Citizens Property Insurance Corporation
The second largest property insurer in Florida will pay a fine of $1.26 million.
The Office of Insurance Regulation announced Monday that it has approved an overall statewide rate hike of 6.3 percent for Citizens Property Insurance Corp. Citizens is the state’s largest property insurer with 1.22 million policyholders.
Roughly 400,000 Citizens insurance policyholders may find themselves with a new property insurance company by the end of November.
Citizens, Florida’s largest property insurance provider, has approved yet another round of rate hikes that could affect over a million policy holders.
Citizens Property Insurance Corporation took a first step Monday to move thousands of coastal hurricane insurance policies to a private insurer.
A proposal to shrink behemoth, state-backed Citizens Property Insurance Corp. was introduced to a Senate committee Wednesday.
A proposal targeting Citizens Property Insurance Corporation has passed its first Florida Senate hurdle. The bill would raise premiums and limit the types of policies the state-run insurer can issue.
State-backed Citizens Property Insurance Corporation has been a lifesaver for Floridians who have been priced out of the market by the large insurance companies. But that will all change under a new provision set to be unveiled in the state legislature next week.