Property Insurance

Florida Insurance Commissioner David Altmaier said insurance companies shouldn’t have to pay attorney fees when contractors sue them over property damage claims. He warned lawmakers this week that if the state doesn’t change its insurance rules, insurance companies will leave the market or raise rates.

Citizens Property Insurance has reached a settlement with some 300 policy holders over sinkhole repair coverage. Officials say they’ll pay underground repairs in full.

Citizens To Delay Roll-Out Of Purge Website

Dec 12, 2013

Florida’s so-called "insurer of last resort," Citizens Property Insurance, is delaying the opening of its clearinghouse website for three weeks. The move comes shortly after Gov. Rick Scott appointed the company’s first inspector general.

In order to facilitate the much anticipated “takeout,” or purge, of less risky insurance plans, the insurer pushed its clearinghouse launch date from Jan. 2 to Jan. 27.

Senate Democrats want Governor Rick Scott to form a multi-state partnership to try and stabilize property insurance rates. Senator Jeremy Ring, a Margate Democrat, says the idea is for states to share the risk in an effort to offset costs.

“Right now, even in our premiums, our premiums are priced based on risk. So if there’s a lower risk, then it would be simple to assume that our rates, while not necessarily lower, would stabilize more,” he said.

This summer, Tropical Storm Debby left Florida riddled with sinkholes, and state-run Citizens property insurance company raised its sinkhole-coverage rates. The company claims committee met on Monday and discussed sinkhole management.

David Boyle, the Senior Director of Claims Operations for Citizens, said, the insurer has seen 27 percent more claims this summer and fall, compared with last year. But, he said, even after Tropical Storm Debby, new sinkhole claims are bucking the overall trend.

The Florida Office of Insurance Regulation is reviewing a rate increase request by State Farm that could affect more than 33,000 renter's insurance policy holders. The company wants to raise rates on those policies by an average of 50-percent. Some policies could go higher.

State Farm is Florida’s third- largest property insurer with more than 460,000 policies. That’s even after years of scaling back the number of policies it writes and dropping customers. But it still continues to promote its services with its catchy jingle,  “Like a good neighbor state farm is there."

As the final scheduled week of the 2012 Florida Legislative Session got underway, the state senate was working through a long list of bills.  Tom Flanigan reports the issue of allowing unregulated out-of-state insurers to take over Citizens Insurance customers sparked spirited debate.

Capital Report: 03-05-2012

Mar 5, 2012

The Florida Legislature has a full agenda for the final week of its 2012 regular session.  James Call reports, leaders of the House and Senate have reached an agreement on a budget, allowing for an on-time finish to the session…. 

As the final scheduled week of the 2012 Florida Legislative Session got underway, the state senate was working through a long list of bills.  Tom Flanigan reports the issue of allowing unregulated out-of-state insurers to take over Citizens Insurance customers sparked spirited debate….