Hurricane Irma claims near $4.2 billion
Property-insurance claims from Hurricane Irma have approached $4.2 billion in estimated losses, according to the latest numbers from the Florida Office of Insurance Regulation.
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Insurers prepare for Irma aftermath
Insurance companies are prepared to meet Floridians’ needs after Hurricane Irma, state Chief Financial Officer Jimmy Patronis and Insurance Commissioner David Altmaier said Thursday.
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Lawmaker ties insurance changes with lower rates
The chairwoman of the Senate Banking and Insurance Committee said Wednesday that customers of Citizens Property Insurance should receive rate reductions as the state-backed insurer takes steps to curb claims for water-damage repairs. Miami Republican Sen. Anitere Flores said during a hearing on proposed Citizens rate increases that South Florida policyholders are frustrated and have “lost trust” in the insurer.
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Citing water losses, Florida insurer approves rate hikes
Florida’s state-created property insurer, contending that it is dealing with a flood of suspicious water-related claims and lawsuits, is asking state regulators to raise rates for thousands of homeowners next year, including those in the most heavily-populated areas. The board that oversees Citizens Property Insurance voted unanimously Tuesday to raise homeowner rates an average 5.3 percent and commercial accounts by an 8.4 percent average. Citizens has more than 451,000 customers, many of them living near the coast or in South…
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Legislators may try once again give additional protections to Citizens Property Insurance consumers
Florida legislators may try once again give additional protections to customers of Citizens Property Insurance. A Senate panel on Thursday approved a bill that would put a limit on how many times a year a homeowner could be asked to leave the state-created insurance carrier. The bill sponsored by Sen. Anitere Flores would also make it easier for a homeowner to switch their insurance coverage back to Citizens in case their rates spike upward. The legislation (SB 1630) is heading…
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Spike in claims sparks talk of rate hike, policy changes at Citizens Property Insurance
Florida’s largest property insurer is discussing whether to eliminate caps on rate hikes and limit what homeowners can do if they have water damage. The state-created Citizens Property Insurance is debating changes in order to combat lawsuits tied to water damage claims. Citizens Property Insurance President Barry Gilway said Wednesday that a rise in lawsuits over claims is “insane,” particularly in South Florida. Gilway said claims are rising even though the number of Citizens policyholders is getting smaller. It is…
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Gov. vetoes insurance and store security bills
Gov. Rick Scott is vetoing bills designed to beef up convenience store security and give additional protections to customers of Citizens Property Insurance. Scott on Tuesday vetoed the two bills while also signing 17 other ones into law. The store security bill (HB 755) would have required family-owned convenience stores to follow certain security measures that are already in place for stores owned by large vendors. Scott said he vetoed the bill because it would a place a “significant new…
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