Tag Archives: Florida

Under Alex Sink’s Department of Financial Services Florida Insurance Companies only get a slap on the hand when they break the law.

A Florida online insurance agency found to have sold homeowners policies using unlicensed personnel will pay a $100,000 fine. The agency will also contact every customer affected and offer to rewrite their policies, under terms of a settlement reached with state officials. In March, Chief Financial Officer Alex Sink’s Department of Financial Services took legal […]

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Let’s all congratulate Kevin M. McCarty the Florida Consumer Advocate for allowing Magnolia Insurance Company to take over 100,000 Citizens policies.

One of Florida’s young property insurance companies, Magnolia Insurance Co., has been stripped of its financial rating by rating firm Demotech, Inc. Demotech assigned its Financial Stability Rating of A, Exceptional to Magnolia in October, based on what it said was extended discussion with the insurer’s management and the promise that a business plan with […]

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A bad deal from Citizens – St. Petersburg Times

Florida’s state-run insurer absolutely should be rooting out fraud and incompetence that is inflating hurricane-mitigation discounts for homeowners. But Citizens Property Insurance Corp.’s board of directors should not award a no-bid $60 million contract to a private vendor who has not tackled a project of this size. The board should reconsider and seek competitive bids. […]

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Citizens’ $60 million no-bid contract raises questions – St. Petersburg Times

The board of state-run Citizens Property Insurance Corp. approved what is likely the largest no-bid contract in its history last month, awarding a $60 million deal to a software company in Jacksonville. The contract gives Inspection Depot Inc. responsibility for coordinating reinspections of as many as 400,000 of the 1 million homes insured by Citizens, […]

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Small Florida Insurers Rush In On The Quiet After The Storms – WSJ.com

CHICAGO (Dow Jones)–As big insurance companies back away from insuring homes along the hurricane-prone coast of Florida, some small, nimble insurers are rushing in – at least until the next big storm. The biggest insurance companies pulled back in Florida after a string of big storms in 2004 and 2005 caused billions of dollars in […]

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Nationwide Insurance to drop 60,000 homeowners policies in Florida – St. Petersburg Times

Nationwide Insurance Co. announced plans Wednesday to drop about 60,000 homeowners policies across Florida, including more than 10,000 in the Tampa Bay area. Nationwide, the latest insurer to dramatically scale back its presence in the hurricane-prone state, said nearly all customers with only a homeowners policy will be affected. About 45,000 Nationwide customers who have […]

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Florida Gov. Crist Signs Citizens Insurance Rate Hike Bill Into Law

Florida Gov. Charlie Crist has signed legislation that will increase property insurance rates by 10 percent annually on more than one million customers of the state-backed Citizens Property Insurance Corp. and gradually reduce the exposure of the state’s hurricane insurance fund. Crist signed the bill (HB 1495) yesterday along with 30 other bills without any […]

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Florida insurance industry contributions and legislation that would benefit insurers

Dear Florida Insurance Consumers, When your insurance rates go higher, the customer service gets worse, and your fair claim treatment is non existent.  Please remember your Florida legislatures that supported the insurance lobby over you. This chart outlines the status and descriptions of key property insurance legislation so far, including which bills would benefit insurers. […]

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State Farm leaving Florida property insurance market

More than 1 million customers will be affected Little more than two weeks after state regulators turned down its request for a 47.1 percent rate hike, State Farm announced Tuesday it would stop offering property insurance in Florida. And although policy holders will have up to two years to find another insurer, Gov. Charlie Crist […]

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New Changes In Florida’s Condominum Laws Which Take Effect October 1, 2008

The table below table provides an overview of the changes to Chapter 718 which are effective beginning October 1, 2008 and compares them to the prior law. These changes were enacted in House Bill 995, now Chapter 2008-28 Laws of Florida. The complete text of the new law can be viewed on our home page. […]

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