Tag Archives: Property Insurance

Another Florida insurer faces suspension: Olympus Insurance

By Advocate Claims Public Adjusters | Published: April 9, 2010

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

By Advocate Claims Public Adjusters | Published: September 28, 2009

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

By Advocate Claims Public Adjusters | Published: May 28, 2009

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

By Advocate Claims Public Adjusters | Published: April 3, 2009

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

By Advocate Claims Public Adjusters | Published: March 26, 2009

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

By Advocate Claims Public Adjusters | Published: February 24, 2009

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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SoCal Fires Strike Those Who Often Reject Insurance

By Advocate Claims Public Adjusters | Published: November 21, 2008

Mobile home owners and renters often choose to go without property insurance, potentially exposing them to catastrophic losses such as those suffered in Southern California’s weekend firestorms, according to the Insurance Information Network of California. Nearly 500 manufactured homes and more than 80 apartments were destroyed in the fires. While it’s unclear how many were [...]

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Prohibition on Cancellation or Nonrenewal of Property Insurance

By Advocate Claims Public Adjusters | Published: October 25, 2005

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