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Citizens Property Insurance spent more than $2.4 billion over five years on legal costs for claims. That’s according to information obtained by Rep. Frank Artiles, R-Miami, who criticized the state-run insurer for fighting claims, saying it’s “subsidizing the legal community.” In a letter to the Sun Sentinel, Artiles said that Citizens’ should not be spending…

In the wake of Hurricane Katrina, no one could ignore the shocking media coverage documenting the devastating destruction. When the levees broke and storm waters surged, homes were swept away, families were left stranded on rooftops and many lost their lives. Suddenly, families throughout the nation were forced to ask themselves a frightening question: “What…

Citizens Property Insurance’s board gave an early green light late Monday to recommendations to help the state-backed insurer downsize its size and financial risk to Floridians. Many of the proposals would allow it to shrink and effectively raise rates without changing any laws. Some require legislation but it’s unlikely lawmakers will approve a property insurance…

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  

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…

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…

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…

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…

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…

By Paige St. John, Herald Tribune 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…