Blog: 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…
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…
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…
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…
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…
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…
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…
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…