens insurance cleared for rate increases

After Hurricane Irma delayed any decisions, the Florida Office of Insurance Regulation (FLOIR) decided Dec. 6 to approve an increase in rates across all policy types for Citizens Property Insurance. The average rate increase across the board amounts to roughly 6.8 percent. Citizens is a state-run program to help insure those who cannot find coverage […]

Hurricane Irma sparks insurance freeze

Hurricane Irma sparks insurance freeze

Following billions of dollars in property damage from Hurricane Irma, the Florida Office of Insurance Regulation issued an emergency order to protect consumers in the wake of the storm. The order freezes policies in the affected areas from cancellations and non-renewal for a period of 90 days starting on Sept. 4. Karen Kees, deputy director […]

Property insurance on the rise, again

Property insurance on the rise, again

Like deja vu, property insurance rates could be on the rise yet again this year as Citizens Property Insurance has filed to raise rates for a variety of policy types across the state. The proposed changes would amount to an average 5.2 percent overall average increase for nearly 250,000 policyholders across the state. Local State […]

Insurers blame assignment of benefits for rising premiums

Insurers blame assignment of benefits for rising premiums

Home and business owners in Florida can expect the cost of property insurance to rise in 2017 and to keep climbing in the coming years, East Bay Insurance owner John Hays says. But in a state where hurricane damage has historically been the cause of insurance woes, these increases in many cases have nothing to […]

The billion-dollar leak

The billion-dollar leak

In an attempt to catch up on the billions of dollars lost last year, state-run insurer Citizen’s Property Insurance Company applied to raise personal property and homeowner policy premiums an average of 7.3 percent, costing policyholders $1.06 billion. The Florida Office of Insurance Regulations approved the new rates Tuesday, Sept. 20. The driving force behind […]

Five Things to Know in Florida for April 15

Five Things to Know in Florida for April 15

SECRETARY OF STATE JOHN KERRY SAYS CUBA SHOULD LET ANYONE VISIT VIA CRUISE LINES Kerry says the Cuban government should drop the law barring American citizens born on the island from returning by sea if it wants to continue developing full and normal relationships with the rest of the world. Two Cuban-Americans are suing Carnival […]