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In 2019, Citizens had about 400,000 home-insurance policies on its books; today, it has more than 1.3 million, about twice as many as the state's next-largest insurer. Residents have increasingly turned to Citizens Property Insurance Corporation, a public entity established by the Florida government as the state's so-called insurer of last resort for people unable to find affordable rates from private insurers. "We probably only need one or two more [hurricanes] to make landfall before Citizens has to do an assessment", says Charles Nyce, a professor of risk management and insurance at Florida State University. [Extracted from the article]

FEATURES: Deals of the Year Bluffs of Saint Teresa FLORIDA SELLER Ochlockonee Timberlands LLC, a subsidiary of AgReserves, Inc. SELLER'S BROKER Dean Saunders, ALC, CCIM SVN | Saunders Ralston Dantzler Real Estate BUYER Division of State Lands Florida Department of Environmental Protection The Land Report's 2020 Deal of the Year actually took five years to orchestrate. DEAN SAUNDERS SVN | SAUNDERS RALSTON DANTZLER REAL ESTATE OLD FLORIDA Thick mottes of live oak are interspersed among the stands of sand pine. [Extracted from the article]

The article report that insurers pushing for reforms they say are needed to help the state's distressed insurance market. Topics discussed include this year the need is more urgent than ever, according to industry experts and stakeholders, as consumers face unprecedent rate increases and constrictions in coverage availability; and consumer advocates, insurance agents, insurers and realtor groups are all urging Florida lawmakers to enact reforms that stem excessive litigation.

The article discusses the concept of "incurred cost" in insurance policies, specifically in the context of property insurance contracts. It explains that insurance companies often require insured individuals to incur costs before issuing payments. The article references a recent case in Florida's 5th District Court of Appeal, where the court provided guidance on what constitutes an "incurred cost" under an insurance policy. It clarifies that the term "incur" is not typically defined in insurance policies and can be interpreted broadly. The article concludes by stating that insured individuals can prove they have incurred costs by either spending their own money or signing a valid contract for work to be performed. [Extracted from the article]

Florida State Representative Hillary Cassel, a Democrat and trial attorney, has introduced a bill that would establish a condominium windstorm pilot program for the state-created Citizens Property Insurance Corp. The bill, which may have bipartisan support, would allow Citizens to offer actual cash value (ACV) coverage on heavily damaged condo roofs instead of full replacement value. This is in response to the rising cost of roof replacements, which has been a major expense for Florida property insurers. However, critics argue that ACV coverage may still leave condo associations without enough funds to fully repair or replace roofs. The bill would require a majority vote of the condo association to participate in the pilot program. [Extracted from the article]

The DFS investigation found that over a two-year period, Al-Sweity had collected premiums from seven other customers, then financed them through a premium finance agreement without their knowledge. Agents who take advantage of their clients' trust not only deserve to lose their license but deserve to sit behind the cold bars of a jail cell for a long time", DFS head and Florida Chief Financial Officer Jimmy Patronis said in a statement. [Extracted from the article]

The article focuses on recent developments in property insurance regarding matching requirements for roofs and interior furnishings. Topics include the clarification of Kentucky's matching statute, emphasizing that while a full roof replacement is required under certain conditions, as long as replacement shingles are of the same make and model, even if the color doesn't quite match due to aging, a complete replacement is not necessary.

February 14, 2023 Florida recently passed legislation encouraging arbitration in order to help solve the serious problems facing the homeowner's insurance market in the state. It appears that, with this provision in place, insurers are preparing to offer policy discounts on new and renewal policies of up to 25 percent in 2023 for policy holders agreeing to the endorsement. [Extracted from the article]

We returned to the insurance company we have had for years - the one investigated by the Washington Post - and told the Allstate agent to cancel the policy. MONEY THE chaos in the Florida property insurance market has engulfed most every homeowner in the state, myself included. [Extracted from the article]

The insurer of last resort, it is now the state's biggest provider, after many private insurers failed or retreated from Florida. (Bloomberg) -- Hurricane Idalia unleashed its fury on northwest Florida on Wednesday morning, landing in a sparsely populated area with winds of 125 miles (201 kilometers) per hour and 9 feet of storm surge. [Extracted from the article]

If the nonprofit can't meet its obligations, all Florida insurance holders - Citizens customers and everyone else - could be on the hook for the shortfall. As private insurers have folded under the weight of claims for earlier storms or curbed business in the state, Citizens Property Insurance Corp. has become Florida's biggest property insurer. Florida's "Last Resort" Property Insurer Is Now State's Biggest. [Extracted from the article]

ORLANDO, Fla. (AP) - AAA won't renew "a very small percentage" of homeowners and auto insurance policies in hurricane-wracked Florida, joining other insurers in limiting their exposure in the Sunshine State despite efforts by lawmakers to calm the volatile insurance market, the company said Tuesday. Florida has struggled to maintain stability in the state insurance market since 1992 when Hurricane Andrew flattened Homestead, wiped out some insurance carriers and left many remaining companies fearful to write or renew policies in Florida. [Extracted from the article]

The article recounts the Hurricane Andrew that struck south Florida in August 1992 and its impact on the insurance market. Topics discussed include status of some Florida-domiciled property insurers and some of the largest U.S. carriers within a year, positive developments caused by Hurricane Andrew according to insurance industry leaders, and lesson from Hurricane Andrew according to Fred Karlinsky, an attorney and insurance lobbyist with the Greenberg Traurig law firm.

