Citizens Insurance adds policies in past week
The state-backed property insurer had had 1,037,811 as of Friday, up from 1,035,534 policies a week earlier.
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The state-backed property insurer had had 1,037,811 as of Friday, up from 1,035,534 policies a week earlier.
The state program provides critical backup coverage for property insurers.
Amid long-running efforts to shift customers into the private market, homeowners insured by Citizens Property Insurance Corp. plunged last week.
Two weeks after Hurricane Milton hit Florida, about 15.8% of insurance claims had been closed.
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Jim interviews former State Sen. Jeff Brandes about the economic effects Hurricane Milton might have in Florida.
Florida regulators have approved proposals by private insurers to take more than 300,000 policies in December from Citizens as the state continues to try to shrink the size – and risks – of its insurer of last resort.
Estimated insured losses in Florida from Hurricane Helene continue to climb, nearing $1.14 billion on Wednesday.
Hurricane Milton "poses a significant threat to the Florida property insurance market," particularly for insurers that focus their business on the state.
Florida regulators have approved proposals by private insurers to take more than 300,000 policies in December from Citizens.
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Hurricane Helene could cause $3 billion to $6 billion in private insurance losses
Florida's Citizens Property Insurance Corp. could have fewer than 900,000 policies at the end of the year.
Home insurance premiums have at times risen 40% faster than inflation. Extreme weather events are likely to make the expense worse.
The number of Citizens policies soared in recent years as private insurers dropped customers and raised rates because of financial problems.
Florida regulators dug into a proposal that would lead to double-digit rate increases for customers of Citizens Insurance.
Skyrocketing property insurance costs are pushing some Florida residents to drop their coverage altogether.
Proposal leads to customers across the state seeing double-digit rate increases in 2025
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It's good news for homeowners with coverage with Florida Peninsula Insurance Co.
Private insurers pulled more than 275,000 policies last year from the state's Citizens Property Insurance Corp. and have taken nearly 115,000 this year, with Citizens President and CEO Tim Cerio saying Wednesday he thinks "we're coming through to the other side" after years of troubles in the market.
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George Pino appeared in court for a hearing on Thursday morning, where he surrendered himself to the authorities.
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