FAIR Supports Balanced Insurance Reforms

FAIR supports balanced policy reforms to ensure all consumers have access to affordable insurance with quality coverage. The property insurance market in Florida is in a dire state, with several years of losses. This has made it increasingly difficult for consumers in the state to find affordable and quality insurance. To combat this crisis, FAIR and its members advocate for a variety of public policy initiatives that promote a robust, competitive, and stable market.

Tallahassee

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If you are an individual policyholder in Florida, join our campaign to contact your representatives and urge reform.

Florida Insurance Legislative Updates

News Source: South Florida Sun-Sentinel Author: Ron Hurtibse Date Published: January 28. 2023   State Farm Florida is the third-largest property insurance company in Florida, by policy count. It’s a fact that the Florida offshoot of the national insurer hasn’t wanted you to know over the past eight years. State-owned Citizens Property Insurance Corp., the so-called “insurer of last…

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What if everyone had Citizens Insurance for their home

News Source: South Florida Sun-Sentinel Author: Roy Hurtibise Date Published: January 15th, 2023 Why not just expand state-run Citizens Property Insurance Corp. to cover all homeowners in Florida? It’s a timely question for the fast-growing state-owned insurer of last resort after a run of costly hurricanes and heavy litigation have resulted in five straight years of collective insurance industry…

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News Source: E&E News Date Published: December 15th Author: Thomas Frank Hundreds of thousands of Florida property owners face requirements to buy flood insurance under a precedent-setting bill approved Wednesday by the state Legislature. It’s the first mandate of its kind in the country. The requirement applies to properties across the state, regardless of whether they…

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Florida Senate Committee Passes Reform Bill; Would Make Citizens ‘Noncompetitive’

News Source: Insurance Journal Author: William Rabb Date Published: December 13th   A Florida Senate Committee spent about two hours Monday reviewing a sweeping property insurance reform bill before approving it along party lines – with no changes. All nine Republicans on the Senate Banking and Insurance Committee voted in favor of Senate Bill 2A, authored by…

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FEMA reports NFIP has paid $793m in claims so far following Hurricane Ian

News Source: Reinsurance News Date Published: November 29th Author: Kane Wells The U.S. Federal Emergency Management Agency (FEMA) has reported that the National Flood Insurance Program (NFIP) has paid $793 million in claims following Hurricane Ian, as Federal support nears $3 billion. FEMA suggests that more than $2.97 billion in federal grants, disaster loans and flood insurance payments…

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News Source: Tampa Bay Times Author: Jim Saunders Date Published: November 15th TALLAHASSEE — Despite pounding parts of the East Coast, Hurricane Nicole will not hit Florida’s insurance market as hard as Hurricane Ian. CoreLogic, a property information and analytics firm, released an early estimate Friday that said Nicole’s privately insured losses will be less than $750 million.…

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News Source: Insurance Journal Author: William Rabb Date Published: November 8, 2022 One of the largest providers of reinsurance for Florida carriers is predicting major increases in rates next year, a move that could add fuel to the fire for a reform package at the upcoming special session of the Florida Legislature. In an earnings call last week,…

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News Source: Claims Journal Author: WIlliam Rabb Date Published: October 11 While some analysts are predicting that the property insurance industry will be able to manage Hurricane Ian and its estimated $50 billion in insured losses, a few are now warning that the storm could significantly erode the Florida Hurricane Catastrophe Fund’s surplus, which could spell trouble for…

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Fla. mulls home insurer rating options

  News Source: Insurance NewsNet Date Published: October 7th Responding to public officials who have lashed out at the state’s largest homeowners insurance ratings agency over its threats to downgrade more than a dozen property insurers, a bipartisan group of Florida lawmakers last month supported spending up to $1.5 million to research their options. Yet some in the insurance industry doubt…

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As Floridians recover from Ian, most homeowners in the state do so without flood insurance

News Source: CBS News Author: Irina Ivanova Date Published: October 4th Many Florida homeowners starting the arduous recovery from Hurricane Ian will do so without the benefit of flood insurance, forcing them to either rebuild with scant resources or make hard choices about relocating. Ian was among the most destructive storms to hit the U.S. Early estimates of residential and…

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Who’s at Fault?

