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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.
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A financial ratings agency said Thursday that an initial analysis indicates insured losses from Hurricane Ian could range from $25 billion to $40 billion, putting additional pressure on Florida’s troubled property-insurance market.
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Russell Cook expected a quick, inexpensive visit to an urgent care center for his daughter after a car wreck. She wasn't badly hurt, but they were sent to an emergency room — for a much larger bill.
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As Hurricane Ian approaches Florida, state regulators asked a judge to place FedNat Insurance Co. in receivership, making it the sixth Florida property insurer declared insolvent this year amid widespread financial problems in the industry.
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Florida Chief Financial Officer Jimmy Patronis has asked a federal judge to toss out a potential class-action lawsuit challenging the way the state handles unclaimed property.
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Angry at a ratings agency that raised the possibility of downgrading 17 Florida property insurers, state leaders could be poised to look for an alternative.
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The state-backed Citizens Property Insurance Corp. has surpassed 1 million policies for the first time since 2014. Citizens has been absorbing an influx of policies as private insurers drop customers and push for large rate increases.
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Insurance Commissioner David Altmaier and state Chief Financial Officer Jimmy Patronis questioned the ratings agency, Demotech, Inc., and warned that such widespread downgrades could affect homeowners across the state.
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The state-backed Citizens Property Insurance Corp. ended May with 883,333 policies. That's a nearly 45 percent increase from a year earlier.
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Some consumers sign up for Obamacare and find out later they actually purchased a membership to a health care sharing ministry. But regulators and online advertising sites don't do much about it.
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Legislation proposed by Florida lawmakers for an upcoming special session to reform the state’s property insurance market would create a $2 billion reinsurance fund and prohibit insurers from automatically denying coverage to homeowners’ with older roofs.
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A federal appeals court Thursday rejected arguments by Florida restaurants and a furniture retailer that insurance policies should have covered losses stemming from shutdowns early in the COVID-19 pandemic.