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Policyholder groups and other interested parties in recent weeks have been debating various aspects of the coverage provided by Citizens Property Insurance Corporation. These discussions show the challenge of dealing with issues affecting a residual market as large as Citizens in a market as challenging as Florida. In some areas of the state policyholders generally […]
The rate levels of Citizens Property Insurance Corporation have received considerable attention in recent weeks. Citizens committees have considered the possibility that under current law it should be charging actuarially sound rates for new customers and its capped rates should apply only to existing customers. Although the statutory basis for this approach has been part […]
The board of governors of Citizens Property Insurance Corporation considered a proposal Thursday that would have resulted in its charging actuarially appropriate rates for new customers while maintaining the statutorily-imposed glide path for existing customers. The board ultimately decide to give further consideration to the issue before acting. A significant factor in the decision to […]
One of the most significant legislative proposals for the upcoming session in the residential property arena will be reducing the size of the FHCF. Jack Nicholson of the FHCF has said that while the FHCF currently projects that it could meet its mandatory obligations, worldwide financial conditions have reduced the margin for doing so to […]
Citizens Property Insurance Corporation got the insurance world talking recently when it announced that rates for sinkhole coverage would increase by an average of 400 percent, and by much higher amounts in certain areas. Citizens’ rate increases are capped at 10 percent per policyholder per year, but the 2011 legislature removed sinkhole coverage from the […]
