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Florida Investigates Use of Credit History to Deny Claims

Florida consumer advocate Robin Westcott has called for an investigation into the practice of insurers using homeowner’s previous credit history to retroactively cancel policies and deny claims, even when premiums have been paid on time for years. According to Westcott, some property insurers in her state are using old credit histories, which may include bankruptcies, […]

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RateWatch: State Farm Asks for Higher Rates in Florida

State Farm Insurance, the third-largest property insurer in the state of Florida, has asked for an average statewide increase of 14.9% on insured homes there, as part of a plan to maintain a good fiscal status while restructuring the discounts and deductibles it currently offers. According to State Farm’s representatives, the rate request includes average […]

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Citizens Cuts Homeowners Insurance in Florida

Citizens Property Insurance customers in Florida will have less coverage available in 2012. The company, which is run by the state, released a memo to its agents stating that it will be eliminating homeowners insurance coverage for most structures beyond the main residence listed on a policy. Specifically excluded will be car ports, patios, screen […]

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Mercury General Leaving Florida

Mercury General has announced that it is beginning the process of leaving the Florida homeowners insurance market, citing it’s $19 million in losses in the fourth quarter of 2010 as the driving factor. According to the company, it will be sending the mandatory 180-day advanced notice of it’s “intent not to renew” policies for 8,000 […]

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Rate Watch: State Farm Requests 27.7% Rate Hike in Florida

The Florida Office of Insurance Regulation will be holding a public hearing on February 15th. Why? To discuss the latest rate filing from State Farm, which company is requesting an average increase of 27.7 percent statewide in homeowners insurance rates. The reason, they say, is to offset the rising costs of sinkhole claims. The request […]

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Florida Says Latest $25 million from BP Not Enough

The state of Florida, the Insurance Journal reports, is unhappy with BP. Again. The troubled oil company brought $25 million more to Florida on Tuesday, but the reaction was not gratitude, but criticism. Florida Governor Charlie Crist and three independently elected Cabinet members asked for more money from BP, and demanded it swiftly in order […]

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