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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.
[4] [8] Through 2006, Citizens Insurance charged its customers the highest rate approved by the Florida Office of Insurance Regulation to avoid competing with private carriers. Insurance agents were prohibited from writing policies through Citizens if there was a private (not surplus lines) carrier that would write the risk. If a qualified ...
The insurance crisis is squeezing homeowners across the state. An aerial view shows the devastation from the Palisades Fire on beachfront homes on January 15 in Malibu, California. - Jae C. Hong/AP
Citizens, which has now crossed more than 1.4 million policies, has grown too big, too fast and concerns are growing that a major storm in Florida could deplete its ability to pay claims. Citizens ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
For policies that are complicated, where claims may be complex, the insured may take out a separate insurance policy add-on, called loss recovery insurance, which covers the cost of a public adjuster in the case of a claim. Adjusting liability insurance claims is particularly difficult because they involve a third party, the plaintiff, who is ...
Data from Citizens, the state-chartered property insurer of last resort for homeowners who can’t find coverage in Florida’s shaky home insurance market, show the company dropped 2,267 policies ...
The insurance industry has been criticized by environmental activists and Democratic Party lawmakers for continuing to provide coverage to fossil fuel companies, while Republican Party lawmakers have criticized the industry for curbing policy coverage to oil-and-gas companies (even though most U.S. insurance companies have generally refrained from doing so in contrast to insurers ...