Starting in October, private insurance companies may start pulling customers from the state backed, insurer of last resort, Citizens Property Insurance Corp. According to a recent report, Insurance Commissioner Michael Yaworsky has approved private insurers to take up to 184,000 policies from Citizens Property. Yaworsky signed orders that will approve proposals by a variety of […]
Another Florida insurer is pulling out of the market, making it even more difficult for residents of the Sunshine State to find proper homeowners insurance in Florida. Bankers Insurance Group, based out of St. Petersburg, recently announced that it is pulling out of Florida’s home insurance market. Their decision was based on the fact that […]
While Florida has not seen a major storm since 2018, homeowners insurance rates continue to rise and the majority of the blame can be put on door to door roof replacement schemes that result in denied claims, lawsuits and ever increasing homeowner insurance rates. The state-run insurer of last resort, Citizens Property Insurance Corp is […]
Citizens Property Insurance Company, the property insurer of last resort in Florida is planning to make substantial eligibility and underwriting changes that will likely result in increased property inspections over the next four years. Citizens is hoping to shed policies and reduce its exposure level in the Florida property market. Citizens is hoping the new […]
Citizens Property Insurance Corp. may be increasing residential homeowner rates by an average of 7.2 percent this year. Citizens Property is the state-backed insurer of last resort, they have been dealing with a flood of new policyholders due to trouble in the private insurance market in Florida. According to a recent Miami Herald article, the […]
As financial losses mount for insurance companies in Florida, many insurers are ordering more home inspections at both the beginning of a policy as well as at renewal time. Insurers are hoping to force homeowners to fix problems that may turn into a claim or to justify dumping homeowners whose property they consider risky. This […]