  News Source: Insurance Newsnet Date published: August 31st   Without a hit from a major hurricane, annual underwriting losses from property insurers in Florida eclipsed $1 billion in 2020 and in 2021. Five companies have failed as of late summer. Those still standing are shedding policies, avoiding new ones and raising rates. The average Florida home insurance premium will hit $4,231 this year, up…

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News Source: Florida Politics Author: Gray Rohrer Date Published: August 29 A 0.7% assessment on all non-auto insurance policies will begin Jan. 1, 2023 and last throughout the year. All insurance policies in the state, except for auto insurance, will have a 0.7% assessment tacked onto them starting in 2023 as a result of a series of liquidations…

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News Source: South Florida Sun Sentinel Author: Ron Hurtibise Date Published: August 15th So here we go, Florida. Peak hurricane season is bearing down on us like that flying saucer in the movie Nope.Insurance insiders say we’re covered — as long as we don’t get more than two major storms.   Typically, mid-August through mid-October is when…

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News Source: Tampa Bay Times Authors: Lawrence Mower, Alex Harris Date Published: August 12 TALLAHASSEE — Florida’s crumbling homeowners insurance market is exposing one of the state’s long-running flaws: its reliance on a single company to certify the majority of the state’s insurers. For the last few weeks, state regulators and Gov. Ron DeSantis’ administration have been scrambling…

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News Source: S&P Global Date Published: August 9th Florida property and casualty insurers will continue to face a myriad of challenges despite the sudden creation of a temporary reinsurance program to aid a host of troubled carriers in the Sunshine State. A plan, currently on hold, by rating agency Demotech to downgrade approximately 17 Florida-focused P&C insurers generated intense…

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Pew Charitable Trusts & U.S Chamber of Commerce Letter

  Date Published: August 2nd The Pew Charitable Trusts and the U.S. Chamber of Commerce—together with planners, engineers, developers, and leaders from business associations, local government institutions, the insurance industry, fiscal conservative organizations, the nonprofit sector, and others—sent a letter on Aug. 2 to leadership of the Senate Homeland Security and Governmental Affairs Committee and the…

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State guaranteeing insurance claims through hurricane season to counter downgrade risk [South Florida Sun-Sentinel]

News Source: Insurance News Net [South Florida Sun-Sentinel] Author: Ron Hurtibise Date Published: July 27th Florida homeowners won’t lose their insurance coverage or face force-placed policies if their insurers lose their financial stability ratings — at least through hurricane season. The Florida Office of Insurance Regulation today announced that the state, through the Florida Insurance Guaranty Association and state-run Citizens Property Insurance…

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Insurance company ratings downgrades delayed, Demotech tells state officials

News Source: Insurance News Net (Florida Sun-Sentinel) Author: Ron Hurtibise Date Published: July 25th   A slew of ratings downgrades for Florida-based insurers won’t be happening Tuesday after all. The CEO of Ohio-based Demotech, who last week sent letters to 27 insurers telling them that their financial strength ratings would be downgraded on July 26, on Monday afternoon sent a…

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Neptune Flood announces partnership with SIAA

News Source: Reinsurance News Author: Kassandra Kimenez-Sanchez Date Published: July 20th, 2022   AI-driven flood insurtech Neptune Flood has announced a new partnership with SIAA (Strategic Insurance Agency Alliance), an US alliance of independent insurance agencies. With this partnership, SIAA members will have access to Neptune solutions for flood risk through SIAA MarketFinder, SIAA’s online member-only portal…

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Florida property insurers file rate reductions with state. But will your premiums fall?

