Radey is an AV-rated firm consisting of lawyers who practice before state agencies and in all state and federal courts.
The Florida Supreme Court has concluded that Citizens Property Insurance Corporation is not liable under section 624.155 for statutory first-party bad faith actions. The court in Citizens Property Insurance Corporation v. Perdido Sun Condominium Association, Case No. SC14-185, reasoned that the Florida legislature gave Citizens broad immunity from legal actions, with limited exceptions. Statutory bad […]
Property insurance issues have dominated the legislative session in nearly every year since Hurricane Andrew. If property insurance was not the most prevalent issue in a given session, it certainly ranked in the top five topics being considered. Over the last twenty years, the legislature has established the Florida Hurricane Catastrophe Fund, merged the former […]
The policy count at Citizens Property Insurance Corporation has dropped below 600,000, reaching an all-time low. Citizens was created a dozen years ago with the merger of the Florida Residential Property and Casualty Joint Underwriting Association and the Florida Windstorm Underwriting Association. At that time, the newly combined organization had 602,000 policies. Citizens broke that […]
The Office of Insurance Regulation has determined there is not a “reasonable degree of competition” in Miami-Dade and Monroe Counties for homeowners with dwelling limits exceeding $900,000 or for condominium unit owners with combined dwelling and contents limits over $900,000. As a result, Citizens Property Insurance Corporation will continue to make coverage available to these […]
As 2014 comes to a close, several of the issues that commanded considerable attention during the year reached their resolution and set the framework for 2015 ahead. When we all return from the holidays, the legislative committee weeks will be upon us and the 2015 legislative session will begin before we know it. However, before […]
After the devastating series of storms in 2004 and 2005, Florida has enjoyed a run of essentially storm-free years. This has led to improved conditions in the private insurance market, and consequently to reductions in the policy count of Citizens Property Insurance Corporation. Citizens therefore expects that it in 2015 it will be able to […]
Citizens Property Insurance Corporation recently announced that it had 727,122 policies as of November 30, 2014. This is about half of Citizens’ policy count a few years ago when it reached a high of about 1.4 million policies. The Citizens portfolio consists predominantly of personal residential policies, although it continues to have significant commercial exposure […]
The policy count at Citizens Property Insurance Corporation continues to decline, with further reductions projected over the next few months. Citizens had more than 1.4 million policies just two years ago. As of July 31 of this year, it had fewer than 950,000 policies. Citizens president Barry Gilway recent said he expects Citizens to have […]
Citizens Property Insurance Corporation announced that a surcharge on Florida homeowners insurance premiums will end about two years earlier than originally planned. The assessment has been in place to pay off bonds from the 2005 hurricane season. The surcharge will end as of July 1, 2015. Inital projections would have extended the surcharge until June 30, 2017. Citizens is able to take this […]
Over the last few years, we have grown accustomed to talking about Citizens Property Insurance Corporation’s rates being inadequate and serving as an impediment to policies finding coverage in the admitted market. However, as the rate glide path in 2010 has continued to take effect each year, an increasing number of insurers have been assuming […]
