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Chances are, many of you have Citizens Property Insurance. It’s the largest property insurer in the state, but that wasn’t the goal when it came into existence in the 90s. The insurer was supposed to be a last resort, but that’s not the case anymore. In fact, Citizens Insurance has nearly 1.2 million policyholders, which […]
Florida’s property insurance crisis takes another turn for the worst after Banker’s insurance will no longer insure Florida Homes. That means for policyholders, more homeowners will have to find another option. For many that are becoming Citizens, it was meant to be a last resort. And the state is eyeing a new role for the […]
The Florida Senate on Tuesday approved sweeping legislation that would overhaul the state’s property insurance system, which has struggled due to insolvencies, high costs, and major storms. The bill would create a $1 billion reinsurance fund, reduce litigation costs and compel some customers to leave a state-created insurer. It also would force insurers to respond […]
Saddled with financial losses and lacking reinsurance for this year’s hurricane season, another Florida property-insurance company is headed toward receivership. The Florida Department of Financial Services late Monday filed a petition in Leon County circuit court to be appointed as a receiver for Southern Fidelity Insurance Co. The petition described Southern Fidelity, which has about […]
Angry at a ratings agency that raised the possibility of downgrading 17 Florida property insurers, state leaders could be poised to look for an alternative. The Joint Legislative Budget Commission next week is expected to consider a proposal to spend $1.5 million to hire a consultant that would look at options for property insurers to […]
The Florida Legislature will meet next week for a special session on property insurance and property tax relief in the wake of damage caused by Hurricane Ian, officials announced Tuesday. The leaders of the Florida House and Senate issued the proclamation convening the Legislature from Dec. 12 to 16. Lawmakers will be tasked with reforming […]
The Florida Legislature’s second special session of the year on buttressing a floundering home insurance market entered its second day Tuesday, with senators hoping to pass their version of property insurance legislation by day’s end. The bill includes shortened timelines for insurance companies to process and pay claims, an added option of including mandatory arbitration […]
The Florida Senate on Tuesday approved a sweeping legislative package meant to combat rising property insurance rates and other problems in the state’s turbulent insurance market, creating a $2 billion reinsurance fund and writing new rules around coverage denials and attorney fees. The Republican-controlled Senate approved the legislation after hours of debate. The proposals now […]
Contractors have launched an appeal in a legal battle about part of a new Florida property-insurance law that restricted attorney fees in disputes about claims. The Restoration Association of Florida and Air Quality Assessors, LLC, an Orlando firm that does work such as mold testing and leak detection, filed a notice Wednesday that is a […]
As Florida lawmakers try to stabilize the troubled property-insurance system next month, they could face worsening problems with reinsurance, a critical part of the system. Fitch Ratings released an analysis Wednesday that said overall reinsurance prices are expected to increase by more than 10 percent in 2023, pointing to losses from disasters such as Hurricane […]