Insurance Rate Increases

You cannot make this stuff up. Anyone who reads this blog knows how frustrated I get with the insurance industry’s constant complaints that “[Fill in the Blank] is responsible for rising premiums.” The [Fill in the Blank] is always something different depending on what year it is—sinkholes, water claims, fraud, trial lawyers, hurricanes, reinsurance, political instability, public adjusters.

Continue Reading Fill in the Blank

I was surprised when I first saw the Sun-Sentinel article, Citizens files request for 72-hour deadline to report loss. The more I read and thought about the article the angrier I became. As I have written in the past, Florida policyholders continue to pay the highest property insurance rates in the country despite the fact that no serious hurricane has hit the state in years.1

Continue Reading Citizens Property Insurance Attempts to Limit its Coverage for Water Damage

Citizens Property Insurance Company should devote more time and resources to education, training, and properly and promptly handling property insurance damage claims instead of hiring teams of lawyers “experts”. Citizens wants to avoid paying for covered damages in the homeowners policies by any means necessary. In related news, for three years, Citizens has been depopulating. Sending and shipping off the policyholders to other “brand new” and “financially new” insurance companies so it won’t be so exposed to so many homes when a hurricane hits. But now Citizens says it doesn’t have enough money in the bank and it is raising rates again.

Continue Reading Citizens Property Insurance Corporation Fails Floridians

It is unclear why the Office of Insurance Regulation has approved a rate hike for Florida homeowners insured with Citizens Property Insurance Corporation. But it is clear that the policy coverage that was once offered by Florida’s insurance company was been eroded. Coverages in each policy issued by Citizens has been lessened in almost every renewal. Sinkhole coverage, carports, water damage, tile damage, and other provisions have been re-written to benefit the carrier. Yet, rates are going to increase.

Continue Reading Reduced Coverage and High Premiums for Floridians…Again

Florida’s CFO Jeff Atwater must have had sticker shock when getting his bill for insurance renewal premiums. Last week, Atwater fired off a letter to Florida’s Insurance Commissioner Kevin McCarty asking why Florida insurance rates were still going up despite a drop in reinsurance rates.

Continue Reading Reinsurance Costs Drop But Not Florida Insurance Rates

Are the Board of Directors at Citizens Property Insurance Corporation above Florida Law? Should the Attorney General investigate what is going on with Citizens? Where is Florida’s Insurance Consumer Advocate, and why isn’t she speaking up on issues regarding Citizens’ reduction of coverage and rate hikes? What happened to our Insurance Commissioner? Why hasn’t his office said anything in public about the reduction of coverage when Florida law seems to prevent this?

Continue Reading Is Citizens Board of Directors Violating Florida Law?

Last week, Sean Shaw wrote about the public meeting Citizens held to discuss the issue of lessening its exposure. Unfortunately, many speakers – most of which were representatives of private insurance companies – opined that there is only one solution: raising premiums. While the decision has not yet been made, it seems clear that Citizens will do everything it can to raise rates, especially in the riskier areas of the state.

Continue Reading The Battle Over Citizens Property Insurance Rate Increases Wages On

If you’ve been paying attention to the news cycle the past few days, you’ve probably heard a familiar story – Citizens Property Insurance Corporation, your state-run insurer of last resort, is trying to raise rates on Florida policyholders. Given Citizens’ record the past few years, this revelation is by itself hardly newsworthy.

This time was different.

Continue Reading Florida Dodges Bullet as Citizens Tries to Circumvent the Process to Raise Rates

I wanted to take a moment to thank all who participated in the movement against Citizens’ proposed rate hikes.  All of your hard work advocating on behalf of policyholders across the state truly made a difference. Thanks to you, Floridians were saved from one of the largest insurance rate hikes this state has ever seen. You should be proud!

Continue Reading With Florida Sinkhole Rate Hikes Looming, Policyholders Stand Up in Number