Latest news with #CitizensPropertyInsuranceCorp
Axios
a day ago
- Business
- Axios
One key signal Florida homeowners are seeing some insurance relief
Florida home insurers collected more premiums than claims and expenses paid in 2024 — a rare occurrence, and even more so after three hurricanes struck the state that year. That's according to new data from the state Office of Insurance Regulation. Why it matters: Florida homeowners still face among the highest premiums in the nation, at an average of $3,815 per year. Catch up quick: The Sunshine State's vulnerability to storms has resulted in losses for insurers, which, in turn, are passed on to consumers. The result? A dismal insurance market, which for decades saw premiums skyrocket, companies go bankrupt, and an over-reliance on the state-run insurer, Citizens Property Insurance Corp. The Legislature tried to flip that outlook in 2022, with reforms that aimed to create a more hospitable market for companies. But that didn't mean much for consumers then, who got no such relief. The latest: There are now signs of improvement, however modest. S&P Global found that Florida had the smallest increase (about 1%) in insurance premiums across the nation in 2024 and ranked it ninth overall for average home insurance cost that year. Dozens of new insurers have entered the market. All the while, the bloated state-run insurer offloaded tens of thousands of policies to the private sector, with some consumers now paying less. And last year, for the first time since 2015, home insurers raked in more than they paid out. What they're saying: "This is great news for consumers," says Mark Friedlander of the Insurance Information Institute. "Florida's always going to be above the national average because it's a high-risk state," he tells Axios. "But the market is improving." Yes, but: There's a lot to couch here. For one, S&P Global didn't account for Citizens — the state's largest insurer — when it evaluated Florida's rate increases, and a 6% statewide increase went into effect this summer. Plus, most home insurance policies cover wind, not flood damage. That means a considerable amount of devastation that hurricanes Debby, Helene and Milton caused in Florida wasn't covered. What's next: Florida Peninsula Insurance, among the state's largest home insurers, requested a statewide decrease of 8.4% in its homeowners' premiums last week, per WFLA.
Axios
04-03-2025
- Politics
- Axios
Florida bills to watch: Condo insurance, election changes and guns
Florida lawmakers reconvene tomorrow to kick off this year's legislative session, with bills filed to enshrine " Gulf of America" in state statutes and to allow guns but not undocumented immigrants on college campuses. Why it matters: There are more than 1,300 bills for the Legislature to wade through, each with the potential to reshape our daily lives. Here are a few we're monitoring: Condo insurance: Miami Republican Rep. Vicki Lopez filed a bill (HB 913) that would revoke state-run Citizens Property Insurance coverage for condominium associations that have failed to conduct building safety inspections or structural integrity reserve studies. Most of the over 11,000 Florida condo buildings required to conduct the studies under a Dec. 31 2024 deadline haven't done so. Waste management: Amid the debate over how Miami-Dade County will replace the burned-down Doral waste-to-energy facility, state Sen. Bryan Ávila (R-Hialeah Gardens) filed SB 1008, which would prohibit building trash incinerators or waste-to-energy facilities within a half-mile of any residential property, commercial property or school. State Sen. Ana Maria Rodriguez (R-Doral) filed SB 946 to prohibit a local government from building a waste management facility within two miles of the Everglades Protection Area. Gun regulation rollback: State Sen. Randy Fine (R-Melbourne Beach) filed bills to lower the state's gun-buying age limit to 18 years old and allow concealed firearm carry on college campuses. State Sen. Blaise Ingoglia (R-Spring Hill), meanwhile, introduced legislation to ban the use of artificial intelligence to detect firearms in public areas; it would be a first-degree misdemeanor to do so. Election changes: Ingoglia also proposed a sweeping elections bill (SB 1414) that includes changes experts say would likely eliminate citizen-led ballot campaigns to amend the state constitution. It would also prohibit the use of student ID cards when voting, among other provisions. Another immigration crackdown: Fine's bill (SB 244) would prohibit state universities with acceptance rates below 85% from accepting applications from or admitting undocumented students. State Sen. Joe Gruters (R-Sarasota) filed legislation to revoke the law licenses of undocumented immigrants on Nov. 1, 2028, unless proof of U.S. citizenship is provided on or before that date. State Sen. Jason Pizzo (D-Hollywood) filed a bill to expand E-Verify – a system that verifies employees' immigration status – to all employers, with penalties of up to $10,000 in fines. State Rep. Berny Jacques (R-Seminole) filed a similar bill without the penalties. Gulf of America: State Sen. Nick DiCeglie (R-Indian Rocks Beach) wants to change all references to the Gulf of Mexico in state statutes to the Gulf of America after President Trump renamed the body of water. Insurer of first resort: A bipartisan bill (HB 13) aims to require Citizens Property Insurance Corp. to make windstorm coverage available to all homeowners statewide. How to watch: You can watch the House, Senate and committee hearings online at the Florida Channel. Plus, you can visit to track bills and receive email alerts.
