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Citizens' policies jump as Florida lawmakers look for answers

State-backed Citizens insurance added thousands of policies in December, while legislative proposals would try to steer people to private insurers

Florida , United-states , Daytona-beach , Tampa , Radenton , Arasota , Jim-boyd , Fentrice-driskell , Barry-gilway , Tommy-gregory , Office-of-insurance-regulation , Senate-banking

Citizens' policies jump as Florida lawmakers seek to steer people to private insurers [The Daytona Beach News-Journal]

TALLAHASSEE— The state-backed Citizens Property Insurance Corp. continued to add thousands of policies a week in December, while new legislative proposals would try to steer more homeowners into the private insurance market. But Citizens President and CEO Barry Gilway said last month that private property insurers have been losing money in Florida since...

Bradenton , Florida , United-states , Daytona-beach , Tampa , Jim-boyd , Fentrice-driskell , Barry-gilway , Ryan-dailey , Tommy-gregory , Office-of-insurance-regulation , Senate-banking

Граждан Мьянмы заподозрили в США в попытке убить постпреда при ООН

Граждан Мьянмы заподозрили в США в попытке убить постпреда при ООН
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Украинские власти хотят избавиться от миллионов инакомыслящих граждан

Украинские власти хотят избавиться от миллионов инакомыслящих граждан
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DeSantis to sign property insurance bill, could mean higher rates for Citizens customers

DeSantis said he will sign property insurance package that could lead to larger rate increases for customers of state-backed Citizens Insurance

Florida , United-states , Radenton , Floridians , Annette-taddeo , Jim-boyd , Barry-gilway , Jim-turner , Ron-desantis , Gary-farmer , News-service-of-florida , Senate-on

DeSantis to sign property insurance changes that could affect Citizens rates


DeSantis to sign property insurance changes that could affect Citizens rates
The heavily negotiated bill the Florida Legislature passed drew criticism from some lawmakers for going too far, while others argued it didn’t go far enough.
 
 
A roof remains heavily damaged on Mexico Beach in May 2019, seven months after Hurricane Michael made landfall and destroyed many of the structures in the small coastal Florida panhandle city. [ DOUGLAS R. CLIFFORD | Tampa Bay Times ]
By News Service of Florida
Published 50 minutes ago
Updated 50 minutes ago
TALLAHASSEE — Gov. Ron DeSantis said Wednesday he will sign a property-insurance package that could lead to larger rate increases for customers of the state-backed Citizens Property Insurance Corp. while seeking to curb roof-damage claims and lawsuits.

Florida , United-states , Radenton , Floridians , Annette-taddeo , Jim-boyd , Barry-gilway , Ron-desantis , Gary-farmer , Senate-on , Senate-banking , Citizens-property-insurance-corp

DeSantis says he'll sign property insurance bill that could bring higher rates

Gov. Ron DeSantis said Wednesday he will sign a property insurance package that could lead to larger rate increases for customers of the state-backed Citizens Property Insurance Corp. while seeking to curb roof-damage claims and lawsuits.

Florida , United-states , Radenton , Floridians , Annette-taddeo , Jim-boyd , Barry-gilway , Ron-desantis , Gary-farmer , Senate-on , Senate-banking , Citizens-property-insurance-corp

Хийгүй Ерөнхийлөгч Н.Багабанди

Хийгүй Ерөнхийлөгч Н.Багабанди
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Property Insurance Changes Backed In Senate


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 said the changes would hurt consumers and restrict their ability to fight insurers in court. “Does something need to be done? Yes, it does,” Sen. Perry Thurston, D-Fort Lauderdale, said. “Does it all need to fall on our citizens and policyholders? I don’t think so.” A key part of the bill focuses on payments for roof damage, as insurers contend the industry faces a barrage of questionable or fraudulent claims and schemes in which homeowners are solicited to file for repairs. Boyd’s bill would allow insurers to use what is described as a “roof surface reimbursement schedule.” Under the proposal, reimbursements could vary based on ages and types of roofs. For example, insurers would be required to provide full replacement coverage for roofs less than 10 years old. But they would be allowed to provide less coverage for other roofs --- effectively leading to policyholders with older roofs facing the possibility of paying more out-of-pocket costs to repair damage. Sen. Annette Taddeo, D-Miami, repeatedly raised concerns Tuesday that consumers would not be adequately informed about such a change and might not be able to afford additional costs for roof repairs. Taddeo said she was thinking about “the abuela back in my district. These are people who are not necessarily savvy when they sign these (insurance) contracts.” But Boyd, an insurance broker, said it is the job of insurance agents to explain such changes to policyholders. He said the overall aim is to make insurance more affordable. “Ultimately, the goal of this is to lower costs to consumers,” Boyd said. The bill also includes proposed changes such as reducing the amount of time from three years to two years that policyholders would have to file claims after damage. Also, it would require policyholders to provide notice to insurers at least 60 days before filing lawsuits. In addition, the measure would try to limit fees paid to attorneys who represent policyholders. As an example, Florida allows plaintiffs to collect attorney fees when they prevail in cases against insurance companies, with the amounts typically set by a calculation of the number of hours spent on a case and a reasonable hourly rate. But courts also can approve what are known as “contingency risk multipliers” that increase the fees. Under the bill, however, contingency risk multipliers could only be awarded “in a rare and exceptional circumstance with evidence that competent counsel could not be retained in a reasonable manner.” Opponents said the bill could make it harder for policyholders to find attorneys to handle claims, limiting their ability to go to court. But insurers have long blamed plaintiffs’ lawyers for driving up costs in the system. The bill drew support Tuesday from insurers and opposition from plaintiffs’ attorneys, likely setting the stage for a lobbying fight during the legislative session that will start March 2. State Insurance Commissioner David Altmaier last month spoke to the Senate committee about financial problems in the private insurance market, including higher rates and a lack of availability of coverage. Altmaier, for example, cited 105 rate filings by property insurers during the first 10 months of 2020, with 55 resulting in approved rate increases of more than 10 percent. The problems have helped drive many policyholders to Citizens, which was created as an insurer of last resort but now has what Citizens President and CEO Barry Gilway described as “highly competitive” rates with private companies. That goes against a longstanding effort by state leaders to shift policies out of Citizens and into the private market.

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20 yaş altı sokağa çıkma yasağı ne zaman bitecek? Son Dakika: 20 yaş altı sokağa çıkma saatleri

20 yaş altı sokağa çıkma yasağı ne zaman bitecek? Son Dakika: 20 yaş altı sokağa çıkma saatleri
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