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Florida Insurance Commissioner David Altmaier has issued an emergency order that will temporarily prevent property insurers from dropping customers for the next two months.
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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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Angry at a ratings agency that raised the possibility of downgrading 17 Florida property insurers, state leaders could be poised this week to look for an alternative.
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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 agency's board of directors made the decision to borrow $150 Million after five property insurers have gone insolvent in Florida since February.
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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.
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The financial-rating agency AM Best said Friday that changes passed during a special legislative session last month “are unlikely to alleviate immediate financial pressures” on Florida property insurers.
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Gov. Ron DeSantis has approved new laws the state hopes will calm a chaotic property insurance market, and eventually lead to rate decreases for homeowners. But some lawmakers and industry analysts say they worry the packages don’t deliver relief fast enough and don’t go far enough for property owners to see a difference.