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Policyholders

All articles tagged with #policyholders

insurance-california-policyholders-reinsurance-legislation1 year ago•6 min saved

State Farm's Retreat: California Home Insurance Crisis

More than 70,000 State Farm policyholders in California were informed that their insurance policies would not be renewed, leaving them scrambling for alternatives. The decision comes amid rising home insurance rates and a retreat by major insurers from the state, citing financial risk and limitations of working within decades-old insurance regulations. This trend is pushing more people onto the California FAIR Plan, the insurer of last resort, which is starting to show signs of strain. The issue of passing through reinsurance costs to policyholders is a major sticking point, with potential federal legislation and state policies being considered to address the situation.

via The San Francisco Standard|

#california #insurance #insurance-california-policyholders-reinsurance-legislation

insurance2 years ago•1 min saved

"Policyholder Decries 'Insane' Hurricane Tax Warning by Citizens Insurance"

Citizens Insurance policyholders in Florida are receiving notices about a potential "hurricane tax" that could be imposed if the state insurer of last resort runs out of funds. The tax, which could be as high as 45% of premiums, has sparked outrage among policyholders who argue that they are already paying high premiums. Citizens Insurance has been taking on policies at a record rate and its exposure to large claims has raised concerns. The company is offering take-out offers to lower its policies by moving them to private insurers, but many customers find the offers expensive. In extreme financial situations, the assessment program could also result in surcharges on all private insurance policies in the state.

via WPTV News Channel 5 West Palm|

#citizens-insurance #florida-residents #hurricane-tax

finance2 years ago•2 min saved

"Policyholders urged to switch insurance providers, receive letters in the mail"

Citizens Property Insurance policyholders in Florida are receiving letters urging them to switch to private insurance companies as part of the state-backed insurer's effort to reduce its policy count. The switch affects 300,000 policies out of the current 1.4 million. Policyholders are advised to contact their agents to explore options and avoid potential surprises. If the offer from a private insurer is within 20% of Citizens' rates, policyholders will no longer be eligible for coverage with Citizens. Some policyholders have reported significant premium increases, while industry experts suggest that positive changes in the market may lead to lower rates next year. Customers have until October 5 to respond to the offer letter.

via WJXT News4JAX |

#citizens-property-insurance #depopulation #finance

insurance2 years ago•4 min saved

"Urgent Response Required: 300K Citizens Policyholders Face Costly Consequences for Ignoring Insurance Offer Letter"

More than 300,000 Florida homeowners who are policyholders of Citizens Property Insurance Corporation have been urged to respond to an offer letter from a private insurance company or face potential increased costs. The deadline has been extended to October 10. If homeowners fail to respond, they will be automatically switched to a new insurer at the price indicated in the offer. Citizens currently has about 1.4 million policyholders and is seeking to reduce its risk exposure in the state of Florida through its depopulation program.

via WESH 2 Orlando|

#citizens-property-insurance-corporation #florida #homeowners

insurance2 years ago•5 min saved

"Idalia's Impact: The Alarming Surge in Insurance Rates"

Hurricane Idalia's destruction in Florida raises concerns about rising insurance rates, with damaged homes and businesses generating insurance claims and worries about rate increases or dropped customers. Currently, 14 insurance companies are in liquidation, and state-run Citizens, the insurance of last resort, will likely see a 12% increase in premiums. Lawmakers have passed bills to reduce claim disputes, but some predict lower payouts to policyholders. Former state senator Jeff Brandes believes these measures will lead to fewer premium hikes and more competition in the insurance market by 2025. Democrat Alex Sink calls for Republican leaders to attract more private companies to lower premiums, as Florida is already an unaffordable state for many.

via WESH 2 Orlando|

#florida #hurricane-idalia #insurance

business2 years ago•3 min saved

Farmers Insurance Withdraws from Florida, Dropping Thousands of Policies

Farmers Insurance has announced that it will be leaving its business in Florida, following its exit from the California market earlier this year. The company will stop writing new business and will not renew existing policies in Florida, affecting approximately 100,000 policies. The decision is said to be necessary to manage risk exposure. The move comes as Florida residents face skyrocketing home insurance premiums, with an average increase of 42% compared to last year. The withdrawal of Farmers Insurance leaves residents with limited options and higher costs, potentially forcing more homeowners to rely on the state-run insurer, Citizens Property Insurance.

via USA TODAY|

#business #farmers-insurance #florida

business2 years ago•4 min saved

Farmers Insurance Joins Exodus from Florida Amid Property Insurance Crisis

Farmers Insurance has announced its decision to leave the Florida insurance market, affecting approximately 100,000 policyholders. The company stated that only Farmers-branded insurance products will be discontinued, while other insurance companies under Farmers will remain in the market. This move comes as the Florida property insurance market faces a crisis with high prices and fewer companies writing policies. Florida lawmakers have attempted to stabilize the market through legislative reforms, but the benefits are not expected to be immediate. The instability has led many homeowners to turn to Citizens Insurance, the state's insurer of last resort.

via WKMG News 6 & ClickOrlando|

#business #farmers-insurance #florida

health-insurance2 years ago•2 min saved

Friday Health Plans Goes Bankrupt, Leaving Thousands Without Insurance.

The state of Georgia has taken over Friday Health Plans, leaving 37,000 policyholders without insurance unless they find new policies by July 31. The state has opened a special enrollment period and established a micro-website to help those people get new health care. The insurance provider was reportedly insolvent and unable to raise additional funds, putting policyholders at risk. The state takeover does not appear to put taxpayers on the hook for any of this.

via WSB Atlanta|

#affordable-care-act #friday-health-plans #georgia