In response to the surge in litigation costs and nuclear verdicts, various states have enacted significant tort reforms to balance corporate accountability and economic growth.
The entry of six new insurance companies into Florida’s market, following state regulatory approval, promises more options and competition for homeowners seeking coverage.
Citizens, Florida’s insurer of last resort, plans to transfer approximately 76,000 policies to private insurers this month, as part of its broader strategy to reduce policy count and address solvency concerns.
Florida aims to bolster its hurricane catastrophe fund by borrowing up to $3.8 billion through municipal bonds to support property insurers against hurricane losses.
State Farm’s appeal fails as Florida court affirms the insurer’s obligation to pay $2.7 million in corporate taxes, interpreting state and local bond interest inclusions.
House Bill 1213, proposed by State Representatives Spencer Roach and Hillary Cassel, seeks to make Citizens Property Insurance a primary option for windstorm coverage in Florida.
As Florida’s annual legislative session approaches, lawmakers focus on addressing the state’s escalating homeowners insurance crisis with a range of proposed solutions.
In response to escalating climate change and storm threats, Florida introduces new bills to expand its mitigation program, offering grants for home elevation and floodproofing.