Florida Citizens News

Fitch Upgrades Citizens to ‘AA-‘, Outlook Stable

Fitch Ratings has upgraded the rating on the following senior secured bonds of the Citizens Property Insurance Corp., FL, PLA/CLA to ‘AA-‘ from ‘A+’: –$1.1 billion series 2012A-1; –$200 million series 2012A-3 (SIFMA floating rate notes). The Rating Outlook is …

Citizens: Florida Policyholder Count Lowest Since Company Creation

Citizens Property Insurance Corp. is the smallest it has been since its creation more than a decade ago, as improving private-market conditions continue to offer policyholders more choices for how best to protect their homes, according to a statement by …

Florida’s Citizens Now Accepting Alternative Mobile Home Valuation Tools

In response to concerns from mobile homeowners, Citizens Property Insurance Corp. is now accepting alternative valuation methods from policyholders to ensure their mobile and manufactured homes are properly covered. On March 2, Citizens began sending out the first of 100,000 …

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’s Citizens’ Recovery Unit Increased Policyholder Refunds in 2014

Citizens Property Insurance Corp. reports it returned nearly $310,000 in refunds to affected policyholders in 2014 as part of its efforts to recover claims payments of $4.9 million by pursuing reimbursement from product manufacturers, contractors and other third parties responsible …

Florida’s Citizens Drops Coverage Limits on High-Value Properties

Florida’s state-backed property insurer is lowering the amount of coverage it provides for high-value properties from $1 million to $900,000, per a 2013 law change. Citizens Property Insurance Corp. is implementing the change that will apply to all almost all …

Commercial Rates in Florida’s Citizens Going Up 3.3%

Rates for the almost 100,000 commercial property risks insured by Florida’s Citizens Property Insurance Corp. will rise an average 3.3 percent next February. The Florida Office of Insurance Regulation (OIR) has approved the increase, which is less that the average …

Florida Frets That With Proposed Rate Cut, Citizens Could Be Too Competitive

Florida’s state-backed property insurer’s proposed rate reduction is raising questions about whether it will make the insurer competitive with the private market. Citizens Property Insurance Corp. recently proposed 2015 rates that include a statewide average 2.9 percent rate decrease on …

Surplus Lines Insurers Could Pick Up Citizens Policies Under Senate Bill

Homeowners seeking coverage from Citizens Property Insurance could wind up getting policies from out-of-state insurers that are exempt from many of the state regulations other insurers must honor. The Florida Senate on Friday voted 22-16 for a property insurance bill …

Carriers Being Selective with Florida’s Citizens Clearinghouse Agency Appointments

Florida’s state-backed Citizens Property Insurance Corp. says the initial opening of its new web-based clearinghouse designed to make it easier for private insurers to write its policies has been promising, although the number of policies removed by insurers has been …