A program aimed at shrinking billions of dollars in liability from Florida’s state-run insurance company launches Monday, Jan. 27.
Citizens Property Insurance is widely known as Florida’s insurance company of last resort. In actuality, it's become a major player in the insurance marketplace. State lawmakers felt that Citizens’ $500 billion of risk was too much for Floridians to shoulder. So they've been trying to shift policyholders from Citizens into the private market.
Homeowners covered by Citizens Property Insurance Corp. will see an average rate increase of 6.3 percent next year.
The increase, approved Monday by the Office of Insurance Regulation, is down from a 7.9 percent hike requested on the combined personal-lines and coastal accounts. Citizens officials previously said a 7.9 percent increase wouldn't be enough to cover the projected costs for next year.
Florida’s top prosecutor wants to overturn a federal gun law and allow 18 year-olds to own handguns. It’s just the latest example of the Sunshine State battling the federal government. It’s done it over health care, voting rights and now gun control.
Sen. David Simmons, R-Maitland, believes he has the votes to put his sweeping overhaul of Citizens Property Insurance Corp. up for a final vote in the Senate on Thursday.
Simmons was busy lobbying his colleagues over the proposal (SB 1770) during the floor session on Wednesday after the measure was postponed for the second time in nine days from being put up for a final Senate vote.
Two months ago, I was forced cancel my windstorm insurance due to the high deductions, meager coverage and exorbitant cost. For the past four years, the insurance lobby has run wild in their insatiable demand for bigger profits for insurance companies already flush with cash.
Sen. Anitere Flores, R-Miami, filed a bill in the Florida Senate Friday that would add a consumer advocate to Citizens Property Insurance Corp.'s board of directors. It would also require that two of the members hail from South Florida.