Posts Tagged ‘private insurers’

Citizens Paring Down Policies of Manufactured Home Owners

August 12th, 2015 Comments off

hurricane protection panels  fotosearch stock hotoUpdating a story MHProNews last posted April 26, 2013 regarding Florida’s state-run insurer of manufactured homes, Citizens Property Insurance Co., and its reduction of coverage on MH, orlandosentinel reports seven private insurers have been approved to pick up half of Citizens’ remaining policies, amounting to 280,857 policies, according to the Office of Insurance Regulation (OIR).

The number of policies that will ultimately leave Citizens will be substantially lower than the number of policies OIR has approved for takeout, Citizen spokesman Michael Peltier noted in an email Wednesday.That has always been the case but has become more noticeable over the past few takeouts.

In 2012 Gov. Rick Scott wanted to shrink the 1.5 million Citizens policies and put more homeowners under private insurers. The goal was to reduce risk for policyholders across the state who were paying added assessments whenever a major hurricane came through.

Created as the insurer of last resort, President and CEO Barry Gilway projects that the reduction will eventually leave Citizens with about 450,000 of the least-insurable policies. To date, 128,133 policies have been removed through the take-out process this year from a total of 713,336 available. The low turnover is due to private insurers choosing the least-risky policies.

In October, 279,357 personal-residential policies and 1,500 commercial-residential policies will be offered to the seven insurers.

On Aug. 25 Citizens Board of Governors will propose a plan to state regulators for an average 3.2 percent increase for next year. Manufactured home owners who live inland will receive a better rate. ##

(Photo credit: fotosearch–hurricane protection panels)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

FEMA: Flood Insurance may be Lacking

October 31st, 2012 Comments off

In the wake of Hurricane Sandy, the Federal Emergency Management Fund (FEMA) has enough funding for disaster relief, but it may come up short for the federal flood insurance program, MHProNews has learned from CNNMoney. The National Flood Insurance Program (NFIP) paid out $1.8 billion following Hurricane Irene last year, but the tab this year is expected to run in the multi-billions, although it is too early to know the actual figure. FEMA still owes $18 billion to the Treasury Department for Hurricane Katrina, and while it has access to $3.8 billion, Congress may have to add funding to the program. Private insurers do not sell flood insurance. People in the Northeast are less likely to buy flood insurance than those living in the hurricane-prone South. However, since Hurricane Irene hit last year, 14 percent of homeowners living in the Northeast bought federal flood insurance, an increase from five percent in 2011.

(Photo credit: Spencer Platt/Getty Images)

Triad CEO Glisson Appointed to Board

May 15th, 2012 Comments off

InsuranceNewsNet says Don Glisson, Jr. Chairman and CEO of Triad Financial Services has been appointed to the Board of Governors of the state-run Citizens Property Insurance Corp. by Florida Chief Financial Officer Jeff Atwater. Citizens offers insurance to homeowners who cannot obtain coverage through private markets, many of whom live in manufactured housing communities, often on the coast where they are vulnerable to hurricanes. Triad is the oldest manufactured housing finance company in existence. In June of 2010 Glisson was named by the Jacksonville Business Journal as a “Ultimate CEO.” A May 8, 2012 story by told how Citizens, which is now the largest insurer in the state with nearly 1.5 million policies, is reducing its client base so private insurers will return to the market.

(Photo credit: Triad Financial Services)

Florida’s Largest MH Insurer Wants to Reduce

May 8th, 2012 Comments off

Following up on a story we published April 25, 2012, TCPalm says state-run Citizens Property Insurance in Florida wants to reduce its policyholders by some 687,000, 45 percent. Created by the state to provide insurance for manufactured home owners ineligible for private insurance, Citizens is now the largest insurance company in the state, with 1.5 million policies. In addition to raising rates, it will no longer cover carports and porches, has learned. The company says a major hurricane this season could wipe out its $6 billion surplus, and it’s artificially low rates discourages private business by making the market uncompetitive. However, some say private insurers will not return, especially not to high-risk coastal areas. One resident, knowing that living in Port St. Lucie in a manufactured home adds to the premium, expects his insurance to rise ten percent when his Citizens policy renews in November.

(Photo credit: InsideFlorida)