Three Florida based insurance companies will be canceling thousands of homeowner policies, in what state insurance regulators called an "extraordinary" measure to allow the companies to avoid financial collapse. Most of the canceled customers will have no choice but to turn to state-owned Citizens Property Insurance Corp., ratcheting up fears that Citizens' growth could make all Florida insurance customers vulnerable to surcharges if Citizens can't afford to pay all claims after a catastrophic hurricane season.
As hurricane season approaches, three insurers are canceling thousands of Florida customers orlandosentinel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orlandosentinel.com Daily Mail and Mail on Sunday newspapers.
The next few days will determine whether Florida consumers will lose valuable property insurance coverage to insurers’ efforts to fight fraudsters who are driving up costs for everyone.
Florida Insurance Reform Proposals Could Hurt Consumers, Critics Say
South Florida Sun Sentinel (FL)
The next few days will determine whether Florida consumers will lose valuable property insurance coverage to insurers’ efforts to fight fraudsters who are driving up costs for everyone.
Critics are warning about several insurance industry-backed reform proposals that have already been approved by the state Senate but still face uncertainty in the House.
House leaders planned to submit a revised version of its property insurance reform bill on Friday that could include controversial coverage reductions passed by the Senate or leave them omitted. The latter choice would signal that the reductions likely would not be part of a compromise bill introduced to the full Legislature before its spring session concludes.