Tag Archives: Property Insurance

Citizens Property Insurance Pays Attorneys Not Policyholders

This year, Floridians have been blessed with a hurricane-free season. However, many policyholders with Citizens Property Insurance are finding that the state’s largest insurance provider is less than willing to provide compensation for water damage caused by factors other than flooding, including burst pipes. Because of this, there has been a surge in lawsuits against […]

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What Can Florida Policyholders Learn from Hurricane Sandy Victims Not Satisfied with Insurance Claims?

Most people expect that when a natural disaster hits their home or property, their insurance company will be right there to get you the compensation you need to make repairs. However, that’s not always the case. In many situations, especially after a big storm that damages thousands of homes, insurance companies are reluctant to pay […]

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Florida Supreme Court Ruling is a Major Win for Property Insurance Consumers

Lobbyists for the Florida property insurance industry are continually trying to curtail access to public industry adjusters for policyholders by convincing lawmakers to pass all sorts of restrictive laws. In a long-standing case that had reached the Florida Supreme Court, policyholders finally won the right to be solicited within the first 48 house after a […]

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Florida Office of Insurance Regulation Appears to Rubber Stamp Virtually Any Rate Hike Requested by Property Insurance Companies

Despite the supposed 10% annual caps on rate increases that are supposed to be in place for Florida property insurance companies, company after company gets away with increasing their rates by bedding down with Governor Rick Scott and the heavily Republican State Legislature. As reported on June 27, 2012 by regular insurance writer, Julie Patel […]

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Another Florida insurer faces suspension: Olympus Insurance

By Julie Patel, Sun Sentinel Insurance Commissioner Kevin McCarty said today that Olympus Insurance Co. must beef up its claims paying reserves and resolve accounting issues by May 7 or face suspension. In an order to the company, McCarty said the company doesn’t have enough money to pay claims if more than one major hurricane […]

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A sinking feeling in Pasco and Hernando

Once again, property owners in sinkhole-prone Pasco and Hernando counties are getting shafted by the governor and Legislature. A new law taking effect in January gives insurance companies the option of summarily dropping property owners who have standard sinkhole coverage – a major protection that helps people fix their homes when a sinkhole is detected. […]

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Florida Gov. Crist Signs Citizens Insurance Rate Hike Bill Into Law

Florida Gov. Charlie Crist has signed legislation that will increase property insurance rates by 10 percent annually on more than one million customers of the state-backed Citizens Property Insurance Corp. and gradually reduce the exposure of the state’s hurricane insurance fund. Crist signed the bill (HB 1495) yesterday along with 30 other bills without any […]

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State Farm leaving Florida property insurance market

More than 1 million customers will be affected Little more than two weeks after state regulators turned down its request for a 47.1 percent rate hike, State Farm announced Tuesday it would stop offering property insurance in Florida. And although policy holders will have up to two years to find another insurer, Gov. Charlie Crist […]

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Property Coverage for Businesses with Changing Needs

Some businesses have very stable property insurance needs as the value of their non-building property doesn’t vary much during the year. For example, an accountant’s office will have furniture, telephones, computers, reference books, and so on. The replacement costs of these items won’t be much different in July than they were in April. Other types […]

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What to do after State Farm

As Florida’s insurance consumer advocate, I am disappointed in State Farm Florida’s decision to exit the property insurance market. Instead of dwelling on the reasons for the company’s decision, we need to consider the immediate fallout. First, we must look at the current state of Florida’s insurance market. Since Hurricane Andrew in 1992, large national […]

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