News Source: News 6 WKMG Author: Louis Bolden Date: July 7th A state program created after a special legislative session on property insurance is supposed to pass on savings to consumers. A state statute required insurers to file their potential savings with the Office of Insurance regulation by June 30. Many companies have filed and there are reductions,…

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Governor, Florida Cat Fund Board Agree to Raise Premiums for Insurers

News Source: Insurance Journal Date Published: July 1st   Florida property insurers have another cost increase to manage after the Florida Hurricane Catastrophe Fund was approved for a premium increase. The fund’s governing body, the State Board of Administration, this month gave final approval to the formula used to determine the increase, which includes a 5.6%…

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FL homeowners face still-rising property insurance premiums; regulators review hefty rate hikes

News Source: Florida Phoenix Author: Laura Cassels Date Published: June 27th, 2022 More increases in property-insurance premiums are in the pipeline for Florida homeowners, whose property-insurance costs already are far above the national average. The Florida Office of Insurance Regulation is evaluating requests from three private property insurance companies to raise their rates: Florida Farm Bureau wants…

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Has your house or apartment flooded before? In Florida, good luck finding out

Has your house or apartment flooded before? In Florida, good luck finding outAs an unnamed storm drenched Miami-Dade earlier this month, some people were shocked to find themselves suddenly sloshing through floodwaters creeping into homes or apartments. News Source: Miami Herald Author: Alex Harris Date Published: June 19, 2022   As an unnamed storm drenched Miami-Dade earlier…

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Florida Plaintiffs Claim Victory after Dropping Suit to Block SB 76’s Solicitation Ban

News Source: Insurance Journal Author: William Rabb Date Published: June 14th, 2022 When the Florida Legislature approved Senate Bill 76 last year, with its restrictions on homeowner solicitation by roofing contractors, insurers saw it as a major blow against runaway fraudulent and exaggerated roof claims. Then a contractor, Gale Force Roofing and Restoration, and others…

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FL’s insurer of last resort faces hurricane season with shortfall of reinsurance coverage

News Source: Florida Phoenix Author: Laura Cassels Date Published: June 14th, 2022 Like some private insurers, Florida’s state-run property insurance corporation has been unable to acquire all the reinsurance coverage it needs to cover risks posed by hurricanes and other threats in the coming year. Citizens Property Insurance Corp., the state’s insurer of last resort, has acquired about…

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Amid turbulence in FL property insurance market, homeowners still have options — but not many

News Source: Florida Phoenix Author: Laura Cassels Date Published: June 7, 2022 With the first named storm of the 2022 hurricane season — Alex — already leaving its mark on South Florida, the turmoil in the state’s property-insurance market continues to worsen. Tens of thousands of Florida homeowners are scrambling to find coverage, as the insurance industry grapples…

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Florida’s new laws on property insurance and condo safety may not give homeowners relief

Source: WUSF Public Media Author: Sarah Mueller Date Published: May 29, 2022 Some lawmakers and industry analysts worry the new laws don’t deliver relief fast enough and don’t go far enough for property owners to see a difference. When Lynn Haven resident Tori Lambeth bought her first home in 2019, it felt right. The payment—mortgage, taxes, and insurance—was…

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Fears mount that many insurers might not be financially prepared for hurricane season, despite reforms

Source: South Florida Sun-Sentinel Author: Ron Hurtibise Date Published: May 28, 2022 While most Floridians kick off summer by enjoying a long Memorial Day weekend, executives of financially shaky insurance companies will be scrambling to make sure their customers remain protected into the upcoming hurricane season. Depending on how many fall short, tens of thousands of policyholders could…

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Consumer advocates push accountability for bad actors, assistance for homeowners ahead of Special Session

  Source: Florida Politics Author: Jacob Ogles Date Published: May 23, 2022 Advocates say lawmakers need to look beyond Summer and storm season. As lawmakers return to Tallahassee for a Special Session, consumer advocates hope for solutions that don’t drive people from homes. The consumer advocacy group Floridians For Honest Lending and insurance reform advocates Federal Association…

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FL lawmakers unveil property-insurance fixes but market has ‘further devolved’

Source: Florida Phoenix Author: Laura Cassels Date Published: May 22, 2022 Creating a $2 billion reinsurance fund to help insurance companies pay catastrophic claims is a good idea but it is unclear whether it can significantly ease Florida’s property-insurance crisis. Establishment of that fund to, in essence, provide hard-to-come-by stability for Florida insurance companies, is the hallmark…

