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Florida Legislature to Hold Special Session

Florida Legislature to Hold Special Session

The Florida legislature will convene in a special session this week to discuss several time-sensitive proposals. The call of this special session does not include any items directly related to insurance. Senate President Kathleen Passidomo and House Speaker Paul Renner have identified the following issues for consideration in the special session, which is scheduled to […]

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Assignment Limitations Begin with New Year

Assignment Limitations Begin with New Year

The Florida legislature passed significant property insurance reforms in its December 2022 special session. Governor Ron DeSantis promptly signed these reforms into law, with many taking effect immediately upon the law’s effective date. However, a key change related to assignments of benefits (AOB) begins to have its real impact in the new year. For many […]

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New Year Brings Key Personnel Changes

New Year Brings Key Personnel Changes

The new year will bring personnel changes at key insurance-related organizations in Florida. Perhaps most notably, Insurance Commissioner David Altmaier stepped down effective December 28, 2022. Commissioner Altmaier first joined the Florida Office of Insurance Regulation in 2008. He held several roles within the property and casualty financial oversight area, including Chief Analyst. He then […]

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Special Session to Begin December 12

Special Session to Begin December 12

The Florida legislature will convene in a special session from December 12, 2022, through December 16, 2022. The special session is expected to include consideration of property tax relief for Floridians affected by Hurricane Ian as well as property insurance reforms. Governor Ron DeSantis has mentioned in recent weeks that he anticipated a special session […]

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Citizens Continues to Outpace Private Market Writings

Citizens Continues to Outpace Private Market Writings

Citizens Property Insurance Corporation continues to take on policies at an alarming rate and its premium levels undercut the private market.  At latest count, Citizens had almost 1.13 million policies. This is an increase of about 100,000 policies in the last three months. Since last November, Citizens has grown by nearly 400,000 policies. Even more […]

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Republicans Sweep Governor and Cabinet Races

Republicans Sweep Governor and Cabinet Races

Incumbent Governor Ron DeSantis soundly defeated Charlie Crist in Florida’s race for Governor, leading a Republican sweep of the state’s top elected offices. Current Chief Financial Officer prevailed in his bid for another term, as did incumbent Attorney General Ashley Moody. They are joined by Republican Wilton Simpson, the outgoing Senate president who won an […]

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Governor DeSantis Announces Insurance Deductible Support

Governor DeSantis Announces Insurance Deductible Support

Governor Ron DeSantis announced that Florida Housing Finance Corporation (FHFC) will be making $5 million in disaster recovery funds available to local housing partners to help Floridians with their hurricane deductibles. The assistance will be available in Charlotte, Collier, DeSoto, Hardee, Lee, and Sarasota counties. Affected individuals may apply through FHFC’s local housing partners. FHFC […]

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Citizens Policy Count Continues to Grow as Ian Approaches

Citizens Policy Count Continues to Grow as Ian Approaches

The policy count of Citizens Property Insurance Corporation reached 1,064,000 as of the end of last week as Ian began to organize. This represented an increase of 9,000 policies over the prior week’s policy count. The recent policy count underscores the substantial growth Citizens has seen as a result of problems plaguing the Florida market […]

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Lawsuits Continue to Plague Property Market

Lawsuits Continue to Plague Property Market

The Florida property insurance market continues to experience reduced availability and increasing prices due to extraordinary litigation levels.  Widely-discussed sources show that Florida has nearly 80% of the nation’s property insurance litigation despite having less than ten percent of the countrywide claims.  Stated differently, Florida had about 100,000 lawsuits last year, which vastly outpaced the […]

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Citizens Rate Disparity Likely to Grow

Citizens Rate Disparity Likely to Grow

The disparity between Citizens Property Insurance Corporation’s rates and those in the admitted market is likely to grow.  Premiums have increased significantly in the admitted market in recent years, driven by well-documented problems with inflated, represented and litigated claims.  These concerns have been compounded by broader inflationary pressures in the economy, including supply chain disruptions […]

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