Tax reform could raise cost of property insurance (3/21/2017)
Insurers buy reinsurance to reduce risk, but most reinsurance businesses exist outside the U.S. Fla. TaxWatch says a border tax proposal would increase the cost of reinsurance and homeowners would end up paying for it via higher property insurance rates.
Court backs State Farm on policy info (3/21/2017)
In a defeat for the Office of Insurance Regulation, an appeals court agreed the info is a “trade secret” and should be shielded from public disclosure.
Budget proposal could impact flood insurance (3/21/2017)
Proposed $190M budget cuts for updating flood maps could lead to higher costs if insurers stop trusting older maps or homeowners must make up the difference.
Florida property insurers avoid ratings downgrades (3/20/2017)
Potential problem averted: If Fannie/Freddie-backed rating firm downgraded Fla. insurers, it could have halted closings and made current owners find new coverage.
Homeowners’ insurance Q&A (3/16/2017)
What do your clients know about their homeowners’ insurance? Many don’t understand what is – and isn’t – included in their policy.
U.S. House studying a flood insurance extension (3/15/2017)
The national flood insurance program ends Sept. 30, and Congress has just started to look for ways to rework and continue the program, which is deep in debt.
Property insurers seek steep rate increases in South Fla. (3/13/2017)
Fla. property insurance companies have requested increases from 3% up to 14.5%, but the burden could be higher for S. Fla. owners than neighbors farther north.
Insurance claim satisfaction rises – but not so much in Fla. (3/10/2017)
A J.D. Power survey finds that Americans are generally happier with their property insurers when they have a claim, though little has changed for Floridians.
Lawyers wary of possible insurance changes by Fla. lawmakers (2/27/2017)
One proposed change: Insurers might not have to pay attorney fees if an owner assigned benefits to a third party. Lawyers say court challenges would likely follow.
Lenders may soon reject some Fla. property insurers (2/9/2017)
Fannie and Freddie decide which insurance companies are okay, but they may soon delete a few from Fla. lists, which would force 250K owners to find a new insurer.
Hurricane Matthew damage? 60 more days to file (2/6/2017)
FEMA has granted homeowners affected by Hurricane Matthew flooding 60 more days to file a flood insurance claim.
Court weighs State Farm Florida trade secrets (1/20/2017)
Where does State Farm sell insurance policies in Fla.? The group considers that a trade secret, but an appeals court will decide if that claim is justified.
Water claims could lead to more Citizens policies (12/8/2016)
After years of downsizing, the Fla.-owned property insurer said its policy numbers would probably increase in 2017 due mainly to a bump in water damage claims.
86% of buyers don’t know what a CLUE report is (11/16/2016)
If a seller made multiple property insurance claims, buyers could end up paying surprisingly higher premiums – but only 12% request a CLUE report.
Realtors’ flood insurance role? Tell owners about it (11/7/2016)
Maria Wells, NAR insurance chair and 2017 Florida Realtors president, says members should get to know their floodplain manager and find an ins. agent they trust.
Supreme Court limits benefits when insurers go broke (10/21/2016)
A property-insurer-paid Fla. fund helps owners if their property insurer goes bankrupt, but a payout doesn’t have to be as good as the benefits stated in a now-defunct policy; and the court ruled that a 2011 law can be applied retroactively.
Flood insurance claims: What to do (10/21/2016)
FEMA recommends that homeowners with flood insurance and recent storm damage apply for help and “closely monitor the insurance claims process.”
Managing the post-storm insurance claims process (10/10/2016)
Fla. CFO Jeff Atwater consumer alert: Homeowners shouldn’t undertake post-storm home repairs until they’ve taken a photo of the damage – documentation they may need when submitting a claim to their insurance company.
Citizens still wants stricter water claims benefits (10/3/2016)
The Fla.-owned insurer says it plans to push the Legislature next year into passing a law that limits water-damage claims and assignment-of-benefits clauses.