Citizens Property Insurance

Seizing on a comment by Gov. Ron DeSantis, the chairman of the U.S. Senate Budget Committee has ratcheted up a request for information about the finances of Florida's Citizens Property Insurance Corp.

Insolvency means that a company cannot pay its bills today. That’s not so for Citizens Property Insurance Corp., Florida’s state-backed insurer.

A Florida Senate committee approved a bill that would allow residents with homes valued at more than $700,000 to get coverage from the state's Citizens Property Insurance Corp.

From a federal investigation to a drop in policies, there have been lots of recent developments for Florida's insurer of last resort.

Florida taxpayer-owned Citizens Insurance is using unlicensed inspectors in a little-known program that is ramping up inspections. Homeowners and industry insiders say the move is alarming.

A key senator said Tuesday he does not expect lawmakers to make major property-insurance changes during the 2024 legislative session, as they continue to watch the results of an overhaul passed last year.

The state-run company is giving customers until Oct. 10 to either accept or decline an offer to switch to the private market, which will help lower the insurer's risk exposure.

Florida's insurance commissioner is taking issue with parts of a Citizens proposal that would increase rates by 12% for homeowners with the most-common type of policies.

As Citizens Property Insurance Corp. waits for a decision on a plan that would lead to double-digit rate increases for customers, the state-backed insurer remains on a path to grow to 1.7 million policies by the end of the year.

Floridians are bracing for additional rate hikes as they are already paying higher monthly payments than homeowners in other states.

A 14.2 percent increase this year would require the approval of the Office of Insurance Regulation before it could take effect.

The policy will force homeowners to also buy flood insurance — even if their homes aren’t in designated flood zones.