Florida Citizens Property Insurance Corp. News

Castle Key’s 54% Condo Rate Hike Gets Hearing, Showing New Pressures in Florida

The Florida Office of Insurance Regulation next week will hold hearings on two property insurers’ requests for 54% average rate increases, one of which has already affected more than 105,000 condominium unit owners. Castle Key Indemnity Co., one of Allstate …

Florida Bills Would Let Surplus Lines Do Takeouts and Require More Data Reporting

A key Florida Senate committee this week advanced a bill that would allow surplus lines carriers to take over coverage of second homes from Citizens Property Insurance Corp. Reaction by agents and brokers was mixed. The issue of having the …

Florida Condos Say They Can’t Get Coverage. House Bill Would Let Citizens Step In

When a Florida Senate committee last week approved a bill that would raise the policy limit on homes that can be written by the state-backed Citizens Property Insurance Corp., state Sen. Doug Broxson said the change was needed because of …

Fla. Senate Panel Votes to Raise Citizens’ Policy Cap to $1M, End Glidepath for Some

The Florida Senate’s Banking and Insurance Committee on Tuesday approved a bill that would make the state-backed Citizens Property Insurance Corp. more like an insurer of last resort, unrestricted by premium caps – at least for some expensive homes in …

US Senate Committee Wants Investigation Into Florida Citizens’ Loss Reserves

The chairman of the U.S. Senate’s Budget Committee has begun an investigation into Florida’s Citizens Property Insurance Corp. and how the state-created insurer plans to address potential underwriting losses from extreme weather events in coming years. The Budget Committee is …

Markets/Coverages: Florida Citizens Taps Verisk Aerial Imagery for Underwriting

Verisk, a global data analytics and technology provider, announced that Citizens Property Insurance Corp., the residual, not-for-profit insurer in Florida, will adopt Verisk’s aerial imagery analytics solution. The move is designed to help provide Citizens a more comprehensive view of …

Less Red Ink in Florida, 2 New Insurers, and Citizens Wants Commercial Take-outs

Florida-based insurers still aren’t profitable, overall, but their net losses and underwriting losses are getting smaller. Two more property insurance companies are preparing to enter the Florida market. And the number of Citizens Property Insurance Corporation’s commercial policies is growing …

Florida OIR Approves Another 153,000 Citizens Takeouts; Assumption Rate is Low

Florida’s Office of Insurance Regulation has approved the take out of another 153,000 policies from Citizens Property Insurance Corp., the state’s price-controlled residual insurer. Almost half of the takeouts were approved for Slide Insurance, which has grown rapidly in the …

Florida Company Claims Simple Device Makes Sandbag Filling Faster Before Floods

The Florida-based company that produces a quicker way to bag leaves is now offering a tool that it says makes filling sandbags three times faster, potentially saving property owners time before floodwaters rise. The Sandbag It! is a flat but …

No Danger of Assessment: Florida Citizens Seeing Just 2,000 Claims from Idalia

Florida’s Citizens Property Insurance Corp. has so far seen just about 2,000 claims from Hurricane Idalia, well below the threshold that would exhaust the carrier’s personal lines surplus and trigger a surcharge on policyholders, officials said this week. “There’s no …