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Category: Homeowners Insurance

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OIR hears testimony on 28% rate hike

Wed Feb 16th, 2011 on     Homeowners Insurance,    

The Florida Office of Insurance Regulation heard testimony at a public hearing this week regarding State Farm Florida’s proposed rate increase. The insurance company is asking that the OIR approve an average 28 percent increase for its homeowner policyholders in order to cover the rising costs of non-catastrophic claims.

Citizens Adds Customers, Warns of Assessments

Wed Jan 12th, 2011 on     Homeowners Insurance,    

Citizens Property Insurance, Florida’s state-run insurance company, reports that 200,000 new customers have signed on this year, bringing the total number of insureds to 1.3 million. These customers represent about $457 million in property coverage, or approximately 18 percent of Florida’s total property insurance coverage.

Senate Committee Reports on Sinkhole Coverage

Thu Jan 6th, 2011 on     Homeowners Insurance,    

Florida’s property insurance companies filed for significant rate increases last year, most citing sinkhole claims as their rationale. Homeowners are skeptical that the sinkholes are at the bottom of the issue. The issue made it to the legislature, and the Senate Banking and Insurance Committee released a report this week that is likely to continue, rather than resolve, the controversy.

Insurance Rates Rise in Florida Regardless of Fewer Hurricanes

Tue Dec 14th, 2010 on     Homeowners Insurance,    

The hurricane season of 2004 brought devastation to many areas in the southeast. Even though hurricanes have historically caused significant damage, what the people experienced six years ago was unlike any other. Florida experienced one of the busiest hurricane seasons in 2004, but since then Mother Nature seems to have calmed down for the time being. With fewer hurricanes over the past several years, insurance policyholders might expect insurance premiums to go down or at least stay the same. However, rates continue to increase.

Where the Money Goes: Off-shore Reinsurance, Part 4

Fri Nov 12th, 2010 on     Homeowners Insurance,    

A Florida newspaper’s report about the reinsurance market pointed out the enormous profits made by the off-shore companies — profits that could be, but aren’t, reinvested in the state. It doesn’t look as if the trend among Florida insurance companies of relying so heavily on these reinsurers is on the downswing, either. And, apart from the companies’ lack of commitment to the state and her residents, there’s something distasteful about the way reinsurers root for catastrophes.

Where the Money Goes: Off-shore Reinsurance, Part 3

Wed Nov 10th, 2010 on     Homeowners Insurance,    

We’re not quite done with our discussion of the reinsurance market in Florida. A recent news report brought to light the facts and the issues associated with reinsurance arrangements Florida insurance companies have taken on since the 2005 hurricane season. Homeowner insurance premiums have increased, but the money insurance companies rake in isn’t staying in the state. It’s going to off-shore investors, who run shell companies here while they track hurricanes from afar.

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