Citizens Property Insurance Corp
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. has been given state permission to shift nearly 80,000 policies to the private market.
As regulators approved another round of policy “takeouts” from Citizens Property Insurance Corp. on Friday, the state-backed insurer says it can get smaller than previously thought.
A new report shows there is a lack of competition among insurers for certain types of residential policies Miami-Dade and Monroe counties. The report comes as the state looks to shrink Citizens Property Insurance Corp.
For a ninth consecutive year, the Sunshine State went through the six-month Atlantic storm season hurricane-free.
A 1 percent charge imposed on most homeowners’ policies to help the state-backed Citizens Property Insurance Corp. cover losses from the last of the 2005 hurricanes may come off the books two years early.
An extra charge on property-insurance and auto-insurance policies to cover claims paid for the 2004 and 2005 hurricane seasons will end Jan. 1.
Regulators have approved a plan by Southern Oak Insurance Co. to remove up to 10,000 residential policies from the state-backed Citizens Property Insurance Corp.
As Citizen’s Property Insurance Corp customers continue to be shifted into the private insurance market, the company is slowly reaching their 1 million policy mark.