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Lexington Insurance Company announced that they will discontinue home insurance, sending another 8,000 property owners to search for a new insurer. Lexington specialized in homes worth $1+ million and Citizens will only insure property values less than $700,000, so Citizens was not an option.
With private insurers dropping customers and raising rates, the state-backed Citizens Property Insurance Corp. saw its number of policies increase about 50% in 2022.
A report from Weiss Ratings, a Palm Beach Gardens ratings agency, found that the state-backed insurer of last resort closed homeowner claims without a payment 50.4% of the time in 2023.
Many private insurers had left the state, leaving the more expensive state-run option—Citizens Property Insurance Corporation—with more higher-risk policyholders, and getting stuck paying ...
Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in the United States by 1989.
The property and casualty insurance company was approved to begin writing insurance in the state on Sept. 1 but won’t begin until after the 2023 Atlantic hurricane season ends on Nov. 30.
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