Citizens Property Insurance
Florida’s new insurance consumer advocate wants Insurance Commissioner Kevin McCarty to “strongly consider” the large amount of reinsurance purchased by the state-backed Citizens Property Insurance before making any decision on the company’s requested 3.2 percent rate hike.
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.
More than half of Citizens Property Insurance customers will face rate increases next year, under a proposal going before the insurer’s Board of Governors.
Citizens Property Insurance has closed on a $1 billion bond transfer, which the state-backed insurer said Friday completes its financial preparations for the 2015 hurricane season.
Despite Florida not have a hurricane hit for nine years, property insurance still remains pricey.
Another 45,500 policies have been approved to move to the private insurance industry from the state-backed Citizens Property Insurance Corp.
More than a half-million Citizens Property Insurance Corp. policies have been targeted for moving to private insurers this year.
The Florida Office of Insurance Regulation has formally approved an early end to a surcharge Citizens Property Insurance Corp. customers have been paying because of damages from the last of the 2005 hurricanes.
Certain customers of Florida’s largest property insurer will soon be paying a little less for their homeowners insurance but not all of them.
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.