Citizens News

Citizens Adds Thousands of Policies But Has Yet to Complete Reinsurance Needs

Two developments at Citizens Property Insurance Corp. show how tough the Florida market continues to be, even after recent legislative action. At a Citizens Market Accountability Committee meeting this week, Chief Operating Officer Kelly Booten said the state-run insurer of …

Citizens Insurance Property Inspections to Soar in Next 4 Years

As part of its effort to reduce its ballooning exposure level and trim the number of policyholders, Florida’s insurer of last resort will increase its property inspections by almost 70-fold over the next four years — with plans to spend …

Florida Insurers Upheld in Three More AOB Court Rulings

Three more appeals in assignment-of-benefits cases have gone in favor of Florida property insurers. Florida’s 3rd and 4th District Courts of Appeal handed down opinions Wednesday that upheld lower courts and found that three carriers do not owe payment to …

Florida’s Citizens Insurance Affirmed in Three of Four Claims Appeals

As Citizens Property Insurance, Florida’s state-created insurer of last resort, works to reduce its exposure, officials there may take heart from three court rulings handed down this week. A fourth decision, however, could end up costing the insurer significantly. In …

Florida Consumers ‘Flabbergasted’ by Property Insurance Rate Hikes

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 Senator McKay Appointed to Citizens Board of Governors

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 …

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 …