According to a recent survey by the FAIR Foundation, the majority of Floridians are still not prepared for the 2018 hurricane season. The survey found that while over three-quarters of Floridians expressed concern about potential hurricanes this season only half have reviewed their homeowner insurance policies to make sure they are properly protected. The survey […]
Florida’s Citizens Property Insurance Corp is waiting until December to set its 2019 insurance rates and decide whether it will approve a 7.9 percent statewide increase for homeowners insurance. It was decided to postpone the increase at a recent Board of Governors meeting. Florida Citizens decided to defer the decision to allow time to review […]
According to data from the Insurance Information Institute (III), 16 insurers went bankrupt after Hurricane Andrew hit Florida in 1992 as claims overwhelmed smaller insurance companies. Since then, the Florida Insurance Guaranty Association has backed Florida insurers, but if your insurance company goes under it can lead to major delays in the claim process. A […]
Gavop, a real estate, housing news, and research service recently examined the latest information being released from the Florida Office of Insurance Regulation and found that insurers across the state (but especially in the Miami-Dade area) are charging drastically different premiums for homes that fall into the same value range and location. In the Miami-Dade […]
The state-run Citizens Property Insurance Corp, who deals mainly with hard to insure properties across the state of Florida came a bit closer to finally capping repair costs for non-weather related water damage for customers who refuse to use their preferred contractors. The Board of Governors recently approved a plan that will put a $10,000 […]
Gun owners in Florida and across the country who are looking for specialized firearm insurance may have fewer options following the shooting massacre that occurred in Florida recently. Chubb insurance company recently announced that they would no longer be offering an insurance policy for gun owners called NRA Carry Guard. This insurance product, which is […]
A new report from the Florida Office of Insurance Regulation (OIR) says that the Assignment of Benefits (AOB) abuse that has been going on in Florida for several years is only getting worse. According to the most recent OIR data concerning homeowner claims that involved roof and water damage, the frequency of water claims per […]
There is only a month left in Florida’s 2018 legislative session and there’s been little movement on legislation that will help solve the Assignment of Benefits (AOB) crisis that has been causing trouble for years in the Florida property insurance market. While assignment of benefits have been around for a long time, in recent years, […]
As the new year takes off, insurance companies do not seem confident that Florida lawmakers will be able to pass legislation that will help fight insurance fraud, which is currently the insurance industry’s most important issue. So far a solution to the problem has eluded Florida lawmakers mainly because insurance companies and trial lawyer groups […]
Residents of the Sunshine state who use the state created insurance company Citizen Property Insurance to insure their property will be seeing on average a 6.6 percent increase in their multi-peril coverage next year. In some areas, the increase could be much higher. The rate increase has been pushed back three months to May 1st […]