Florida property insurance crisis News

Heritage Files Libel, Defamation Suit vs. Adjuster After ’60 Minutes’ Report

Six weeks after Tampa-based Heritage Property & Casualty Insurance Co. filed a libel suit against a whistleblower claims adjuster, the adjuster’s lawyer has pushed back, arguing that the suit is an attempt to silence those who question insurers’ damage estimates. …

More Floridians Moving Out Due to Housing, Insurance Costs, Cotality Report Says

Florida’s elected leaders have long touted the “1,000 people a day” moving into the state. But that trend shows signs of slowing, with people moving out of the Sunshine State due to surging housing and property insurance costs, according to …

Consultant Sheds Some Light on MGA Fee Report at Florida Legislative Hearing

A Florida House of Representatives panel went straight to the source of a consultant’s report that has caused widespread concern among lawmakers about insurance company profit-shifting. But the hour-long web interview with Arizona-based consultant Jan Moenck shed only limited light …

McCarty Critical of Consultant’s Report on MGAs, as Average Premiums Drop in Florida

Amid an uproar over reports that Florida property insurance companies had shifted profits to affiliated firms while rates rose and carriers slid into insolvency a half-decade ago, former Florida Insurance Commissioner Kevin McCarty weighed in on the controversy. A consultant’s …

Florida House Panel Approves ‘Two-Way’ Attorney Fees, Aims at 2022 Reforms

Three bills that would chip away at or substantially reverse 2022 and 2023 reforms on attorney fees and medical damages passed Florida House subcommittees by wide margins on Thursday. But the consensus at the state Capitol is that most of …

Florida Bill Would Limit AI in Claims Denials, Extend Bar on Execs, Raise Surplus Levels

After years of rising insurance premiums, anger from homeowners, and recent reports about some property insurance carriers’ alleged diverting of profits, bills seen as “consumer friendly” continue to gain traction in the Florida Legislature. One of those bills, Senate Bill …

Florida OIR Wants More Data, Warns Insurers About Concurrent Causation Denials

As consumer complaints have apparently mounted over unpaid hurricane losses, Florida’s top insurance regulator and some lawmakers are signaling new scrutiny on insurance carriers’ claims-handling and other practices. Florida Insurance Commissioner Michael Yaworsky late last week posted a memo, demanding …

Florida Condo Sales Reach 10-Year Low as Median Price Dips, Report Shows

Florida condominium sales last year reached their lowest point in almost a decade, according to a Florida Realtors report. It’s another measure of the financial crisis that has gripped condo owners and associations in the state since the deadly collapse …

Don’t Touch Fla. Reforms, Panelists Implore, but Maybe Tax Breaks for Elevated Homes

Regulators, insurance companies and attorneys at the Florida Chamber of Commerce Annual Insurance Summit this week sent a clear message to lawmakers about tinkering with Florida’s property insurance law, two years after major legislative reforms were adopted: “Don’t touch it. …

Florida Citizens Policy Count Dips Below 1 Million for First Time in Two Years

Florida’s Citizens Property Insurance Corp. has dropped below 1 million policies in force for the first time since July 2022, a milestone that officials said reflects an ongoing depopulation program and an improving market in the state. Since January of …