South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught…

South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught…

As insurers all over the country continue to receive criticism from policyholders, and even then federal government, many of them continue to seek rate increases. Fidelity National Property and Casualty Insurance of Jacksonville, Florida, is proposing a rate hike of 27%. The proposal is a move to recoup the monetary losses of last year, according to vice president John Giorgianni. State regulators are currently reviewing the proposal and it may…

A recent ruling by a Florida judge may set precedence for other possible lawsuits. A Florida couple sued their home insurer for refusing to pay for repairs needed after contaminated drywall used to build their home ruined electrical wiring, air conditioner coils and pipes.  The insurance company, based in Springfield Illinois, argued that the damages weren’t covered due to the “wear and tear” clause, and the “defective materials” clause. The…

Many homeowners who live in Florida may not be so excited about Florida Lawmakers passing Senate Bill 408.  The bill is sponsored by Senator G. Richter, and is one of several, aimed at knocking down the “cost drivers” that are causing insurance rates to skyrocket. The bill focuses on creating more competition in the private marketplace and cutting down on fraudulent sinkhole claims. Earlier last month during a Capitol press…

Florida Governor Rick Scott has been the subject of public scorn recently after pressuring the state’s lawmakers to form a bill that would significantly cut the number of policies that could be written by Citizens Property Insurance Corp. Scott has voiced his determination to reduce Citizens’ role in the state’s insurance industry for some time. He denies that his goal is the closure of the insurer, however. The Governor says…