Blog: Florida Insurance Companies
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.…
Judge orders Coral Insurance into receivership
A Leon County Circuit Court judge has put Coral Insurance into receivership , effectively ending the company’s operations. Hollywood-based Coral has an agreement with Security First Insurance and MacNeill Group to provide replacement coverage for its policyholders. The Florida Department of Financial Services is the receiver for the company. “Our top priority is to help…
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…
CFO Sink Statement On People’s Trust Consent Order With OIR
TALLAHASSEE– Florida Chief Financial Officer Alex Sink today released the following statement in response to the Office of Insurance Regulation’s (OIR) Consent Order with People’s Trust Insurance Company: “The Office of Insurance Regulation’s Consent Order with People’s Trust Insurance Company shows that People’s Trust committed numerous violations of the laws designed to protect Florida’s insurance…
Chubb Offers Coverage to Upgrade Green After Home Loss
If a home is damaged or destroyed, homeowners may want to rebuild with green materials and processes, but the additional cost can be prohibitive. Now, homeowners can obtain insurance through the Chubb Group of Insurance Cos. that will pay to rebuild using environmentally-friendly materials, low-impact processes and ultra-efficient heating and cooling technology after an insured…
Northern Capital Looking to Write State Farm Florida Insureds
Northern Capital Insurance Group, a Florida-based homeowners, commercial and auto insurance provider, said it is prepared to insure 50,000 State Farm Florida customers as that insurer withdraws from the state’s property insurance market. Northern Capital began writing homeowners policies in Florida in August, 2006. the company said it currently provides $20 billion of insurance coverage…
Florida’s Peninsula Insurance Ready to Write State Farm Policies
Florida Peninsula Insurance Co., a Boca Raton-based domestic insurer writing homeowners, condo and renters policies statewide, said it is prepared to insure up to 100,000 State Farm Florida customers as that insurer withdraws from the state. Peninsula said it is ranks fifth among domestic writers and in the top 10 of all companies offering multi-peril…
Condos Say State Insurer Owes Them Millions for 2004 Hurricane Damage
It’s been four years since Florida suffered through its worst hurricane season in recorded history — the 2004 quartet of Charley, Frances, Jeanne and Ivan, and a cumulative $42 billion in damage. Yet Citizens Property Insurance Corp. still has almost 2,000 unresolved homeowner-damage claims from that season and the 2005 storms. Now, several beachfront condominiums…
Rep. Taylor Blasts Insurers Over Storm Claims Handling
BY MATT BRADY NU Online News Service Rep. Gene Taylor, D-Miss., came out swinging against insurance companies yesterday during a hearing on legislation he authored to expand the National Flood Insurance Program to offer windstorm coverage. In testifying before the House Financial Services subcommittee, Rep. Taylor showed the panel before and after pictures of five…
Poe Group of Insurers had Most Complaints
By RANDY DIAMOND TAMPA – Three Tampa-based homeowner insurance companies that form Poe Financial Group have received almost 1,700 complaints from consumers who suffered damage from 2005 hurricanes, the highest number of complaints in Florida, state officials say. What remains unclear is how many of the cases – mostly centering on complaints about unsatisfactory compensation…