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property insurance

Citizens Insurance buying back $300 million in catastrophic coverage

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Citizens Property Insurance Corp. can buy back some $300 million in reinsurance against a catastrophic storm because the risk of that happening is now projected to have fallen. The company’s board of governors voted unanimously to approve the move during a conference call Wednesday. Citizens, Florida’s property insurer of last resort, bought the coverage from Everglades Re II Ltd. in 2015. The company will repurchase catastrophic coverage at prices keyed to the new estimates of the threat, spokesman Michael Peltier said. “It allows us…

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Hurricane Matthew insurance claims now worth nearly $550 million

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The number of insurance claims following Hurricane Matthew has now surpassed 91,000, with estimated losses rising to $549 million. The grand total was 91,212, according to data posted Monday morning on the Florida Office of Insurance Regulation’s website. The numbers were good as of late Friday afternoon. Volusia County led in claims, at 26,664. Next came Duval, with 14,860; Brevard with 11,629; and St. Johns with 9,688. Flagler County had 6,161 claims; Clay County had 2,202 and Indian River County…

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Hurricane Matthew-related insurance claims pass the 75,000 barrier

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The number of insurance claims filed following Hurricane Matthew has now surpassed 75,000, state regulators announced Monday. The estimated insurance loss was $454 million. When last counted on Friday afternoon, the Florida Office of Insurance Regulation had recorded 75,215 claims, of which 67,805 remained open. Residential property claims numbered 66,862; commercial, 1,660. The department posts a running tally of storm-related insurance claims on its website. Volusia County filed the most claims, at 22,244. Next, with 12,274, was Duval County. Brevard…

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Insurance claims begin to mount following Hurricane Matthew

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Hurricane Matthew has generated nearly 5,000 insurance claims involving losses of $21 million, state regulators said Monday. They cautioned the results are preliminary, reflecting just three days of claims data — Friday through Sunday. “As many displaced consumers return to their communities and homes to assess damage and initiate the claims process, these numbers will increase across the state in the days and weeks ahead,” the Florida Office of Insurance Regulation said in a written statement. The office will post updates…

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Assessing Hermine: Citizens Insurance pays $90,000 in storm claims

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Florida’s insurer of last resort has paid more than $90,000 in Hurricane Hermine claims. That was the tally as of Friday afternoon, with 618 claims still being processed. “Most of the claims have been filed for the Tampa Bay area — relatively far from where the storm landed,” said Michael Peltier, spokesman for Citizens Property Insurance Corp. Hermine made landfall early the morning of Sept. 2 in the Panhandle. But Tampa Bay absorbed heavy rainfall, generating insurance claims. Pinellas County…

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Insurers warn Floridians to prepare for tropical storm

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A tropical storm stands an excellent chance of hitting South Florida this weekend. An insurance industry group wants Floridians to start getting ready. The Property Casualty Insurers Association of America on Wednesday recommended Floridians review their policies now, to make sure they’re covered against storm damage, or add coverage, if necessary. “Flood insurance is not covered by your standard homeowners policy; however, additional coverage can be purchased through the National Flood Insurance Program or your insurance company,” said Logan McFaddin, PCI’s Florida…

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Senate committee passes assignment-of-benefits reform in water damage insurance claims

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A Senate committee passed a bill seeking to reform assignment-of-benefits for water damage claims on property insurance rates across the state. LobbyTools reports that SB 1248, from Miami Republican Sen. Miguel Diaz de la Portilla, takes several steps to reduce abuse of AOB agreements, which allow third parties to claim the insurance benefits resulting from loss, rather than receiving an upfront payment from homeowners. In part, the bill offers stronger prohibitions against water remediators, contractors or subcontractors who act as insurance…

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