Axios
28-02-2025
- Politics
- Axios
Bills we're watching in the 2025 Florida legislative session
Florida lawmakers reconvene on March 4 to kick off this year's legislative session, with bills filed to rename the Gulf in state statutes and to allow guns but not undocumented immigrants on college campuses. Why it matters: There are more than 1,300 bills for the Legislature to wade through, each with the potential to reshape our daily lives. With the dust settled after last month's legislative revolt against Gov. Ron DeSantis, questions about the GOP's unity linger — though, for now, few bills seem likely to put it to the test. Here are a few bills we're monitoring: Gun regulation rollback: State Sen. Randy Fine (R-Melbourne Beach) filed bills to lift the state's age limit on firearm purchases and expand the areas where firearms can be carried, including on college campuses. State Sen. Blaise Ingoglia (R-Spring Hill), meanwhile, introduced legislation to ban the use of artificial intelligence to detect firearms in public areas; it would be a first-degree misdemeanor to do so. Another immigration crackdown: Fine's bill (SB 244) would prohibit state universities with acceptance rates below 85% from accepting applications from or admitting undocumented students. State Sen. Joe Gruters (R-Sarasota) filed legislation to revoke the law licenses of undocumented immigrants on Nov. 1, 2028, unless proof of U.S. citizenship is provided on or before that date. State Sen. Jason Pizzo (D-Miami) filed a bill to expand E-Verify to all employers, with penalties of up to $10,000 in fines. State Rep. Berny Jacques (R-Seminole) filed a similar bill without the penalties. Gulf of America: State Sen. Nick DiCeglie (R-Indian Rocks Beach) wants to change all references to the Gulf of Mexico in state statutes to the Gulf of America. Insurer of first resort: A bipartisan bill (HB 13) aims to require Citizens Property Insurance Corp. to make windstorm coverage available to all homeowners statewide. How to watch: Looking to keep up with the Legislature? You can watch the House, Senate and committee hearings online at the Florida Channel. Plus, you can visit to track bills and receive email alerts.
