A Florida congressman called for an investigation into State Farm Florida's request for a rate increase that averages 47.1 percent.
State Farm Florida, the state's largest private home insurer, wants to boost homeowner policy rates an average of 47 percent -- and even higher in South Florida.
In less than four years, Citizens Property Insurance went from being a temporary fix for Florida's troubled insurance market to the state's largest insurer of homes, condos and apartments.
As the largest insurer of homes, condos and apartments in the state, Citizens Property Insurance has nearly 9,000 agents writing policies for the company.
State Farm Florida has stopped hiring agents because of the company's decision in February not to write new homeowners policies in the state.
Florida will spend $224 million to shore up the state fund that helps cover insurance company losses from hurricanes, a sign that state officials remain fearful that a huge storm could result in billions in unpaid claims and lead to steep rate hikes for consumers.
Gov. Charlie Crist signed an extensive insurance bill that enchances protections for homeowners and freezes rates for Citizens Property Insurance, the state-run insurer for one more year.
The Florida Legislature on Thursday handed Citizens policyholders another 12-month rate-hike reprieve and regulators more power to police insurance companies.
Oops! Florida's Insurance Commissioner Kevin McCarty was in the middle of a news conference announcing that the First District Court of Appeal had denied Allstate's motion for a rehearing on the state's suspension of its license. Then he paused.
The Florida Senate passed a massive insurance bill with some consumer protections but no immediate steps to lower insurance rates.
Audio | Interview with Citizens CFO Sharon Binnun
