State-backed Citizens Property Insurance hit by surge in lawsuits

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Of the three,881 lawsuits it was served, Citizens famous that 3,832 lawsuits concerned residential properties. And of these 3,832 lawsuits, 2,880 had been from the Miami-Dade, Broward, and Palm Beach counties.

As reported by CBS News Miami, Citizens additionally indicated that it has 18,455 pending lawsuits as of April 30, 2022.

“Citizens continues to expertise an growing development in new, incoming lawsuits primarily attributable to the growing variety of insurance policies in drive,” the insurer’s report stated.

Citizens beforehand disclosed that it added over 25,000 insurance policies in March. Policyholders have been transferring to the insurer of final resort over the previous two years as their authentic carriers both raised their charges to unfeasible ranges, refused to resume protection, withdrew from the Florida market, or filed for insolvency.

Read extra: Florida’s Citizens Property Insurance added over 25,000 insurance policies in March

“This can also be impacting the pending quantity as we proceed to work via the backlog in pending (circumstances) created by the results of the prior COVID response by the state court docket system with the short-term suspension of court docket hearings/trials,” Citizens’ report continued.

Read extra: NAMIC responds to particular session on property insurance coverage reform

Read extra: LAAIA points assertion on Florida’s particular session on property insurance coverage

The insurer’s lawsuit report additionally comes after legislators final month held a particular session on property insurance coverage, culminating within the signing of two legal guidelines meant to handle points associated to apartment construction security and insurance coverage payouts for roofing restore work. The session additionally addressed the difficulty of runaway litigation prices in Florida’s problematic property insurance coverage market.

 

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