The article reports that Eight months after it stopped renewing homeowners and rental property policies in Florida, Progressive Insurance announced it will now stop writing new dwelling-fire business altogether in the distressed Florida market. "To ensure a long-term future in Florida, Progressive Home is temporarily curtailing agent access to writing new business in our dwelling fire (DP3) program, starting Friday, July 8."

The article reports that Florida's homeowners insurance industry is still in a crisis. For years, roofing contractors have been taking advantage of unsuspecting homeowners to make fraudulent claims. This problem is only the latest in a cycle of insurance abuse. But compounded with existing natural disaster risks, many insurers are pulling out of Florida and those that remain are hiking premiums.

(Bloomberg) -- The US hurricane season officially kicks off next week, and no other place in the country is more vulnerable to storm-related damage than Florida, the fastest-growing state in the nation. Insurance rates jumped 27% in 2021, 33% in 2022, and are expected to rise at least 40% this year (maybe 50%), according to the institute, which would put the average price at $6,000.Florida's Office of Insurance Regulation blames this on fraud not hurricanes, pointing out that Florida accounts for 9% property insurance claims in the nation, but more than 76% of property insurance lawsuits. [Extracted from the article]

The article discusses the property insurance and condominiu maintenance reform legislation into law, putting an exclamation point on a whirlwind of lawmaking by the Florida Governor. Topics include the package represents the most significant reforms to Florida's home owners insurance market in a generation; Senate Bill 4D, modifying state building code that often required whole-roof replacement and concerns from insurance industry groups about the efficacy of the new reinsurance program.

The article discusses that Florida's governor, Ron DeSantis informed about the plans to call a special legislative session for some time in May, aimed at the property insurance crisis in the state.

The article reports that the Insurance attorneys revealed that Florida's insurance reforms will streamline the settlement process and reduce litigation. It further reports that Senate Bill 2A underscores the legality of joint proposals for settlement or offers made to co-named insureds such as husband and wife, which appears to give property insurers a special status on joint offers that automobile, health, and title insurance companies.

(Bloomberg) -- Florida's legislature passed a bill that would create a state-backed reinsurance fund and attempt to ease litigation costs that have pushed a homeowners-insurance market already contending with monstrous storms toward the brink. It requires insurers to cover the cost of litigation on behalf of plaintiffs who sue them successfully, but doesn't force policyholders to cover such costs for their insurer if they lose. [Extracted from the article]

(Bloomberg) -- FedNat Holding Co., a Florida-based homeowners insurance company, filed for bankruptcy after an increase in severe weather events in the state weighed on its balance sheet. "As an industry, the Florida property insurance industry lost over $1.6 billion in 2020 and over $1.5 billion in 2021", thanks to losses from catastrophes, higher reinsurance costs and litigation abuse, Chief Restructuring Officer Katie S. Goodman said in a sworn bankruptcy court statement. [Extracted from the article]

(Bloomberg) -- Florida's farmers and ranchers are facing "widespread destruction" from Hurricane Ian that threatens to curb supply from a key US source of fruit and vegetables this winter. Florida's Farmers Are Facing "Widespread Destruction" of Crops From Hurricane Ian Florida ranks third in the US for both fruit and nut crop sales and in total cash receipts for vegetables, melons and potato crops, according to the University of Florida. [Extracted from the article]

State-backed Citizens Property Insurance Corp. accounts for slightly more than 10% of the Florida homeowners insurance market by premiums written. (Bloomberg) -- Hurricane Ian is bearing down on Florida, threatening to further destabilize a homeowners-insurance market already teetering on the edge of disaster. [Extracted from the article]

The article reports on the emergence of Weston Insurance as the fifth insolvent property insurer in Florida, as of September 2022. Topics discussed include the notice filed by the Florida Office of Insurance Regulation (OIR) with the Department of Financial Services that Weston is insolvent or about to become insolvent, a conference call held by OIR with Weston leadership on July 27 to discuss unwinding the captive arrangement, and issue for many insurance carriers that remain in Florida.

Financial ratings firm Demotech recently downgraded the financial stability rating of three homeowner insurers, and warned 17 other insurers of potential future downgrades. A home insurance industry battle in Florida could lead to collateral damage for the state's mortgage industry at a sensitive time. [Extracted from the article]

Progressive Insurance plans to roll back non-rate actions in the fourth quarter of 2023 and increase its media spend in 2024. The company implemented more restrictive billing plans and stronger verification systems this year, but these actions will start to lift towards the end of the year. Progressive also plans to open more business to "ambient shoppers" following industry-wide rate hikes. In terms of personal auto insurance, severity was up 5% in the third quarter compared to 12% in the second quarter, and frequency was down 1%. The company still has three points of rate set to earn in for personal auto. In commercial auto insurance, unfavorable development on prior accident years contributed to the results, and the company raised rates by nearly 12% year-to-date through September. Progressive is also working to address challenges related to uninsured motorist/underinsured motorist limits in certain states. The company has a plan to deal with delays in fixing vehicles caused by the ongoing United Auto Workers strike. Progressive experienced minimal impact from the Hawaii wildfires and Hurricane Idalia due to its low exposure in those areas. The company is focused on growing in the core and preferred segments of its business and diversifying its exposure away from Florida in order to meet target margins for property insurance. [Extracted from the article]

Lawmakers are looking for ways to slow the rising cost of property insurance, provide additional relief to victims of Hurricane Idalia, bolster efforts against anti-Semitism and support Israel while targeting Iran. [ABSTRACT FROM AUTHOR]