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Florida Sinkhole Reappears after Rain
Sinkhole that formed was 520 feet long, 125 feet wide, and 60 feet deep. Bartow, Polk County, Fla. May 22, 1967. (Photo courtesy of USGS) A 20-foot sinkhole in Clermont, Fla., opened up this Monday between two homes, and the recent heavy rains could be to blame. In 2001, a sinkhole appeared in the same…
How Insurers Make Millions On The Side
By Paige St. John, Herald Tribune Today, nearly half of Florida’s home insurance is provided by companies whose primary profit comes not from insuring homes but from diverting premiums into a host of side ventures. Investors and executives in 2008 moved $1.9 billion in policyholder money out of heavily regulated insurers, where profits are capped and…
State Lawmakers Signal an Easing of Insurance Controls
LEGISLATURE: Compromise would let insurers raise rates by up to 10% a year TALLAHASSEE – The effort by Sen. Mike Bennett, R-Bradenton, to allow insurance companies in Florida to set their own rates appears doomed just two weeks into the legislative session, done in by election-year politics and the threat of a veto by Gov.…
Insurers Under Scrutiny for “Excessive” Profit and Management Fees
Southern Oak Insurance Co.’s high profits and management fees are limiting its ability to build claims-paying reserves, according to the Office of Insurance Regulation. Regulators threatened to suspend or revoke the company’s license by the end of the month if it doesn’t address their concern that its management agreement with its affiliate — Southern Oak…
Florida’s Southern Oak Told to Correct Its Business Plan; Other Companies Are Being Examined
Florida’s Southern Oak Insurance Co. has some explaining to do and several other of the state’s property insurers may be soon to follow. The Florida Office of Insurance Regulation has ordered the Jacksonville, Fla.-based, take-out company to submit a corrective action plan to regulators to address concerns about reinsurance, managing general agents and exposure. The…
Fight Legislation To Limit Public Adjusters In Insurance Claims
In February, 2009, my home caught on fire. It was devastating for my family. We had insurance. You get a false sense of security with insurance. If you think your insurance company is going to do right by you, think again. The insurance adjuster is not there to be your “friend.” Insurance adjusters are trained…
Florida Property Insurance: Northern Capital Loses Rating; HomeWise Consolidates
One fast-growing Florida homeowner insurer has had its rating pulled by its rating agency and reportedly halted new business while another domestic carrier is consolidating its business into one company from two. Northern Capital Insurance Co. — named the fastest growing small company in the nation by Inc. Magazine in 2009 —did not come up…
Beware of Contractors Offering Homeowners A “Free Roof”
Palm Beach County Roofing and Sheet Metal Contractors Association CONSUMER ADVISORY BULLETIN For the past few years, South Florida homeowners have been solicited by an increasing number of scam operators, offering to install a new roof on their house for the settlement amount they obtain from the insurance company. As the October 24, 2010 deadline…
After-Storm Advice for Roof Repair
By Jennifer Reich, Elk Marketing Specialist Dallas — During the worst storms you can board up windows and doors around the exterior of your home, but you can’t board up your roof. Mother Nature can wreak havoc on your roof, one of the most exposed parts of your home. But, how do you know if…
Public Insurance Adjusters help Policyholders Win Claims
Many homeowners don’t fully understand their property insurance policies and are at a disadvantage when negotiating with their insurers about repairs needed after a fire, theft, hurricane or other disaster. Public insurance adjusters assess damages, determine what the policy covers, document evidence to support claims and assess what repairs will cost. In Florida, they can…
