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.
Senators push FEMA on flood insurance (4/14/2014)
Three lawmakers wrote a letter saying that homeowners shouldn’t have to pay higher rates for flood ins., even temporarily, as feds work out new law’s details.
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.
Schumer: Terror-risk insurance extension close (4/11/2014)
The U.S. Senate is close to extending government-backed terrorism-risk insurance program through 2021. Key Senator expects House to follow suit.
Private flood insurance options expand in Fla. (4/10/2014)
The entry of another private flood carrier suggests that insurers also consider federal policies overpriced. But some legal and oversight details remain unclear.
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.
Fla. insurer cancels thousands before storm season (4/2/2014)
People’s Trust Insurance Co. is cutting about 5% of its 115,000 policies as “prudent exposure management.” But impacted homeowners aren’t happy.
FBI investigating flood insurance map changes (3/28/2014)
Do some U.S. condo complexes underpay for coverage due to incorrect flood map changes? NBC News says FBI is examining 500 properties – 47 in Fla.
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.
Court: Citizens can face bad-faith lawsuit (1/24/2014)
Escambia County Circuit Judge rules that the Fla.-owned insurer can face a “bad faith” lawsuit because of the way it handled a claim after a 2004 hurricane.
Citizens Ins. launches clearinghouse on Monday (1/23/2014)
If new property insurance applicants get a quote within 15% of Citizens, they’re ineligible. Renewal applicants affected soon, but new insurer must charge less.
Congress agrees to incremental flood insurance fix (1/15/2014)
Sellers won’t get help, but some current owners would have increases delayed – and FEMA has 60 days to provide a report on ways to keep rates more affordable.
Consumers should conduct annual insurance review (1/14/2014)
Many people don’t understand coverage until something happens. Does a business or homeowner have replacement coverage? Could they save with higher deductibles?
Up to 45,000 policies could leave Citizens in March (1/13/2014)
However, the number will probably be less since about one-third of homeowners won’t agree to change. Fla. regulators approved three take-out companies.
Flood insurance update: Rays of hope, no solutions (1/10/2014)
The Fla. Legislature wants to attract private insurers to the flood ins. market, and Congress has a bill that delays increases. What will happen? Still unclear.
Is bigger better when securing property insurance? (1/9/2014)
Fla.-owned Citizens retained its lead as the state’s largest property insurer in latest “top 20” numbers released by the Fla. Dept. of Insurance Regulation.
Scientists creating map to predict sinkhole activity (1/6/2014)
The state hopes to create a detailed, multilayered map that pinpoints areas with the greatest chance of sinkhole activity.
Fla. property insurance rate study delayed (12/19/2013)
Fla. CFO Atwater asked why rates haven’t gone down in the absence of major hurricanes, but the requested study now won’t be completed until Jan. 15, 2014.
Flood insurance problem: Delays, hopes and lawsuits (12/18/2013)
As 2013 draws to a close, homeowner relief at the federal level is at least postponed, while a lawsuit and a bill in the Florida Legislature offer a ray of hope.
Citizens proposes settlement for sinkhole litigation (12/13/2013)
Company urges owners to follow original engineer’s recommendation, but it will allow an independent mediator to review options and render a decision.
Citizens CEO: Policy count down to 750K before 2016 (12/12/2013)
Fla.-owned property insurer says it expects to drop below 1 million policies soon, with 925,000 policies by June 2014 and 750,000 by the end of 2015.
Ignore news reports: 2013 had few natural disasters (12/11/2013)
CoreLogic: Hurricanes, tornadoes and floods? Fewer problems in 2013. Only the number of sinkhole disasters increased, hitting Fla. harder than other states.
Citizens Ins. delays clearinghouse for three weeks (12/11/2013)
Fla.-owned insurer also announced the name of new state watchdog to hold Citizens accountable, and, as Gov. Scott says, “Watch how they spend the money.”
Six insurers eyeing 151,000 Citizens policies (12/5/2013)
Private insurers took out more than 312,000 Citizens policies in 2013, and Fla.-owned insurer expects to drop below 1 million policies in early 2014.
Help delay changes to national flood program (11/26/2013)
Realtor Call for Action: NFIP program changes derail home sales and harm Fla. owners. Take a few minutes to tell Congress it must delay implementation.
Citizens sinkhole changes to boost real estate market (11/21/2013)
Underwriting changes allow homes Citizens previously turned down based on sinkhole history to now qualify for coverage.
TaxWatch study: How does flood ins. impact Fla.? (11/21/2013)
Floridians paid $3.60 in flood premiums for every $1 that came back to cover damages. Overall, 13% of state flood policies could be impacted by higher costs.
Realtors to Congress: Hit the pause button on changes to flood program (11/19/2013)
Realtor Call for Action: NFIP program changes derail home sales and harm Fla. owners. Take two minutes today to tell Congress it must delay implementation.
Rules restrict lenders use of force-placed insurance (11/6/2013)
A loan servicer can no longer receive a commission or fee from an insurer for force-placed insurance policies if Fannie Mae or Freddie Mac hold the mortgage.
Fla. CFO pushes property insurance rate question (10/30/2013)
Atwater already asked why Fla. property insurance rates don’t go down after insurers’ costs went down. Now he wants an analysis on his desk by Dec. 18.
House-Senate plan could delay flood ins. increases (10/29/2013)
Fla. Sen. Nelson announced a bipartisan deal to delay flood insurance rate hikes. It’s a ray of hope for buyers and sellers, but passage isn’t a sure thing.
Hit pause button on law to protect Florida’s economy (10/25/2013)
Editorial: Florida Realtors’ President Dean Asher tells Orlando Sentinel readers why U.S. should delay new flood insurance rules in order to study impact.