Florida property insurance reform News

Florida Legislature Passes Major Changes to Auto, Property Insurance Markets

Florida lawmakers passed two bills on the last day of their 2021 legislative session that make major changes to the state’s auto and property insurance markets. The actions follow weeks of back-and-forth debate on the proposals between the House and …

Florida Regulator Nixes Citizens Request to Remove Rate Cap on New Business

New policyholders coming into Florida’s insurer of last resort will not face higher rates than existing insureds under an order issued by the Florida Office of Insurance Regulation. The regulator’s decision comes after Citizens Property Insurance Corp. President & CEO …

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 …

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 …

‘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 Legislative Session 2021: Insurance Bills to Watch

The Florida insurance industry will be fighting for property insurance reforms in the 60-day legislative session that kicked off this week, but there are several other insurance-related bills to watch. Read on for a breakdown of the bills being considered …