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"Your insurance company is supposed to be your backup plan." ... Weiss Ratings found that six of the state's largest providers rejected nearly 50% of their claims in 2023, an unusually high figure ...
State regulators have approved new insurance companies to enter Florida’s market. Others are forming, and although companies like Farmers and Progressive recently announced plans to leave or ...
In 2022, news that 27 of Florida’s property insurance companies were potentially facing a financial rating downgrade from Demotech, the state’s primary financial rating firm, created panic in ...
Florida has always been a complex home insurance market. Since 2017, eleven property and casualty companies that offered homeowners insurance in Florida liquidated. Five of those companies ...
Western Mutual was incorporated under the laws of California on March 7, 1942, as a county mutual fire insurer with the title Coast Mutual Fire Insurance Company of Los Angeles County. It commenced business on April 30, 1942. Residence Mutual Insurance Company was founded in 1949.
New insurance companies in Florida must be approved by the Office of Insurance Regulation (OIR), which reviews the firm's business plan, projections and financial condition. The judgment of the OIR has been questioned because six of the 18 companies licensed to write "takeout" policies between 2007 and 2011 failed, even though Florida had no ...
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