Citizens Property Insurance

The home insurance market in every other state seems to be headed down the road that Florida has paved. We dove into this issue through a partnership with NPR station WWNO in New Orleans for their podcast, "Sea Change."

Citizens Property Insurance policies continue to be significantly underpriced compared to private carriers, the company told state regulators. The insurer of last resort in Florida isn't meant to be competitive. But if it were, its average premium for regular homeowner's insurance would have to almost double.

Among the new laws that went into effect July 1, includes a bill that will make changes to Citizens Property Insurance, also known as Florida’s insurer of last resort.

Across all personal lines of insurance — a category that includes policies for homeowners, condominium-unit owners, renters and mobile homes — the average increase would be 14 percent.

With the 2024 hurricane season starting June 1, the state's Citizens Property Insurance Corp. Board of Governors on Tuesday approved spending as much as $750 million on backup coverage to help pay claims if a big storm hits.

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.