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The residential insurance market in Florida has experienced years of deterioration resulting in decreased availability of private market options, reductions in coverage and rising insurance premiums. As has been well established by the Florida Office of Insurance Regulation and others, Florida never really had a sinkhole problem, a mold problem, or a water damage problem…. […]
A proposal that would facilitate the repair of homes insured by Citizens Property Insurance Corporation is gaining support but is opposed by the trial bar. The Senate Banking and Insurance Committee advanced a bill that would adopt a form of “managed repair” program for Citizens’ sinkhole claims. Citizens president Barry Gilway favors the proposal as a way […]
The United States District Court for the Middle District of Florida has interpreted the “structural damage” threshold for sinkhole losses in an Order issued September 3, 2013, in Gonzalez v . Liberty Mutual Insurance Company. The court began its discussion by providing several examples of logical flaws that can arise when words having more than […]
The Florida Office of Insurance Regulation held a public hearing today in Miami to seek additional information about Citizens Property Insurance Corporation’s recommended rate filings and to allow interested parties to comment. Florida law specifies that Citizens will submit actuarially sound rates, provided that no policyholders’ rates will go up by more than 10% (with […]
The Florida Office of Insurance Regulation holds a public hearing today to discuss and receive input on Citizens Property Insurance Corporation’s proposed rate changs for its Coastal Account and Personal Lines Account (PLA). The proposed statewide average rate increase for homeowners’ policies, including sinkhole coverage, are 11.1 percent for the Coastal Account and 12 percent for the Personal Lines Account. Sinkhole prone […]
Policymakers, industry representatives and other interested parties continue to discuss the role of Citizens Property Insurance Corporation in the Florida market and opportunities that might exist to reduce its size. Various parties have proposed ideas for encouraging the admitted market to write more business or to take policies out of Citizens. Citizens officials recently convened […]
December 31 marks the end of another calendar year, and with that we close the books on another active year in the Florida insurance market. Florida’s diverse population, large base of potential policyholders and unique political and market issues tend to mean that insurance-related topics are prevalent in each year’s headlines. We began this year […]
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 […]
The current sinkhole claims crisis was one of the primary property insurance issues in the 2011 session. Insurers have paid more than $1 billion in sinkhole claims so far according to an Office of Insurance Regulation data call. Unfortunately, reviews found that up to 3/4 of policyholders filing these claims don’t make repairs. This has […]
As we have now reached the midpoint of the 2011 legislative, some of the key elements of this year’s property insurance legislation still differ in significant ways between the House and Senate versions. Property legislation tends to go down to the wire each year, and this year looks like it will be no exception. Some […]
