A “disturbing” rise in water-damage claims in South Florida is driving Citizens Property Insurance Corp. to seek an average 3.2 percent increase in rates for many homeowners, the president of the state-backed insurer said Tuesday.
Seven private insurers have been approved to pick up nearly half of the remaining policies held by Citizens Property Insurance Corp. which is backed by the state.
Citizens Property Insurance Corp. is starting to advise many homeowners with expiring policies that they have to go through an electronic clearinghouse intended to shift more policies into the private market.
Gov. Rick Scott isn’t convinced that Citizens Property Insurance Corp. should have rebuffed his request for an international travel ban, even if the overseas trips were part of a $3.2 billion deal that saved the state-backed insurer $233 million.
If you homeowner’s policy is with Citizens Property Insurance, you’re going to be paying a bit less next year. On Wednesday the board of the state’s largest property insurer voted to lower rates by an average of 3.2 percent for single family homeowners in 2015.
Citizens Property Insurance Corp., which moved forward Wednesday in reducing rates for most customers, has delayed putting existing policies into a clearinghouse designed to shift property owners into the hands of private companies.
Citizens Property Insurance Corporation, the state-backed insurer of last resort is predicting it will be down to only 750,000 policies by the end 2015.
The state’s Office of Insurance Regulation is considering a request by Citizens Property Insurance Corp. for another round of rate hikes in 2014.
Gov. Rick Scott on Monday ordered his auditor general to investigate whether officials at Citizens Property Insurance Corp. retaliated against whistle blowers within the state-backed insurer when they shut down the internal investigation unit last month.
itizens Property Insurance Corp would offer $300 million in loans to encourage private companies to take policies out of the state-backed insurer under a plan unveiled Thursday that backers say could reduce Citizens’ non-coastal ranks by a third.