This year has been host to a large number of natural disasters that have born a heavy price tag to the insurance industry. While natural disasters may not be happening more frequently, they are certainly happening in areas of dense population, making the damage they cause astronomical. Consumers often look to the insurance industry to provide protections against natural disasters, but the industry can only do so much. A new report from the University of Pennsylvania’s Wharton School suggests that government policy, as well as consumer initiative, may significantly reduce…
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Understanding the basics of condo insurance
Condo owners, similar to owners of houses, can greatly benefit from the coverage provided by insurance that protects them from damage to their property, as well as from liability. Many condo owners do have questions about condo insurance, however, as it is slightly different from the typical homeowners policy. Though they remain quite similar, there are some ways in which they differ due to the nature of the condo itself. In order to find out what types of insurance are available to your condo, speak with an insurance provider. Many…
Read MoreFloridians call for insurance reform to mitigate growing concerns of natural disasters
South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…
Read MoreFloridians call for insurance reform to mitigate growing concerns of natural disasters
South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…
Read MoreDestructive weather and natural disasters makes shopping for homeowners insurance a challenge
The variability of destructive weather forces from one state to the next has meant that homeowners can expect the property insurance marketplace to be quite complex, and they will need to do their homework in order to choose the best policy. According to vice president Don Griffin of the Property Casualty Insurers Association of America (PCI), the variability in severe weather among the states and within the states makes it “worthwhile to do comparison shopping from time to time to make sure the premium you are paying and the coverages…
Read MoreFlorida fire insurance warning issued
When most people think of wildfires, there are many places that might come to mind but Florida usually isn’t one of them. Since the first of the year, Florida has had over 2,660 wildfires. Florida’s drought conditions coupled with low humidity and high winds have made ideal conditions for wildfires. The director with the Division of Forestry in Florida has issued several warnings and urged residents to follow county burn bans. Visitors to the states parks are also encouraged to check any burn bans that may be in affect before…
Read MoreFlorida insurer asking for 27% rate hike
As insurers all over the country continue to receive criticism from policyholders, and even then federal government, many of them continue to seek rate increases. Fidelity National Property and Casualty Insurance of Jacksonville, Florida, is proposing a rate hike of 27%. The proposal is a move to recoup the monetary losses of last year, according to vice president John Giorgianni. State regulators are currently reviewing the proposal and it may be subject to additional review by the Department of Health and Human Services. Giorgianni insists that the rate hikes is…
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