The Florida Insurance Guaranty Association (FIGA) Board of Directors recently made the decision to borrow $150 Million after five property insurers have gone insolvent in Florida since February. FIGA, is a non-profit organization set up by the state to help [...]
As the home insurance industry works to survive the Florida market, it could lead to collateral damage for Florida’s mortgage industry and for borrowers. Financial ratings firm Demotech recently downgraded the financial stability rating of three homeowner insurers in the [...]
Demotech, a ratings agency for insurance companies, is set to downgrade 17 Florida property insurers, a move that could deliver another blow to an already fragile market. This has spurred a swift response from Chief Financial Officer Jimmy Patronis and the Florida Office [...]
TALLAHASSEE, Fla. – Pointing to “almost incomprehensible growth,” the president and CEO of Citizens Property Insurance Corp. said Wednesday the state-backed insurer could have 1.2 million customers by the end of the year. Citizens, which was created as an insurer of [...]
Saying the property-insurance market “remains in crisis,” the state Monday asked a federal judge to toss out a challenge to a law that places restrictions on roofers. An attorney for the Florida Department of Business and Professional Regulation disputes the [...]
Two years ago, there was much uncertainty regarding how the COVID-19 pandemic would play out, and we all undoubtedly questioned when the world might return to some sense of normalcy. Likewise, in the insurance industry at that time, there was [...]
Nearly 80,000 Florida homeowners will have to find a new property insurance company, after Southern Fidelity declared bankruptcy. The Tallahassee based company is the fourth insurer to declare insolvency since February. Southern Fidelity’s bankruptcy filing is concerning because, according to [...]
Citizens Insurance (formally known as Citizens Property Insurance Corporation) is a state-run, non-profit insurance carrier for Florida residents who are unable to find coverage from private insurance companies The state-backed Citizens Property Insurance Corp. ended May with 883,333 policies, a [...]
A brush fire that erupted on the line between Cocoa and Sharpes quickly spread, causing multiple agencies to battle the flames. In the area, dense with mobile homes, a Brevard County Sheriff's Office helicopter was also called in to douse [...]
Just last week, the National Oceanic and Atmospheric Administration issued its forecast for this hurricane season & is anticipating an above-average year, with 14 to 21 named storms, 6 to 10 hurricanes and 3 to 6 major hurricanes -- of [...]
