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Pointing to increased home values and difficulties finding property insurance, a Florida Senate committee Tuesday approved a bill that would allow residents with homes valued at more than $700,000 to get coverage from the state’s Citizens Property Insurance Corp.
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Florida taxpayer-owned Citizens Insurance is using unlicensed inspectors in a little-known program that is ramping up inspections, WLRN found. Homeowners and industry insiders say the move is alarming.
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A key senator said he does not expect lawmakers to make major property-insurance changes during the 2024 legislative session, as they continue to watch the results of an overhaul passed last year.
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Florida Insurance Commissioner is taking issue with parts of a Citizens proposal that would increase rates by 12% for homeowners with the most-common type of policies.
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Florida leaders have long sought to shift policies from Citizens into the private market, in part because of financial risks if the state gets hit by a major hurricane or multiple hurricanes.
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As Citizens Property Insurance Corp. waits for a decision on a plan that would lead to double-digit rate increases for customers, the state-backed insurer remains on a path to grow to 1.7 million policies by the end of the year
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Citizens Insurance is seeking a 14.2% rate increase. Mark Friedlander, of the Insurance Information Institute, says it could have been much higher if they weren't rate-restricted.
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A 14.2 percent increase this year would require the approval of Florida's Office of Insurance Regulation before it could take effect.
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A provision, included in a sweeping insurance bill passed late last year, will make flood insurance mandatory for any homeowners with hurricane wind policies from Citizens Insurance,
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The Citizens Property Insurance Corp. Board of Governors unanimously voted to make Tim Cerio the full replacement to lead the state-backed insurer.
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After Florida lawmakers made changes in the insurance system that he described as “historic,” Citizens Property Insurance Corp. President and CEO Barry Gilway said Thursday he will retire. That will lead to transitions at two of the most-important parts of the Florida insurance industry.
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Well before Hurricane Ian made Florida landfall, the state's homeowners' insurance market was already in free fall. WLRN spoke with the Insurance Information Institute, whose spokesperson warned that the volatility looks set to continue.