31 arrested in organized insurance fraud scheme (5/22/2015)
Members of an organized fraud scheme would adjust a home’s water pipes or spark a cooking fire, then submit a property insurance claim for the resulting damage.
Gov. Scott signs real estate-related bills into law (5/22/2015)
Three bills highlighted in Florida Realtors end-of-session report became law yesterday after the governor signed them. They impact insurance and FREC rules.
Court backs contractors in insurance benefits battle (5/21/2015)
An owner may still “assign benefits” to a contractor, which empowers him to make emergency repairs and collect money directly from the property insurer.
Two-thirds of homeowners are underinsured (5/20/2015)
Most owners have mortgage-mandated property insurance, but it’s not enough to cover a major disaster – and 60% of renters have no insurance at all.
Errors lead Citizens to offer credit monitoring (5/1/2015)
About 20,000 Fla. homeowners with state-owned Citizens Property Insurance will get free monitoring after the company sent personal info to a wrong address.
State Farm sheds 10% of Fla. policies in past year (4/27/2015)
Once Fla.’s largest home insurer, State Farm dropped about 40K homes in the past year after saying it would write more policies, finds Palm Beach Post research.
Lawsuit focuses on post-hurricane water damage (4/24/2015)
Rising flood damage is covered by NFIP and other water destruction by homeowner policies. Miss. alleges State Farm mislabeled damage to avoid paying claims.
Fla. property insurance documents enter computer age (4/7/2015)
A bill passed by the Florida Legislature – Gov. Scott has not yet signed it into law –allows property insurers to send docs via email rather than regular mail.
Citizens Ins. has record-low number of policies (3/19/2015)
A move to lower the number of policies under Fla.-owned Citizens Ins. appears to be working – the number dropped below 600K for the first time since inception.
Citizens Ins. to accept alternate mobile home valuation tools (3/18/2015)
On March 2, Citizens encouraged mobile and manufactured homeowners to make sure improvements have been factored into the cost of their property insurance.
Fla. eliminates last hurricane assessment (3/10/2015)
It’s official: Property insurance policies will cost slightly less after July 1 – Fla. abolished the last hurricane damage assessment it charged homeowners.
Flood insurance premiums can go up after April 1 (3/5/2015)
Under last year’s law that limits flood insurance rate increases, a single policy can go up 18%, providing the average premium in its rate class rises no more than 15%.
‘Assigned benefits’ a hidden property insurance cost (1/29/2015)
A Fla. House member issued a warning about “assignment of benefits” on insurance claims, saying many of them simply empower shady companies to overcharge.
Citizens Insurance continues shedding policies (1/12/2015)
After approving a 93.5K policies “takeout” Fri., the Fla.-owned insurer said an uptick in private insurer interest might help it shrink even more than predicted.
Congress adjourns without passing terrorism bill (12/18/2014)
A lone senator’s objection derailed passage, and commercial projects will lose coverage or face higher costs Jan. 1. The issue is not dead yet, however.
CEO: Citizens Ins. won’t need taxpayer help in 2015 (12/11/2014)
Even if a once-in-a-century storm hits Fla. next year, the state-owned “insurer of last resort” says it won’t need a taxpayer bailout to help pay expected claims.
Government terrorism insurance program faces lapse (12/4/2014)
Without terrorism coverage, commercial development could slow down, especially in urban areas. NAR issues Call for Action, asks members to help get it passed.
Gov’t, real estate should mitigate disasters more (12/4/2014)
A ULI report looked at U.S. and other countries’ disaster mitigation policies. Its conclusion: Insurers do a good job, but others need to get involved.