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As climate in FL sets ‘new normal,’ cost of property insurance will separate haves and have-nots

News Source: Florida Pheonix Author: Laura Cassels Date Published: May 19, 2022 Florida lawmakers poised to act against soaring property-insurance rates may address allegations of insurance fraud and may manage to lure jittery reinsurance companies back into Florida’s crippled marketplace. But one thing they can’t do is change the weather. “Insurers believe that due to climate change, this…

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Policy changes approved by state insurance commissioner violate policyholders’ rights, lawsuit says

Source: South Florida Sun-Sentinel Author: Ron Hurtibise Date Published: May 18, 2022 Changes to terms of home insurance policies approved by Florida Insurance Commissioner David Altmaier violate policyholders’ rights by depriving them of the ability to sue over disputes or be reimbursed for work by repair contractors, a new lawsuit charges. The suit was filed Tuesday by…

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FL CFO Press Release: WHAT THEY ARE SAYING – Florida Leaders Applaud CFO Patronis’ Anti-Fraud Initiatives Ahead of Special Session

Source: Office of Florida’s Chief Financial Officer Jimmy Patronis Date Published: May 17, 2022 Today, leaders from throughout Florida applauded Chief Financial Officer (CFO) Jimmy Patronis on his recently announced anti-fraud legislative proposals, which are aimed at cracking down on fraud, fighting premium increases, and helping lawmakers as they craft legislation for the upcoming special session. This…

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State lawmakers hold second special session to work on Florida’s property insurance troubles

News Source: WUSF Public Media Author: Mattew Peddie, Dinorah Prevost Date Published: May 17, 2022 Homeowners are paying more for less coverage as insurance companies ditch customers. Others have gone out of business. This week on Florida Matters, the state’s property insurance market is in big trouble. Homeowners are paying more for less coverage as insurance companies shed…

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68,200 Home Insurance Policies to be Canceled as Hurricane Season Begins

New Source: South Florida Sun-Sentinel Date Published: May 14, 2022 Author: Ron Hurtibise Florida’s property insurance crisis is about to hit home for tens of thousands of policyholders. More than 68,000 policies of troubled Sunrise-based FedNat Insurance Company and its sister companies Maison and Monarch National will be canceled by the end of June, according to terms…

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Analysts calls for shock tactics to scare lawmakers into passing meaningful home insurance reform

Publisher: South Florida Sun-Sentinel Author: Ron Hurtibise Date Published: May 4, 2022 A national insurance industry research analysis firm is calling for the global reinsurance industry to shock Florida lawmakers into enacting meaningful property insurance reform. But the strategy the firm proposes would not only shock lawmakers, it would interrupt coverage for untold numbers of Florida homeowners and…

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Consumer Alert: Contractor Fraud: A Threat to Market Stability

  Author: Tasha Carter, Florida’s Insurance Consumer Advocate Date: April 11, 2022 Insurance rates are skyrocketing and majority of homeowners are feeling the impact. Higher insurance rates can be life altering, requiring homeowners to make decisions between vital medications, food, gas and other essentials. Fraud, specifically schemes perpetuated by contractors and other third parties, is…

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State-Run Insurer Seeks 11% Rate Hike Request Comes as Private Market’s Turmoil Continues

Source: Insurance News Net Date Published: April 2, 2022 Citizens Property Insurance Corp., the state-run “insurer of last resort,” is proposing an across-the-board rate hike of nearly 11%, the highest increase allowed by law. The request comes as Florida’s private property insurance market sinks deeper into turmoil, insurance industry analysts said, driven in part by roof-replacement fraud and…

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Grim New Developments Reveal More Trouble in Florida Home Insurance Market

  Source: South Florida Sun-Sentinel Author: Ron Hurtibise Date: March 29, 2022 Florida’s home insurance availability crisis continues to claim new victims, and worries are mounting that more companies could be declared insolvent as this year’s hurricane season draws near. The industry’s financial storm clouds have prompted fears of collapsing companies and the massive growth of…

