Florida Office of Insurance Regulation

Property owners see average 4.7% insurance increase

Property owners see average 4.7% insurance increase

The Florida Office of Insurance Regulation (OIR) established the 2019 personal and commercial property insurance rates for Citizens Property Insurance Corporation (Citizens) July 29. Citizens announced June 19 that their Board of Governors had approved revised 2019 rates to reflect the projected impact of Assignment of Benefits (AOB) reforms enacted during the 2019 Legislative Session. […]

Insurers seek increase despite law change

Insurers seek increase despite law change

Thousands of residential property insurance customers across Florida could see reduced costs in 2019, but on the whole customers will not see cheaper insurance premiums as the result of long-sought regulatory reform. At the forefront of the insurance discussion is an amended rate filing by Florida’s insurer of last resort, Citizens Property Insurance Corporation.   […]

Floridians urged to buy flood insurance

Floridians urged to buy flood insurance

Floridians are less than 30 days from the start of the 2019 Atlantic hurricane season, and state officials are reminding residents to start preparing now. Florida Chief Financial Officer Jimmy Patronis said recent history speaks for itself.   Read the full article in the May 9 issue of Navarre Press. Visit https://navarrepress.com/subscribe/ to view subscription […]

Workers comp rates plummet 13.8 percent

Workers comp rates plummet 13.8 percent

Florida employers will save nearly half a billion dollars on their workers’ compensation insurance rates in 2019, according to the Florida Office of Insurance Regulation (FLOIR). FLOIR approved a 13.8 percent decrease in overall workers’ comp rates based on an annual rate filing by the National Council on Compensation Insurance (NCCI) just two years after […]

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 […]

State considers decrease in workers’ comp rates

State considers decrease in workers’ comp rates

Actuaries with the Florida Office of Insurance Regulation are reviewing with a fine-tooth comb a proposed 9.6 percent decrease to workers’ compensation insurance rates put forth by the National Council on Compensation Insurance (NCCI). NCCI made an official presentation to the state’s insurance regulatory agency and the public Oct. 18 in Tallahassee. NCCI is an […]

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 […]

Proposed worker’s comp rate hike: Floridians deserve transparency

Proposed worker’s comp rate hike: Floridians deserve transparency

Guest Opinion Florida’s extraordinary tradition of open government is founded on the simple but essential concept that the people have a right to know how and why the government makes decisions on their behalf. After all, it’s our government. So when a government action stems from a process shrouded in secrecy, we have a right not […]

Florida employers set to pay highest workers’ comp in southeast

Florida employers set to pay highest workers’ comp in southeast

Florida is set to once again have the highest cost to employers in workers’ compensation rates in the Southeastern region by Oct. 1 thanks to an official recommended rate increase of 19.6 percent. The increase recommended to the Florida Office of Insurance Regulation, which sets insurance rates, by the National Council on Compensation Insurance (NCCI). […]