Citizens Property Insurance Corp. announced they will be seeking to raise their property insurance rates by 11 percent starting next year. The rate hike will need to be approved by the Office of Insurance Regulation.Read More
Citizens Property Insurance Corp. is raising their rates after its board of directors met on Wednesday. The rate increase is a result of a new state law signed by Florida Governor Ron DeSantis and will vary across Florida, but the increase still requires approval from the Office of Insurance Regulation.
“These necessary adjustments reflect the efforts of the Florida Legislature to return Citizens to its role as a residual insurance company,” Citizens Chairman Carlos Beruff said in a press release. “Unfortunately, we have become the first choice, or only choice, in too many regions of the state.”Read More
A construction company out of Hillsborough County, Gale Force Roofing and Restoration, LLC, challenged the new property-insurance law in Florida that took effect on July 1st.
The case, filed in June and reviewed by Chief U.S. District Judge Mark Walker on Friday, argues that a section of the new law (SB 76) violates the company’s first amendment rights by prohibiting them from certain advertisements that encourage homeowners to file roof-damage insurance claims.Read More