Citizens Insurance to Spend $1.8M for Investigating Water Damage Claims

SaintPetersBlog – Lloyd Dunkelberger The Citizens Property Insurance Corp. board of governors Tuesday approved a $1.8 million contract with a company that will examine escalating water damage claims from policyholders and determine whether the charges are excessive. “The goal is to identify inflated or excessive charges on invoices from contractors that have performed water damage…

Florida Agents Putting New Law to Work to Attract Millennials to Insurance Careers

The Insurance Journal Florida insurance agents are trying to bolster the industry’s track record in attracting college graduates by employing a new state law that aligns college courses with the state’s licensing requirements. The insurance workforce development law, passed in 2015, gives the insurance industry an opportunity to catch up with what other industries have…

Some Insurers Restricting Renewals, New Business in South Florida

Sun Sentinel  Ron Hurtibise  Some property insurance companies are not taking on new business in ZIP codes with high claims rates in South Florida and canceling or deciding not to renew customers in high-risk areas. The action is a result of rising water damage claims in the region, the same problem that is leading to…

Florida’s Citizens Says AOB Abuse to Blame for Statewide Rate Increase of 6.8%

Citizens Board of Governors has approved recommended rates for 2017 that equal an average rate increase of nearly 7 percent statewide. The company said the increase is a necessary response to rising non-weather water losses and assignment of benefit (AOB) abuse that is now affecting all regions of the state. By unanimous vote, board members…

Sides in Insurance Standoff Find Reason for Optimism

Ron Hurtibise – Sun Sentinel The arguments were familiar at a daylong forum in Boca Raton attended by 150 players in Florida’s homeowner insurance rate crisis. But unlike their usual methods of venting over the past four years — legislative hearings in Tallahassee, websites, letters to the editor — the opposing sides listened to each…

Troubled Waters Panel Wades Into Divisive Insurance Fight

Charles Elmore – Palm Beach Post The CEO of one of Florida’s 10 biggest property insurers told a forum in Boca Raton Tuesday that inflated water-damage claims are “morally wrong” and hurt all consumers by raising rates, while an attorney accused insurers of crying wolf about the latest “crisis” that serves their own needs. More…