Citizens News

Top Florida Stories of 2016: The AOB ‘Insurance Crisis’

Assignment of benefits abuse has become such a well-known problem in the state of Florida this year that it now just goes by the nickname “AOB.” The issue with AOB comes from when a policyholder suffers a loss, such as …

Florida’s Citizens to Lawmakers: AOB Reform Must be Passed in 2017

Florida lawmakers can expect substantial pressure to tackle the assignment of benefits (AOB) and water loss claims crisis from the state’s insurer of last resort when Florida’s legislative session begins early next year. At a governing board meeting Wednesday, leaders …

Florida Regulators Approve Rate Increase for Citizens Policyholders

The Florida Office of Insurance Regulation approved a 6.4 percent overall rate increase for 2017 for Citizens Property Insurance Corp. homeowners’ multiperil policyholders across the state. According to Citizens, the increase is necessary to address what it calls a disturbing …

Citizens Implements $1.8M Estimate Review Program for Florida Water Loss Claims

Florida’s insurer of last resort, Citizens, has expanded its efforts to curb increasing water loss claims with a new Water Mitigation Estimate Review Program. Citizens Chief Claims Officer Jay Adams said the new program will provide Citizens with “certified and …

Heritage Revokes 14.9% Rate Increase Filing for Florida Homeowners

After review by the Florida Office of Insurance Regulation (OIR) and much criticism from Florida stakeholders, Florida-based Heritage Property & Casualty Company has withdrawn its request for an overall 14.9 percent increase of homeowners insurance rates in the state. The …

Florida’s Citizens Says AOB Abuse to Blame for Statewide Rate Increase of 6.8%

Citizens Board of Governors has approved recommended rates for 2017 that equal an average rate increase of nearly 7 percent statewide. The company said the increase is a necessary response to rising non-weather water losses and assignment of benefit (AOB) …

Citizens Implements Contract Changes to Address Florida Water Losses

Citizens Property Insurance Corp. is alerting policyholders to important policy changes beginning July 1 as part of the state-backed insurer’s efforts to improve communication and protect customers early in the claims process while controlling costs that it has said threaten …

Special Report: Execs Warn of Impending Florida Market Crisis Over Water Loss Claims

Abuse of assignment of benefits (AOB) from water loss claims has become a full-blown Florida insurance crisis that will mean higher insurance rates next year and for the foreseeable future for every Florida policyholder, according to Citizens Property Insurance Corp. …

Commentary: Florida’s Failure to Pass AOB Reforms Will Impact State Insurance Market

Following the 2016 Florida Legislative Session’s failure to pass essential assignment of benefit (AOB) reforms, the insurance industry and Citizens Property Insurance Corp. are working in tandem with the Florida Office of Insurance Regulation (OIR) to find workable administrative measures …

Florida Assignment of Benefits, Ridesharing Bills Approaching Dead End

It’s looking like Florida lawmakers will not provide resolution for two controversial issues currently facing the Florida insurance industry, this year at least. With just three days left in the 2016 Florida Session, legislative attempts at addressing the rising cost …