Florida Citizens News

McCarty Replacement Rumors Start Swirling; Successor Has ‘Huge Shoes to Fill’

Florida Insurance Commissioner Kevin McCarty’s successor has yet to be announced, but whoever takes over will have his or her work cut out for them when McCarty leaves office after 12 years on May 2. “These are some pretty huge …

Florida Approves Removal of Up to 75,115 Policies from Citizens

The Florida Office of Insurance Regulation (OIR) has approved the removal of up to 72,534 personal residential policies and 2,581 commercial residential polices from Citizens Property Insurance Corporation. The following three companies have been approved to participate: Avatar Property & …

Florida’s Citizens Expanding Clearinghouse to Condo Unit Policies

Starting in December, Citizens will expand its Property Insurance Clearinghouse to condominium unit owners, many of whom will now have immediate access to multiple private alternatives, the company said in its November newsletter. Beginning December 14, new applications for condominium …

Florida Approves the Removal of Up To 142,500 Policies from Citizens

The Florida Office of Insurance Regulation has approved the removal of up to 140,000 personal residential policies and 2,500 commercial residential polices from Citizens Property Insurance Corp. by the following four companies: Anchor Property & Casualty Insurance Co. – approved …

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 …