Citizens overhaul closer to becoming law

Thu Mar 31st, 2011 on     Homeowners Insurance,    

The Florida Senate Banking and Insurance Committee has been busy lately. A bill that lawmakers hope will send Floridians away from Citizens Property Insurance Corp. made it out of committee on a 6-4 vote this week. If enacted, the proposed law would raise premiums and limit the types of coverage the state-run insurer could offer.

Insurers ask Fla. Senate to bend and ‘flex’

Sat Mar 26th, 2011 on     Homeowners Insurance,    

Lawmakers are delivering on their promise that insurance would be a major focus of this legislative session. A bill advanced in the Florida Senate recently that would dramatically change the way insurance companies institute rate hikes. The proposal would allow homeowners insurers to raise rates by a statewide average 15 percent above their current rates without prior approval of the Office of Insurance Regulation.

Legislative session nears, insurance debate heats up (p. 2)

Wed Mar 2nd, 2011 on     Homeowners Insurance,    

In our last post, we were discussing Senate Bill 408. The Florida Legislature will convene next week, and SB 408, the insurance bill, will probably generate some heated discussions. Two provisions in particular have garnered some strong opinions from insurance companies and policyholder advocates: claims payment, discussed in our last post, and sinkhole coverage.

Legislative session nears, insurance debate heats up

Mon Feb 28th, 2011 on     Homeowners Insurance,    

The Florida Legislature will convene next Monday, and media outlets are anxious to get some movement, finally, on Senate Bill 408, the insurance bill. After weeks of hearing the pros and cons of the bill’s provisions, it may be a refreshing change to hear open debate about claims payment and sinkhole coverage, among other issues.

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.

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