The Insurance Information Institute (III) recently released a new report entitled Flood: Beyond Risk Transfer. It predicts that major flood events will grow over the next 30 years, even though insurance and policymakers improve their abilities to reduce flood risks. “Our understanding of loss trends and expertise in assessing and quantifying risk must be joined at […]
Recently, Florida lawmakers passed two bills that will make major changes to the auto and homeowners insurance markets in the state. The bills will now be sent to Governor Ron DeSantis, who must sign them before they become law. Here is a quick breakdown of both bills and how they will impact insurance in Florida: […]
If you own a vacation home, you will need a separate secondary homeowners policy to protect your investment. The protection offered by the homeowners policy on your primary home does not extend to a second home. What is secondary home insurance? Vacation home insurance is often called secondary home insurance and while it is very […]
A recent report by ValuePenguin looked at the new risk ratings that the Federal Emergency Management Agency’s (FEMA) will be using when determining premiums for flood insurance in the National Flood Insurance Program (NFIP). The report found that millions of homeowners could see noticeable increases in flood insurance costs. FEMA’s new rating system is called […]
The Florida House moved a bit closer to passing a property insurance bill on Friday when HB 305 was approved by the House Commerce Committee. However, the House bill is significantly different from a bill passed by the Senate. Lawmakers will need to reach some sort of agreement on a final version by the scheduled […]
According to a recent report, The Colorado State University (CSU) Tropical Meteorology Project Team predicts that we will have an “above average” Atlantic hurricane season this year, with 17 named storms. This number includes eight hurricanes, four of which could become major hurricanes. The team used models that incorporate 40 years of historical hurricane data […]
High-value homeowners insurance is designed for homeowners who have a high net worth as well as a luxury home. These policies typically offer higher coverage limits as well as better protection for other assets. High-Value Home Insurance explained While policies can vary by insurer, a high value home is typically a home that has a […]
In a recent open letter from Florida Insurance Commissioner David Altmaier to House Commerce Committee Chair Representative Blaise Ingoglia, Altmaier detailed the fact that Florida accounts for almost three-quarters of all insurance lawsuits filed by homeowners against insurance companies in the United States. Altmaier revealed in his letter that the Florida Office of Insurance Regulation […]
The pandemic has given homeowners plenty of time to take on home renovations. Homeowners with increased savings and plenty of time on their hands has led to a dramatic increase in home projects this year. According to a recent Bank of America survey roughly 70% of Americans decided to start on a home improvement project […]
The Florida Senate is considering a plan that would make dramatic changes to the property insurance system in the state. It would allow insurance companies to limit the amount paid out for roof damage while also putting new restrictions on lawyer fees during insurance disputes. The Senate Rules Committee approved the plan (SB 76), preparing […]