INSIDER
Florida regulators this week approved proposals by three insurers to take as many as 135,540 policies in June from the state’s Citizens Property Insurance Corp., as some carriers use the process of assuming Citizens policies to help fuel growth.
A House panel on Tuesday unanimously signed off on a proposal that would make further changes to condominium safety laws requiring inspections of older buildings and adequate reserves for repairs.
The state’s Citizens Property Insurance Corp. last week shed about 100,000 policies, with its number of customers dropping to the lowest total in nearly three years.
As rates soared, this state-backed carrier amassed a staggering 1.25 million active policies. Now, however, that number is about to be halved as the state rolls out a depopulation initiative.
While saying Florida’s insurance market is improving, the Citizens Property Insurance Corp. Board of Governors on Wednesday backed a proposal that would lead to customers across the state seeing double-digit rate increases in 2025.
The U.S. Senate Budget Committee is investigating Citizens Property Insurance, Florida’s property insurer of last resort that now has the largest share of property insurance holders in the state.
Florida’s Office of Insurance Regulation held a hearing Thursday afternoon to determine if rate hikes approved by Citizens Property Insurance can go forward.
With Florida's property insurance crisis worsening after Hurricane Ian, Gov. Ron DeSantis is calling legislators back to Tallahassee to address the issue, as well as looking at offering property tax relief to those who lost their homes and businesses to the storm.
