Citizens Property Insurance News

Miami Insurance Agent Arrested Over Assisted Living Facility Fraud Scheme

An investigation led by the Florida Department of Financial Services (DFS) Bureau of Insurance Fraud has led to the arrest of a Miami insurance agent for attempting to evade a higher insurance premium for his assisted living facility (ALF) client. …

Swiss Re: Miami Is More Vulnerable to Hurricanes Like Andrew

Almost 25 years have passed since a Category 5 hurricane struck south of Miami, and the city’s vulnerability to catastrophic storm damage has grown exponentially, according to a new insurance underwriters’ analysis. At the time, Hurricane Andrew was the most …

Florida’s Citizens Policy Count Reaches Lowest Level on Record

Florida’s Citizens Property Insurance Corporation announced Jan. 20 that it has reduced its policy count to under 500,000. The company said in a statement that its policy count on Jan. 19 was 484,788, the lowest level recorded since Citizens was …

Florida Ends Citizens Assessment Two Years Ahead of Schedule

Florida’s insurance regulators are two years ahead of schedule in ending an assessment used to retire a bond issued by the state-backed property insurer Citizens following the eight-storm 2004-2005 hurricane season. The move codifies a decision made by Citizens Property …

Florida Approves Removal of Nearly 80,000 Policies from Citizens

The Florida Office of Insurance Regulation has approved the removal of up to 78,897 personal residential policies and 500 commercial residential polices from Citizens Property Insurance Corp. by the following four companies: First Community Insurance Co. ‒ approved to remove …

Florida’s Citizens’ to Consolidate Workforce to Jacksonville Site

Citizens Property Insurance Corp.’s Board of Governors has approved a contract to consolidate the company’s information technology and other functions at the EverBank Center in downtown Jacksonville, Fla. The move, which is scheduled to be completed by the end of …

Florida Approves Removal of 93,500 Policies from Citizens

The Florida Office of Insurance Regulation has approved the removal of up to 93,000 personal residential policies and 500 commercial residential polices from Citizens Property Insurance Corp. as part of the state’s ongoing effort to reduce the number of policies …

Florida’s Citizens Settled Almost 70% of Sinkhole Claims in 2014

Citizens Property Insurance Corp. has reached settlement agreements with more than 1,650 Florida homeowners to end litigation on sinkhole repair cases that was delaying critical repairs to their properties. As of Dec. 15, 2014, Citizens had reached agreements with 1,669 …

Florida’s Citizens Votes to Lower Rates Next Year

The Board of Governors for Florida’s Citizens Property Insurance Corp. approved on Wednesday a 2015 rate package that reflects an overall average 2.9 percent statewide decrease for personal residential policyholders across the state. Citizens said single family homeowners will see …

Some Florida Citizens Customers May See Lower Rates Next Year

Florida’s largest property insurer may be dropping its rates next year. Citizens Property Insurance is considering rate proposals for 2015 that would lower rates by about 3.2 percent for most homeowners. The state-created insurer says the proposal would apply to …