News

Citizens Insurance Directed to Think Small

TALLAHASSEE, Fla., Nov. 2 (UPI) — Florida Gov. Rick Scott said the state-backed Citizens Property Insurance Corp. is running a program that is designed to fail. Read More  

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Citizens’ Roof Rule too Strict

Citizens Property Insurance Corp., Florida’s insurer of last resort, has taken to roof inspections before renewing policies on homes 25 years old or older. Read More  

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GE Coffee Maker Recalled Due to Fire Hazard

Nearly 1 million General Electric coffee makers sold at Walmart are being recalled after dozens of reports of overheating, smoking, burning and fires. The Consumer Product Safety Commission, which announced the recall Thursday, said Walmart has received 83 complaints about the GE-branded coffee maker, including three reports of minor burns to consumers’ bodies. The reports […]

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Key Facts, Common Myths About Protecting Homes from Hurricanes

With weather forecasters calling for a worse-than-average 2010 Atlantic basin hurricane season, the Institute for Business & Home Safety (IBHS) is advising property owners on the most effective ways to protect their homes and businesses from hurricane damage. IBHS is also trying to dispel some common myths about hurricane preparedness. Forecasters predict 15 named storms […]

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Legislation could raise insurance rates, but industry says it is necessary

TALLAHASSEE — State Rep. Rick Kriseman is a reluctant expert on property insurance. A fire torched his home. His previous Florida-based insurer faltered. His rates jumped 90 percent in the last year. And now the St. Petersburg Democrat is sounding an alarm about legislative efforts to revamp the system to benefit property insurers at the […]

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Another Florida insurer faces suspension: Olympus Insurance

By Julie Patel, Sun Sentinel Insurance Commissioner Kevin McCarty said today that Olympus Insurance Co. must beef up its claims paying reserves and resolve accounting issues by May 7 or face suspension. In an order to the company, McCarty said the company doesn’t have enough money to pay claims if more than one major hurricane […]

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Florida to Shut Down Insolvent Northern Capital

Florida insurance officials have moved to shut down Northern Capital Insurance Co. after concluding that the firm is insolvent. The Office of Insurance Regulation (OIR) made an official request to the state’s Department of Financial Services (DFS) to initiate delinquency proceedings on Wednesday. Northern Capital CEO Wayne Fletcher and company directors signed an order consenting […]

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Do insurers funnel Florida funds to parent companies while claiming need to raise rates?

Wake up and good morning. Remember when Florida’s elected leaders used to stand up against the property insurance industry’s relentless drumbeat that higher rates were the only answer to “fixing” this state’s crumbling homeowners’ insurance problems? Even after what is four-plus years with no hurricanes, the insurance industry’s mantra is unchanged: We are not charging […]

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Florida Insurers’ Fees To Affiliates Questioned

Consumer advocates call for more scrutiny as insurers report losses and request rate hikes By Julie Patel, Sun Sentinel Florida property insurers are pressing state legislators to allow them to raise rates without regulator approval, citing losses in recent years. But consumer advocates and regulators question the legitimacy of the losses after four hurricane-free years […]

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Florida Rebukes Insurer Over Transactions

By Paige St. John A Florida property insurer that bought hurricane protection from its own Bermuda company has been ordered to attempt to recover the money, following a Herald-Tribune report about the transaction. State regulators gave Homeowners Choice Property and Casualty 21 days to seek the return of more than $9 million it paid last […]

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