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.
Dane Eagle said roughly 25,000 Florida residents have received financial assistance from the Homeowner Assistance Fund so far.
A financial ratings agency said Thursday that an initial analysis indicates insured losses from Hurricane Ian could range from $25 billion to $40 billion, putting additional pressure on Florida’s troubled property-insurance market.
Barry Gilway, president and CEO of Citizens Property Insurance Corp., said Wednesday the state-backed insurer has been a “roller coaster ride” for the past two decades.
With homeowners struggling to find coverage, insurance regulators are looking at the possibility of lifting a $700,000 cap on policies sold by the state-backed Citizens Property Insurance Corp.
State lawmakers will reconvene in Tallahassee for a special session aimed at reforming the state’s insurance industry that has faced a series of issues impacting the bottom line of many Floridians.
Insurance companies say the crisis is being fueled by mounting litigation and fraud, but property insurance attorney John Tolley said that's not the full story.