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Insurance customers, do you like rate hikes? Then you’re going to love upcoming surcharges to pay for companies’ failures

Source: South Florida Sun Sentinel Author: Ron Hurtibise Date Published: March 6, 2022 For home insurance customers, the hits just keep coming. On top of a series of steep rate increases over the past few years, now come surcharges to clean up messes left behind by failed insurance companies. Orlando-based St. Johns Insurance Co. — one of the…

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Hurricane Catastrophe Fund Reform Could Save Insurance Consumers $1 Billion a Year, Backers Say

Source: Sun-Sentinel Author: Ron Hurtibise Date: January 29, 2022 Florida home insurance customers could get a substantial break from rising rates — saving about $150 a year — if they no longer had to pay into the state’s hurricane insurance reserve fund and if insurance companies could access those reserves more easily — with fewer…

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Florida Senator Tries Cat Fund Changes to Cut Cost of Property Insurance

Source: Insurance Journal Author: William Rabb Date: January 28, 2022 Seeing no action on bills that would address Florida’s spiraling property insurance problems head-on, one state senator took a different route Thursday and proposed reducing insurers’ payments to the state’s hurricane catastrophe fund, a move he said could save policyholders as much as $1 billion…

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World’s First Crypto Mortgage? Homeowners’ Insurers Don’t Hate It

Source: Insurance Journal Author: William Rabb Date: January 26, 2022 If homeowners’ insurance carriers weren’t facing enough issues this year, here’s one more to think about: A Miami company is now offering cryptocurrency-based mortgages. Some insurance representatives are cautiously optimistic about the idea, but a few are wondering what a Bitcoin mortgage could mean for policies…

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Get ready to dig deeper: Despite reforms, insurers warn consumers that more rate hikes are coming

News Source: South Florida Sun Sentinel Author: Ron Hurtibise Date: October 24, 2021 Homeowners hoping for an end to steep property insurance rate increases next year might as well start looking for other expenses to trim. It’s not happening. Costs won’t be stabilizing or going down anytime soon, multiple officials told state lawmakers during committee hearings in Tallahassee…

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As hurricane season approaches, three insurers are canceling thousands of Florida customers

  News Source: South Florida Sun Sentinel Author: Ron Hurtibise Date: May 17, 2021 As insurers continue to bemoan heavy claims losses and litigation costs in South and Central Florida, state insurance regulators are allowing three companies to cancel or not renew thousands of policies, forcing those jilted customers to find new coverage weeks before hurricane…

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Insurance Reform Proposals Could Hurt Consumers, Critics Say

  News Source: South Florida Sun Sentinel Author: Ron Hurtibise Date: April 16, 2021 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…

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Florida Property Insurance Industry in Tenuous Financial State, Despite AOB Reform

News Provided by: Florida Record Article by: Michael Carroll February 26, 2021 Restrictions on assignment-of-benefits (AOB) property insurance claims signed into law in 2019 have failed to control lawsuits blamed for pushing up insurance premium costs in Florida, according to a nonprofit insurance consumers group. The AOB reforms contained in House Bill 7065 attempted to…

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Improving the Transparency of Florida Hurricane Catastrophe Fund’s (FHCF) Ratemaking

The Florida Hurricane Catastrophe Fund’s Ratemaking Formula Report is an “Actuarial Communication” as governed by actuary profession’s U.S. Standards of Practice, specifically #41.  Therefore, it must adhere to the following standard (from section 3.2 of #41) unless the actuary discloses a deviation from standards and explains why: “In the actuarial report, the actuary should state the actuarial…

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Florida Homeowners Insurance Market Update

FAIR is deeply concerned about the recently reported operating results of Florida-based insurance companies. We have also heard from a number of affected policyholders of insurance companies that have failed, i.e., Florida Specialty, Windhaven. Fourth quarter 2019 financial data will result in additional operating losses beyond the dollar amounts already reported. Moreover, Floridians will face…

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