Yahoo
28-02-2025
- Business
- Yahoo
Citizens Property Insurance has 'great news' - its business is decreasing
Last year was a record-breaking year for shrinking the size of Florida's insurer of last resort, according to a report that Citizens Property Insurance Corp. committee heard Wednesday, Feb. 26. And that's great news, they were told. Created in 2002, Citizens is not a business the state hopes to grow. In fact, decreasing the number of policies the state-backed insurer carries has long been a goal in order to reduce the state's exposure to losses in a disaster. That's because too many claims could cost every kind of insurance policyholder. Citizens can levy a surcharge on every insurance policy in the state if the catastrophic claims of Citizens' policyholders deplete the nonprofit's reserves too far, as happened after the 2004-2005 hurricane season when a series of the storms hit the state. Wednesday, though, the Market Accountability Advisory Committee heard that the possibility of that reoccurring is dwindling: 2024 was a banner year for moving Citizens' policyholders to the private market so they can be insured by private companies. 'Historically, we have never depopulated so many policies in such a short amount of time, which is further validating the many positive developments we are seeing take place in the Florida property insurance market,' said Jeremy Pope, chief administrative officer for Citizens. Citizens insures the most property of any insurance company in the state and was started as part of reforms instituted as the state's insurance market absorbed the devastation of Hurricane Andrew in 1992. The number of Citizens policyholders is closely watched because demand for its policies also indicates how much liability the state's private insurers are willing to take on, given the state's vulnerability to devastating storms. The number of policies on Citizens' books hit an 11-year high in September 2023 when several insurance companies stopped insuring properties in Florida or became insolvent. The state Legislature passed new laws from 2019 to 2023 to shore up the wobbly insurance market. And private insurers are responding, Citizens' executives told the committee. After that high of 1.4 million policies in force in 2023, last year ended with slightly more than 936,000 policies underwritten by Citizens. That's about 24% fewer policies than Citizens had at the end of 2023. 'We had 16 carriers that participated in our depop (depopulation) program last year, and that includes five new entrants to the Florida market, which is great news,' Pope said. Not everyone agrees, however, that less Citizens' business is better overall. State Rep. Hillary Cassel, R-Hollywood, has proposed expanding Citizens to every homeowner who wants it, not just those who can't get property insurance anywhere else. It would make it so the liability is more evenly spread throughout the state. The bill has been assigned to committees but has yet to get a hearing. State Rep. Kelly Skidmore, D-Boca Raton, who represents Palm Beach County, said fewer Citizens' policies might be an outdated metric for assessing the insurance industry's health in Florida. She pointed to a recent report in the Tampa Bay Times that showed private insurance companies have been siphoning profits to subsidiary companies as they've claimed losses due to catastrophic storms, hurricanes Irma and Michael. 'It may have been a laudable goal at one time to keep Citizens low in policyholders, but I don't think that that is what the goal should be anymore,' Skidmore said. 'I really think the goal should be that there is transparency and accountability on the part of everyone that is in this process.' The number of Citizens' policies ticked up slightly in January as the market continued to digest the results of last year's active hurricane season, which saw hurricanes Debby, Helene and Milton hit the state, Citizens' numbers show. Anne Geggis is the insurance reporter at The Palm Beach Post, part of the USA TODAY Florida Network. You can reach her at ageggis@ support our journalism. Subscribe today. This article originally appeared on Palm Beach Post: Florida property insurance: Why Citizens would like fewer customers
CBS News
24-02-2025
- Business
- CBS News
Proposed change to Citizens Insurance could help Miami-Dade, Keys homeowners
A Senate Republican has proposed a change that could lead to more homeowners in Miami-Dade and Monroe counties being eligible for coverage from the state's Citizens Property Insurance Corp. Sen. Ana Maria Rodriguez, a Miami-Dade Republican who represents all of Monroe and part of Miami-Dade, filed the proposal on Monday for the legislative session that will start March 4. Under current law, Citizens is barred from selling policies for homes with a "dwelling replacement cost" of $700,000 or more, except in Miami-Dade and Monroe counties, where the limit is $1 million. The bill would raise the limit in Miami-Dade and Monroe to $1.5 million. Lawmakers have considered such proposals in the past, pointing to issues such as rising home values and difficulty in finding coverage in Miami-Dade and Monroe. The two counties have had a $1 million cap because state regulators determined they do not have a "reasonable degree of competition" for insurance coverage. The proposal comes as state leaders try to reduce the number of policies in Citizens, which in recent years has become the largest insurer in Florida. Dwelling replacement costs reflect the amount of money that would be required to rebuild homes. They can differ from market values of homes, at least in part because they do not include land values.
