Feb 3, 2021 7:54 AM Tallahassee, FL - Amid problems in Florida’s property-insurance market, a Senate committee Tuesday backed a controversial proposal that could lead to many policyholders picking up more of the tab for roof damage and limit attorney fees in insurance disputes. The Senate Banking and Insurance Committee approved a bill (SB 76) filed after regulators last year signed off on dozens of double-digit rate increases for private insurers and as the state-backed Citizens Property Insurance Corp. has seen a flood of new customers. Supporters of the bill, sponsored by committee Chairman Jim Boyd, R-Bradenton, say it is aimed at holding down insurance premiums and addressing fraud and costly litigation. “What we are facing right now in the state of Florida is a death spiral in the world of property insurance,” said Sen. Jeff Brandes, a St. Petersburg Republican who said he recently saw his insurance rates go up by more than 20 percent. But opponents s
1 month ago Share by: Jim Turner News Service of Florida
Citizens Property Insurance Corp. leaders approved a proposed 7.2% average rate increase for residential policyholders on Jan. 26, while also backing a plan that could lead to substantially higher rates in the future for new customers of the state-backed insurer.
The Citizens Board of Governors took the steps as it faces a surge in additional policies amid troubles in the state’s private property-insurance market. The troubles have driven up private rates and caused companies to pull back on covering homes, spurring customers to turn to Citizens.
“The objective here is to create a healthy, private insurance market in Florida that better represents what we are supposed to be, Florida’s insurer of last resort,” Citizens board Chairman Carlos Beruff said.
In an effort to stop Citizens from adding new policies, the governing board of the "insurer of last resort" has approved increasing rates even higher than its staff members proposed in December. Rates would increase an average of 7.2% statewide for residential customers if approved by state regulators.
The Citizens Board of Governors took the steps as it faces a surge in additional policies amid troubles in the state’s private property-insurance market.
Wednesday s Afternoon Update | 1/27/2021
‘It could be a double whammy.’ Florida scientists worry about Brazilian variant
As the pandemic continues to worsen around the world, scientists are grappling to better understand spin-off versions of the COVID-19 virus and one of the latest strains poses a particular threat to South Florida. The little-understood “P1” strain of the COVID-19 virus, known as the Brazilian variant, contains two of the mutations that have researchers worried: one that is thought to increase the infectiousness of the virus and one that is thought to aid the virus in escaping a potential target’s immune system, which would have implications for vaccines. More from the Miami Herald.