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State leaders have been working to lower the number of policies at Citizens through the depopulation process because of the financial risk if Florida gets hit by a major hurricane.
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While saying Florida’s insurance market is improving, the Citizens Property Insurance Corp. Board of Governors on Wednesday backed a proposal that would lead to customers across the state seeing double-digit rate increases in 2025.
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With the 2024 hurricane season starting June 1, the state's Citizens Property Insurance Corp. Board of Governors has approved spending as much as $750 million on backup coverage to help pay claims if a big storm hits.
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Pointing to increased home values and difficulties finding property insurance, a Florida Senate committee Tuesday approved a bill that would allow residents with homes valued at more than $700,000 to get coverage from the state’s Citizens Property Insurance Corp.
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Florida taxpayer-owned Citizens Insurance is using unlicensed inspectors in a little-known program that is ramping up inspections, WLRN found. Homeowners and industry insiders say the move is alarming.
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A key senator said he does not expect lawmakers to make major property-insurance changes during the 2024 legislative session, as they continue to watch the results of an overhaul passed last year.
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Florida Insurance Commissioner is taking issue with parts of a Citizens proposal that would increase rates by 12% for homeowners with the most-common type of policies.
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Florida leaders have long sought to shift policies from Citizens into the private market, in part because of financial risks if the state gets hit by a major hurricane or multiple hurricanes.
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As Citizens Property Insurance Corp. waits for a decision on a plan that would lead to double-digit rate increases for customers, the state-backed insurer remains on a path to grow to 1.7 million policies by the end of the year
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Citizens Insurance is seeking a 14.2% rate increase. Mark Friedlander, of the Insurance Information Institute, says it could have been much higher if they weren't rate-restricted.
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A 14.2 percent increase this year would require the approval of Florida's Office of Insurance Regulation before it could take effect.
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A provision, included in a sweeping insurance bill passed late last year, will make flood insurance mandatory for any homeowners with hurricane wind policies from Citizens Insurance,