Marco Tarafa was stunned to find that his homeowners’ policy is increasing by nearly $1,000 a year —all because inspectors couldn’t get into his attic, where there was no crawl space and about 24 inches of insulation. Tarafa was a …
Florida regulators have approved a 10.8 percent statewide average homeowners insurance rate increase and a 21.4 percent increase in sinkhole rates for the state-backed property insurer. Insurance Commissioner Kevin McCarty announced the new Citizens Property Insurance Corp. rates that hue …
Executives of Florida’s state-backed insurer defended a proposed statewide average 11.2 percent increase in homeowners rates as regulators, consumer advocates and other officials questioned the need for the increases, citing a projected reduction in sinkhole claims, the use of computer …
Two months ago when Barry Gilway took over as president of Florida’s state-run property insurer, Citizens Property Insurance Corp., he quickly learned there would be no honeymoon period. He was thrust into debates over rates, mitigation credits, rolled-back coverage, depopulation …
Florida regulators are questioning the increases sought by two property insurers that could raise rates on some homeowners by more than 40 percent, even as they reduce their number of policies. Castle Key Insurance Co., is seeking a statewide average …
Executives and the board of governors of Florida’s largest state-back property insurer received a rude reception at a public rate hearing in Miami where they indicated they will consider increasing rates on existing homeowners policies by a statewide average 7.4 …
Facing protests from consumers and state officials, Florida’s state-run homeowners insurer has found itself defending a proposal to increase rates for new customers above a legislative cap placed on current business. Citizens Property Insurance Corp. officials floated the proposal last …
Florida’s largest homeowners’ insurer has set the goal of moving at least $1 billion in risk back to the private capital markets while looking to lawmakers to make statutory changes that will assist the insurer in its depopulation efforts. Speaking …
Florida condominium buildings that rent out 25 percent of their units will see no rate increase for now despite playing a key role in the state’s largest property insurer’s plan to reduce its policy count. Since last month, Gov. Rick …
Florida’s largest homeowner insurer is offering a slate of coverage changes, but concedes that without legislative changes there will be little reduction in its exposure or policyholder count. Gov. Rick Scott last month ordered Citizens Property Insurance Corp. to find …
