Citizens Property Insurance Corp. Ordered to Reassess Proposed Rate Increases

State regulators have directed the Citizens Property Insurance Corp., a state-backed entity, to reevaluate and potentially decrease their proposed rate increases. This comes as a direct response to Florida Insurance Commissioner Michael Yaworsky’s objections against some components of Citizens’ proposed rate hike. The Contested Rate Proposal Citizens had initially suggested a rate increase of 12%…

Read More

Farmers Insurance to Scale Back Coverage in Florida: Over 100,000 Policies Impacted

Farmers Insurance, a leading US insurance company, announced plans to decrease its coverage in Florida, prompting concerns for residents needing new auto, home, or umbrella insurance policies. The move to cut back coverage will affect nearly 100,000 policies, prompting the need for a smooth transition to prevent undue hardship for policyholders. Shrinking Market Presence In…

Read More

Florida’s Property Insurance Landscape: Adapting Amid Growing Risks and Market Shifts

As we navigate through the hurricane season, Florida’s property insurance market is experiencing a dynamic shift. While some companies, like The Farmers Group and AIG, are scaling back policy coverage due to vulnerability to natural disasters, others are capitalizing on new opportunities presented by the Citizens Property Insurance Corporation’s depopulation program. Understanding the Citizens Depopulation…

Read More