NAR to Congress: More work to do on flood insurance (7/24/2014)
In testimony before a Senate committee, NAR told lawmakers’ that recent flood insurance changes have stabilizes the housing market – but they must do more.
‘Hurricane tax’ on policies to end 18 months early (7/23/2014)
It’s official: Fla. agency confirms that a 1.3% extra charge added to all property and auto insurance policies will end on Jan. 1.
Flood insurance refunds to begin Oct. 1 (7/21/2014)
All homeowners who deserve a flood policy refund because they paid a higher rate before Congress changed the program should receive money back before Dec. 31.
Map predicting sinkhole-prone areas closer to reality (7/11/2014)
A fed-funded pilot program ended in May – Florida Geological Survey members visited about 230 locations to sample and study the land as part of the project.
Insurer to take thousands of Citizens policies (7/8/2014)
Regulators OK’d a plan by Southern Oak Insurance Co. to remove up to 10K residential policies in Sept. from state-backed Citizens Property Insurance Corp.
Citizens Insurance Corp. board approves 2015 rates (6/27/2014)
While Fla. must still sign off on lower rates for state-owned Citizens, the average homeowner should save $159 yearly – but rates will go up for some.
Citizens delays expansion of clearinghouse (6/26/2014)
The clearinghouse will compare private insurance policy rates to Citizens Ins. rates when a homeowner renews, but the new procedure is delayed until Nov. 1.
Citizens wants to lower property insurance rates (6/24/2014)
Almost 70% of homeowners covered by the Fla.-owned insurer could see lower rates in 2015, with an average savings of 3.2%; mobile homes could see 3.9%.
Gov. Scott signs Fla. flood insurance bill (6/16/2014)
The new law, effective immediately, encourages private insurers to enter the Fla. market by giving them rate-setting flexibility and reduced regulatory burdens.
Flood insurance price break starts today (5/1/2014)
Buyers of older pre-FIRM properties will receive a premium rate reduction under the new law; and Florida Realtors released a flood insurance disclosure update.
Private insurer to take up to 10K Citizens policies (4/30/2014)
State officials approved the move by Southern Oak Insurance Company, though many homeowners will have a chance to deny the change.
Review insurance polices: Storm season approaches (4/28/2014)
Spring brings tornadoes and hurricane season starts June 1. Consumer Reports suggests steps homeowners should take now. Note: Flood insurance has 30-day delay.
Fla. policyholders less likely to get stuck by a Citizens loss (4/25/2014)
The state-owned insurer bought more reinsurance. For homeowners with private insurance policies, that means their surcharge risk dropped 80% in three years.
New insurance emerging to cover cyber attacks (4/21/2014)
Could a hacker steal client data – and if so, who would pay for the damage it causes? Cyber insurance, still in its infancy, offers a new type of protection.
Fla. to insurers: No deductible for crime damage (4/17/2014)
If a crime causes damage to a home, the owner doesn’t have to pay a property insurance deductible under a 1994 Fla. law – but some insurers still charge it.
In May, some flood policy costs revert to 2013 levels (4/15/2014)
FEMA issued guidelines today for insurers that sell flood policies. In May, the cost for certain affected policies revert to the amount charged before Oct. 2013.
Most force-placed insurance following new rules (4/14/2014)
Change now impacts more than 90% of Fla. policies forced on homeowners by lenders. Fla. review found many practices hurt state’s insurance consumers.
Fla. in top 10 for non-flood water damage (4/8/2014)
According to State Farm, Fla. ranks No. 8 in the number of insurance claims for damage from burst water pipes and other non-flood related water damage.
FEMA issues flood insurance update (4/4/2014)
FEMA explains how it will implement the latest flood insurance law in a seven-page memo. In the short term, some owners may have to pay the old higher rates.
FEMA outlines next steps for flood insurance law (3/27/2014)
Expect it to take up to 14 months to update rules and systems – buyers may have to lobby FEMA to get seller’s rate. New deductible option may help down the road.
Flood insurance relief becomes law (3/24/2014)
Pres. Obama signed the bill Friday, negating the need for Florida Realtors flood insurance disclosure. But change will take time as insurers tinker with software.
Congress clears bill to ease flood insurance hikes (3/14/2014)
It’s not a law until signed, but Pres. Obama appears ready to do so. Among other provisions, the bill no longer increases flood ins. costs at the time of sale.
Fla. to join multi-state lawsuit over oil disaster (3/7/2014)
Fla. spent three years trying to settle damage claims with BP for its role in the Gulf of Mexico oil spill but now says it will join the bigger lawsuit.
U.S. House repeals some flood insurance hikes (3/5/2014)
Supporters say the bill offers relief to homeowners burdened by excessive premiums while ensuring the NFIP stays solvent; it passed with bipartisan approval.
Fla.’s Realtors applaud House passage of flood insurance bill (3/5/2014)
U.S. House releases its own flood insurance bill (2/25/2014)
The bill, which has some bipartisan support, eliminates certain triggers for premium increases, such as a home sale. Gov. Scott also asked Pres. Obama for help.
Citizens asks justices to block bad-faith lawsuit (2/21/2014)
If the Fla.-owned insurer loses a bad-faith lawsuit, is settlement money actually paid by taxpayers? Citizens says yes, and it deserves immunity for that reason.
U.S. House prepares its own flood insurance bill (2/13/2014)
The good news: A flood insurance fix is moving forward in Congress. However, the House version differs from a four-year delay approved by the Senate.
Some flood insurance increases delayed until 2015 (2/7/2014)
FEMA: Homeowners “grandfathered” in – those with rates based on earlier flood zone codes – won’t see a rate increase until 2015. But home sales aren’t affected.