Lawmakers in Florida are moving closer to allowing specific insurer types to make offers to policyholders currently with Citizen’s Property to insure their vacation or second home. SB 1716 this week cleared the Senate’s Fiscal Policy Committee for the takeout offers after the Senate’s Banking and Insurance Committee approved the measure earlier this month. This […]
Florida homeowners are moving to Citizens Property, the state-backed property insurer of last resort as the private market has become economically stressed, according the president of Citizens Property Insurance Corp. Citizens President and CEO Barry Gilway warned that an “unhealthy” private market is leading to increased policies at Citizens. The majority of problems stem from […]
A recently added amendment to the Florida State House assignment of benefits (AOB) reform bill would prevent Citizens Property Insurance Corp. from raising rates unless they pass the savings from AOB reform along to their customers. “We are consistently told that AOB reform is necessary and will halt skyrocketing insurance costs in some areas and […]
Citizens Property Insurance will be upping homeowner rates by an average of 8.2 percent for next year’s rates. This increase will affect home and condo owners as well as renters. The increase has been approved by the Board of Governors, which oversees rate increases for the state run insurer of last resort. The ongoing issue […]
Florida’s Citizens Property Insurance Corp is waiting until December to set its 2019 insurance rates and decide whether it will approve a 7.9 percent statewide increase for homeowners insurance. It was decided to postpone the increase at a recent Board of Governors meeting. Florida Citizens decided to defer the decision to allow time to review […]