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Florida taxpayer-owned Citizens is using unlicensed inspectors in a little-known program that is ramping up inspections, WLRN found. Homeowners and industry insiders call it alarming.
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Lawmakers during a special session in December passed wide-ranging changes to try to shore up the insurance market.
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State leaders have long sought to move policies out of the state-backed Citizens Property Insurance and into the private market.
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Farmers is the latest insurance company to pull out of Florida. The moves leaves tens of thousands of customers facing the daunting task of finding new carriers.
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A financial ratings agency says an analysis indicates insured losses from Hurricane Ian could range from $25 billion to $40 billion, putting additional pressure on Florida’s troubled property-insurance market.
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State regulators Friday asked a judge to place a property-insurance company in receivership, making it the sixth Florida property insurer declared insolvent this year amid widespread financial problems in the industry.
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United Property & Casualty Insurance Co. will exit Florida’s troubled homeowners’ insurance market, forcing customers to find new coverage as their policies come up for renewal, the insurer’s parent company announced Thursday.
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The state-backed Citizens Property Insurance Corp. has surpassed 1 million policies for the first time since 2014. Citizens has been absorbing an influx of policies as private insurers drop customers and push for large rate increases.
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A day after getting hit with a financial-rating downgrade, on Tuesday United Property & Casualty Insurance Co. became the first Florida property insurer to take part in a stopgap state program aimed at maintaining coverage for homeowners.
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Florida regulators have announced a stopgap plan to try to make sure homeowners can maintain property insurance coverage. The plan involves the state’s Citizens Property Insurance Corp. acting as a financial backstop.