State-run Citizens Property Insurance Corp. is seeking rate increases for South Florida homeowners that fall just short of the 10 percent maximum allowed under state law. And as President and CEO Barry Gilway has been warning for months, the company is blaming the requested hikes on increased claims and lawsuits stemming from non-weather-related water losses.…
Fort Lauderdale, FL. January 20, 2016: Florida Insurance Commissioner Kevin M. McCarty’s resignation presents an opportunity for Floridians to weigh in on the replacement process for this critical position. Since the Florida Office of Insurance Regulation (FLOIR) was created in 2003, McCarty has served as its only appointed Insurance Commissioner. Commissioner McCarty was honored last…
State-backed Citizens Property Insurance is looking to boost premiums an average of 6.8 percent statewide as water-damage claims, particularly in South Florida, continue to surge. The recommendation will go before Citizens’ Actuarial and Underwriting Committee on Tuesday and is scheduled to go before the insurer’s Board of Governors on Wednesday. It follows a more-modest 1.8…
Fort Lauderdale, FL – The Florida Association for Insurance Reform (FAIR) recommends several potential solutions to mitigate recent rate hikes that have stemmed from increases in the severity and frequency of water claims. Paul Handerhan, FAIR’s Senior Vice President of Public Policy, was speaking at the “Troubled Waters” forum in Boca Raton, organized by Sha’Ron…
One of South Florida’s largest property insurance companies has been rebuffed by state insurance regulators for seeking Assignment of Benefits restrictions that were disapproved two years ago. Clearwater-based Heritage Property & Casualty, which is seeking a 14.9 percent rate increase this year, in April sought to require a mortgage lender’s approval before a policyholder can…
Preparing to leave state government after 28 years, former Florida Insurance Commissioner Kevin McCarty warned that South Florida faces further property insurance rate increases if a solution isn’t found to water claims abuses. McCarty will leave office after the first week of July after 13 years as insurance commissioner and 12 years prior to that…
The ability of Florida’s young homeowner insurance companies to manage a large catastrophic hurricane is “uncertain” despite recent strong financial performance, a new Fitch Ratings analysis asserts. The report released last week, “Florida Homeowners Insurance Market Update: No Time for Complacency Following Hurricane-Free Decade,” says the short history and lack of experience with catastrophes would…
With property insurance companies blaming a rising tide of water loss claims for rate increases this year, Florida’s insurance consumer advocate has scheduled a public forum next month in Boca Raton to look for a solution. Sha’Ron James hopes to find answers that have eluded the state legislature over the past four years. Based on…
Florida’s new insurance commissioner has decided to appeal a circuit court ruling allowing State Farm Insurance Co. to opt out of submitting policy-count totals to a publicly available database. Commissioner David Altmaier, appointed just two weeks ago to succeed Kevin McCarty as the state’s top insurance regulator, made the decision “following a thorough review” of…
After reducing its policy count by more than two-thirds over the past four years, state-run Citizens Property Insurance Corp. continued to shed its risk load by securing approval this week to drop 1,752 high-priced homes after their policies expire next year. As of Jan. 1, homes with insurable values between $700,000 and $799,999 will no…