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 […]

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 […]

Florida property insurers dodge downgrades, bolster reserves

Florida property insurers dodge downgrades, bolster reserves

Despite warnings of possible widespread downgrades, Florida’s leading insurance grading agency has decided not to hand down lower marks to the majority of companies in the state. Read the full article in the March 30 issue of Navarre Press. Subscribe online for as little as $38 per year.

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 […]

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 […]