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

Want to Get Involved?

If you are a business or organization, consider joining as a FAIR member.

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

Florida Insurance Legislative Updates

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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