Florida property insurers are jacking up rates by double-digit percentages, blaming the hikes on lingering damage from past hurricanes, a wave of litigation, and a law that encourages lawyers to sue by allowing courts to award them big fees. The …
Former Florida State Senator John M. McKay has been appointed to the Citizens Property Insurance Corporation Board of Governors by Chief Financial Officer Jimmy Patronis, according to an announcement from the Florida Department of Financial Services. McKay succeeds former board …
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 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 …
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 …
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 …
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Regulation (OIR) and much criticism from Florida stakeholders, Florida-based Heritage Property & Casualty Company has withdrawn its request for an overall 14.9 percent increase of homeowners insurance rates in the state.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 …
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 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 …
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. …
