Florida insurance litigation News

NAIC Data: Florida Property Lawsuits Total 76% of Insurer Litigation in U.S.

New information from Florida’s insurance regulator paints a stark picture of the extent of litigation facing the state’s domestic insurers. The information comes as numerous stakeholders push for legislative reforms to address the litigation issue they blame for fueling the …

Florida Senate Passes Property Insurance Reform Bill

A bill backed by the Florida insurance industry and other stakeholders aimed at addressing the state’s insurance market woes was passed in the Senate chamber this week but faces an uncertain future as the companion bill in the Florida House …

Florida Agents Join Consumer Advocate in Fight Against Contractor Fraud

As Florida insurers focus on addressing mounting losses in the state’s property insurance market with legislative reforms, rising rates and coverage restrictions, other stakeholders are working to educate consumers about one issue that is perpetuating the markets problems – contractor …

Fate of Florida Insurance Reforms Uncertain as Lawmakers Weigh Industry-Backed Bills

Two bills designed to deal with Florida’s crumbling property insurance market have embarked on divergent paths in the state legislature as lawmakers approach the final weeks of the 2021 session. Senate Bill 76 and House Bill 305, both originally supported …

Citizens’ CEO: Florida Property Insurance Market is Shutting Down

Florida’s insurer of last resort, Citizens Property Insurance Corp., has become the insurer of first resort as thousands of new policies flood into it each week and the private homeowners insurance market continues its downward spiral. “The reality is the …

Florida Insurers Sustain ‘A’ Ratings, For Now, As 2020 Industry Losses Top $1.5B

Ratings agency Demotech has affirmed the ‘A’ ratings of the Florida homeowners carriers it rates, which account for approximately 66% of the state’s market, after review of 2020 year-end and projected Q1 2021 results. However, Demotech warned of tough times …

Insurance Agents on the Front Line of Florida’s Mounting Property Market Problems

While carriers face growing financial losses in Florida’s distressed property insurance market, insurance agents are on the front lines trying to help their clients who are being hit with double-digit rate increases, non-renewals, coverage restrictions or refusals from the admitted …

New Initiative by Florida’s Insurance Consumer Advocate Targets Contractor Fraud

In an effort to educate consumers about contractor fraud schemes that are contributing to increased insurance rates, Florida’s Insurance Consumer Advocate (ICA) Tasha Carter has launched a new educational initiative, Demolish Contractor Fraud: Steps to Avoid Falling Victim. The new …

‘Desperate’ Times: Stakeholders Urge Florida Lawmakers to Enact Insurance Reform

It’s the start of another Florida Legislative Session with a familiar theme — insurers pushing for reforms they say are needed to help the state’s distressed insurance market. Only this year the need is more urgent than ever, according to …

Florida Legislature Weighs Options to Address Rising Homeowners Insurance Costs

Three bills currently working their way through the Florida Legislature are designed to tackle the rising costs of homeowner roof claims, the costs of attorney fees in homeowner’s claims and issues surrounding notice to insurance carriers. The proposed legislations come …