Tag: Citizens Property Insurance
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Florida’s property insurance market is breathing a sigh of relief as Citizens Property Insurance Corporation, the state’s insurer of last resort, accelerates its depopulation efforts. Once bloated to over 1.4 million policies amid a crisis of soaring premiums and fleeing private carriers, Citizens has shed hundreds of thousands of policies this year alone. The depopulation…
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Florida homeowners—if you’ve been sticker-shocked by your property insurance premiums, you’re not alone. For years, skyrocketing rates turned homeownership into a financial thriller nobody signed up for. But here’s the good news: The market’s turning a corner, thanks to Citizens Property Insurance’s aggressive “depopulation” push and a wave of fresh insurers crashing the party. As…
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Citizens Property Insurance Corporation is no longer Florida’s largest property insurer for the first time since before the COVID-19 pandemic, marking a significant shift in the state’s insurance market. The state-backed insurer has reduced its policies by more than 900,000 from a peak of 1.4 million two years ago. The reduction stems from an aggressive…
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Florida homeowners are challenging Citizens Insurance’s use of an administrative hearing process to resolve coverage disputes, claiming the system is unfair to policyholders. Nicholle Kvocka of Ruskin had her fire-damage claim from Hurricane Helene denied by Citizens Insurance, despite engineers confirming the damage. Her case was sent to Florida’s Division of Administrative Hearings (DOAH), where…
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Citizens Property Insurance Corporation has moved approximately 350,000 Florida homeowners to private insurance companies as part of its ongoing policy reduction efforts or depopulation program. The state-backed insurer has dramatically decreased its policy count from 1.4 million policies a couple of years ago to 482,570, reducing financial exposure for both Citizens and Florida residents who…
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Florida regulators have approved another round of policy transfers from Citizens Property Insurance Corp., continuing the state’s effort to shrink the insurer of last resort as private carriers step back into the market. Insurance Commissioner Michael Yaworsky last week signed orders allowing five private insurers to take on as many as 87,925 Citizens policies in…
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Citizens Property Insurance Corp. saw its policy count dip to 777,592 last Friday—the lowest total for this time of year since June 2021—as Florida’s state-run insurer continues efforts to shrink its footprint and return to its original role as an insurer of last resort. The drop is part of a broader “depopulation” initiative designed to…
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Citizens Property Insurance Corporation, Florida’s state-backed insurer of last resort, has seen its policy count fall below one million for the first time in over two years—largely due to private companies selecting its most attractive policies. After a volatile hurricane season, Citizens has transferred nearly 500,000 policies to private insurers since January 2024. While that…
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Six months after Hurricanes Helene and Milton struck, many residents are still grappling with the aftermath of these storms, compounded by unresolved damage from earlier ones. Among them is Tanya Morales, who continues to wait for insurance funds to address worsening roof issues. Morales frequently climbs onto her roof with a ladder to clear leaves…
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Last week, Citizens Property Insurance Corp., the state’s insurer of last resort, experienced a significant reduction in its number of policies, dropping nearly 100,000 policies and reaching the lowest total in almost three years. As of Friday, Citizens had 844,688 policies, down from 945,005 policies the previous week and 942,810 policies two weeks earlier. The…
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A new bill proposed by a Florida lawmaker could prevent condo associations from accessing state-run Citizens Property Insurance if they fail to comply with updated building safety laws. The move comes after the tragic collapse of a 12-story condo building in Surfside, Miami, on June 24, 2021, which resulted in 98 fatalities. In response, Florida…
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Florida regulators have approved revised insurance rates for Citizens Property Insurance Corp., with homeowners holding the most common type of policy facing an average statewide premium increase of 6.6%. The Florida Office of Insurance Regulation reduced the rate hikes initially proposed by Citizens last year. However, Governor Ron DeSantis announced Wednesday that many Citizens policyholders…
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Florida’s property insurance landscape is seeing a positive shift as the state’s insurance commissioner announced the approval of ten new insurance companies. This move, following recent legislative reforms, aims to inject nearly $300 million in surplus capital into Florida’s beleaguered property insurance market. These new companies are set to provide coverage across the state, with…
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While many Florida homeowners, like Barbara Leon of Apopka, continue to face rising insurance premiums, state officials are reporting signs of improvement in the property insurance market. Leon, who has lived in her home for nearly 40 years, reflects on the dramatic rise in costs. “I remember when the rates were low,” Leon said. “I…
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Kim Zetta claims she received only $52,000 for her insurance claim, despite a public adjuster estimating the damages to exceed $300,000. The struggle to return home after Hurricanes Helene and Milton continues for many in the Tampa Bay area, including a St. Petersburg resident who feels her insurance company has underpaid her claim. She contacted…
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Florida’s largest property insurer, Citizens Property Insurance, closed 50% of its claims without payment in 2023, according to a report by Weiss Ratings, an independent Florida-based ratings agency. The report revealed that Citizens denied payment in approximately 17,000 cases last year, resulting in a non-payment rate of 50.4%. This rate surpasses private insurers such as…
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Hurricane Milton heavily impacted Tampa Bay, exacerbating damage already caused by Hurricane Helene. Many homeowners, especially those lacking wind and flood protection, face further challenges, and reinsurance prices are expected to rise. Florida’s Citizens Property Insurance will absorb much of the loss, though national insurers will also be significantly affected. Hurricane Milton’s Devastating Impact: Economic…
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Flood damage stands as the most prevalent natural disaster in the U.S. and among the most expensive. Florida, being highly susceptible, saw only about 18% of homeowners with flood insurance in 2022 – just two years ago. This figure is expected to rise since Citizens Property Insurance mandated flood insurance for policyholders in special flood…
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Citizens Property Insurance Corporation, Florida’s leading home insurer, is taking a firm stance on hurricane damage claims. The state-backed company, which disbursed nearly $3 billion across 200,000 policies in the wake of Hurricane Ian, is now requiring policyholders to demonstrate that these funds were indeed used for home repairs. This move could potentially lead to…
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