Live Insurance News

Homeowners insurance gets the attention of new lawmakers in Florida

March 11, 2013March 10, 2013 Logan B.

Florida lawmakers aim to take action on homeowners insurance Lawmakers from Southern Florida are looking to make get their hands on a larger share of the state budget as well as put a stringent cap on homeowners insurance rates throughout the state. The state’s upcoming legislative session will prove to be very important for homeowners insurance in Florida, as lawmakers continue to work toward solutions concerning the problems with the state’s Citizens Property Insurance as well as fraud. The lawmakers from Southern Florida claim that they are working to address…

Homeowners insurance could rise due to hurricane fund bill

March 2, 2013March 2, 2013 G. Turner

A proposal to decrease the size of the fund could make it more expensive for Florida property owners. A new bill in the state of Florida could have homeowners insurance customers in the state paying more for their coverage as it aims to make the hurricane fund smaller than it currently is. The bill is geared toward shrinking the size of the Florida Hurricane Catastrophe Fund. Florida’s catastrophe fund has been an important source of cash for making claims payments in the state following severe disasters. Should this bill pass,…

Homeowners insurance housecleaning under way at Citizens in Florida

February 28, 2013April 30, 2013

homeowners insurance policy multiple claims

The CEO of the company needs to cut back on the insurer’s spending even further. The CEO of the Citizens homeowners insurance company in Florida implemented some strict travel expense policies in place in order to help cut spending, but is having trouble adhering to those regulations. Barry Gilway has been submitting expenses that are far above the regulations he put into place. It has now been revealed that Gilway, the chief executive officer of the homeowners insurance company, has stayed in a hotel that costs almost twice as much…

United Insurance acquires policies from Citizens

January 12, 2013January 12, 2013 Marc

Florida’s Citizens bequeaths policies to United Insurance Florida’s Citizens Properly Insurance has been working to depopulate itself of the vast majority of its policies in recent months. The insurer, which is run by the state, is being pressured by lawmakers to address many of the issues that have pushed it to the verge of financial disaster. This pressure has led Citizens to take measures to shed policies, such as raising rates on coverage. This week, United Insurance has announced that it has assumed a significant number of these policies. United…

Florida workers’ compensation insurance market in strong shape

January 5, 2013January 5, 2013 S.Vagus

Workers’ compensation insurance is strong in Florida A new report has been released by the Florida Office of Insurance Regulation concerning the state’s workers’ compensation insurance market. The report, which is issued annually, documents the trends that are being seen in the workers’ compensation insurance market and how these trends are affecting the market as a whole. According to the report, the workers’ compensation insurance market remains strong despite recent legislative changes and other factors that have impacted the market over the past year. Report highlights declining rates, and the…

Homeowners insurance in Florida set to increase despite lack of major storms

January 4, 2013April 30, 2013

Despite the lack of natural disasters, it is still becoming more expensive to keep property coverage. Even though there was a striking lack in major catastrophes due to storms such as hurricanes, in 2012, the premiums associated with homeowners insurance policies in Florida are continuing to rise. The prices for some customers are increasing by a considerable amount across the sector. This trend is lead by the state backed homeowners insurance company of last resort, Citizens. This company has already had its premiums increase proposals approved, and other companies have…

Insurance news features highlight on water damage scams in 2012

December 24, 2012April 30, 2013

Insurers are cautioning consumers to take care in the way they deal with their cases. Due to recent insurance news that has included a massive increase in the number of water damage scams throughout this year, insurers are now warning their customers to take care to contact their homeowners or business insurers immediately to make sure that all procedures are followed correctly and they can obtain the proper assistance. In some states, such as Florida, approximately half of all claims have to do with water damage. The problem is that…