Many Florida homeowners shelled out hundreds or thousands of dollars to fortify their homes against hurricanes in recent years to qualify for insurance discounts. Read the entire story here
Florida CFO Alex Sink today sent a letter to Scott Wallace, President and Executive Director of Citizens Property Insurance Corp., outlining proposed changes to Citizens' procurement policy and contracting procedures. Read the entire story here
As reported by the Cayman Islands News, following the long awaited passage of the new insurance law, the legislation has been welcomed by members of the financial sector who say it puts Cayman is a position to meet market demand for a diverse range of reinsurance products. It is hoped that he modernisation of the [...]
According to the Palm Beach Post, Most Palm Beach County homeowners covered by Citizens Property Insurance will see a rate increase in 2011, although some coastal homeowners will get a break in their bill. Florida Insurance Commissioner Kevin McCarty last week approved an average rate increase of 10.3 percent for Floridians covered by the state's largest [...]
Republican governor candidate Rick Scott says more private insurers would compete in Florida if the state adopts business-friendly standards such as making it tougher for homeowners to claim sinkhole damage and more difficult for plaintiffs to introduce "junk science" evidence in lawsuits. Read the entire story here
Although legislative efforts at comprehensive Florida property insurance reform were ultimately vetoed this year, actual passage of SB 2044, along with other recent developments, may indicate a growing understanding by Florida lawmakers of underlying problems that continue to debilitate the state's property insurance market. Read the entire article by Mike Colodny here
In advance of a September 22, 2010 Rule Development Workshop on the matter, the Florida Office of Insurance Regulation has released a draft copy of Form OIR-B1-1802, which is used to document inspections for hurricane premium discounts. Also known as the "Uniform Mitigation Verification Inspection Form," Form OIR-B1-1802 is being updated to reflect 2010 Florida [...]
In advance of a September 22, 2010 Rule Development Workshop on the matter, the Florida Office of Insurance Regulation has released a draft copy of Form OIR-B1-1802, which is used to document inspections for hurricane premium discounts. Also known as the "Uniform Mitigation Verification Inspection Form," Form OIR-B1-1802 is being updated to reflect 2010 Florida [...]
A frenzy of foreclosures and a bad economy ignited the fear of more arson here and around the country. In 2007, when the foreclosure crisis hit, insurers and fire safety officials warned it might lead desperate owners to torch their homes, hoping to collect an insurance check and to avoid the crippling emotional and financial [...]
As reported by National Underwriter, Gainesville, Fla.-based Royal Palm Insurance Company has received approval for an average statewide homeowners insurance rate increase of 15 percent. The insurer, which has written all of its business in the Sunshine State since 2006, had asked for an average hike of 21.7 percent. Read the entire story here