News & Updates

Citizens Property Insurance Corporation

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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Citizens Property Insurance Policy Count Continues to Increase

Citizens Property Insurance Policy Count Continues to Increase

Citizens Property Insurance Corporation continues to add policies at an alarming pace at the onset of this year’s Atlantic hurricane season.  Citizens recently hit a weekly total of 12,000 new policies as its total policy count approaches 900,000.  With Citizens being the largest residential insurer in Florida, its current policy count is much higher than […]

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Effective Dates Key to Special Session Reforms

Effective Dates Key to Special Session Reforms

The Florida legislature has released its multi-faceted proposals for reforming Florida’s property insurance market.  The proposed legislation includes temporarily expanding available capacity from the Florida Hurricane Catastrophe Fund, incentivizing loss mitigation through windstorm protective devices, increasing regulatory oversight for distressed insurers, and curbing Florida’s litigation crisis by rebalancing attorneys’ fee incentives. To effectively address Florida’s […]

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