Michael Peltier

Citizens seeks AOB solution, postpones rate increase

Citizens seeks AOB solution, postpones rate increase

After a bill aimed at reforming Florida’s insurance industry and preventing Assignment of Benefits (AOB) abuse failed in the Legislature’s last session, the state’s largest insurer has taken steps to solve the problem itself. Part of that solution is to suspend its plan to hike rates as much as 10 percent for consumers. Citizens Property […]

Is your insurance going up?

Is your insurance going up?

The Florida Office of Insurance Regulations (FLOIR) has been busy these past few weeks, raising Citizen’s Property Insurance Corporation coastal policy costs by an average 10.9 percent for consumers and finalizing a rate hike of 14.5 percent for workers’ compensation costs to employers across the state. Citizen’s Citizen’s Property Insurance Corporation is a state-backed insurer […]

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 […]

Insurance scammers costing Florida policyholders

Insurance scammers costing Florida policyholders

Santa Rosa County Citizens Property Insurance customers could face an average 8.7 percent increase in their rates after the Florida Office of Insurance Regulation (OIR) Aug. 23 rate hearing. State-run Citizens Property Insurance was established as a catch-all for properties other companies would not insure, and they handle more than 409,000 home and commercial properties […]