Florida property insurance is a sea of red ink floridatrend.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from floridatrend.com Daily Mail and Mail on Sunday newspapers.
3 Florida Insurers to Drop Thousands of Policies, Make Moves to Stay Afloat
More than 50,000 Florida policyholders will soon be looking for a new carrier for their homeowners insurance after three Florida-based companies were approved by the state regulator to drop the policies. The moves come just a few weeks before the official start of hurricane season and as legislation designed to target the state’s insurance market issues awaits the governor’s signature.
In consent orders signed by Florida Insurance Commissioner David Altmaier, Universal Insurance Co. of North America (UICNA) was approved to drop 13,294 personal residential policies and Gulfstream Property & Casualty was approved to cancel about 20,311 personal residential policies. Both insurers will remove the policies over the next 45 days.
Florida Agents Join Consumer Advocate in Fight Against Contractor Fraud
As Florida insurers focus on addressing mounting losses in the state’s property insurance market with legislative reforms, rising rates and coverage restrictions, other stakeholders are working to educate consumers about one issue that is perpetuating the markets problems – contractor fraud.
Florida’s Insurance Consumer Advocate Tasha Carter wants to close what she says is a consumer knowledge gap with a new program offering tips, services and resources on this issue, and she’s looking to insurance agents to help her spread the word.
“I don’t think that most homeowners understand what’s happening in the marketplace,” Carter said. “Of course, they’re receiving their renewal notices with the increased premium rates [and] most of them mistakenly think that that maybe due in part to recent hurricanes or claims that have been filed across the board.”
‘Desperate’ Times: Stakeholders Urge Florida Lawmakers to Enact Insurance Reform
It’s the start of another Florida Legislative Session with a familiar theme insurers pushing for reforms they say are needed to help the state’s distressed insurance market. Only this year the need is more urgent than ever, according to industry experts and stakeholders, as consumers face unprecedent rate increases and constrictions in coverage availability.
“We’re advocating that the legislature take a good look at some of the issues that are plaguing the Florida property insurance market right now to see if we can make some reforms to stabilize not only the performance of the carriers, but also the impact that has on the consumers,” said Florida Insurance Commissioner David Altmaier in an interview with Insurance Journal. “One of the major if not the major focal point for our office … is working on this very challenging time.”
Regulators Weigh Citizens Property Insurance Rate Hikes usf.edu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usf.edu Daily Mail and Mail on Sunday newspapers.