An emergency order from Florida’s insurance commissioner issued Wednesday evening gives consumers special protections after Hurricane Irma, including 90 additional days to file claims and a temporary freeze on rate hikes and cancellations. Read more from the Palm Beach Post here
Insurers are taking no chances in preparing for Hurricane Irma as the powerful category 5 storm slogs its way through the Caribbean, devastating the communities left in its wake on its potential path towards the U.S. Read more from the Insurance Journal here
Aug. 24, 1992 was anything but a typical Monday for Robert Reynolds as he drove through debris-filled roads and devastation on the way to his family-run agency then located in Homestead, Fla. Hurricane Andrew had just barreled through the region, killing 26 people, knocking out power to hundreds of thousands, and destroying more than 25,000 [...]
Florida has seen its share of calamities, but an "epidemic of insurance claims" could shove the Sunshine State down a financial sinkhole even before the next hurricane hits. Read more from CBS News here
Florida’s home insurers hope the public doesn’t blame them as they implement rate increases, initiate coverage changes and nonrenew policies. They say they have no choice after the Florida Legislature for the fifth year in a row failed to address the crisis in water damage claims abuse. Read more from Insurance Journal here
For South Florida homeowners, 2017 already figured to be a year of steep property insurance rate increases. Read more from the Sun-Sentinel here
Once again, the end of Florida’s spring legislative session is drawing near and the property insurance industry is starting to worry that chances to enact reforms to stem financial losses are slipping away. Read more from the Sun-Sentinel here
Insurance Commissioner David Altmaier is encouraging consumers to have flood insurance protection in place for their homes and businesses prior to the start of this year’s hurricane season. A basic homeowners insurance policy does not provide coverage for flooding. This coverage must be purchased separately through either the federally-administered National Flood Insurance Program (NFIP) or [...]
Citizens Property Insurance Corp. will post a net loss for 2016, its first loss in more than a decade, as water loss claims, assignment of benefit (AOB) abuse and litigation costs increasingly impact the company’s bottom line, according to a statement from the Florida state-run insurer. Read more from the Insurance Journal here
The Consumer Protection Coalition launched a radio and television ad campaign Monday to warn homeowners of how Assignment of Benefits abuse could cause insurance rates to skyrocket in Florida. Read more from Florida Politics here