Florida insurer asking for 27% rate hike

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 be subject to additional review by the Department of Health and Human Services. Giorgianni insists that the rate hikes is…

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Insurance companies jockey for position over State Farm’s abandoned flood policies

The U.S. House of Representatives have passed reform legislation for the National Flood Insurance Program (NFIP) despite distractions from numerous insurers. State Farm Insurance Company dropped out of the government program last year, leaving over 800,000 policies in the government’s hands.  The government’s NFIP covers more than 5.6 million property owners from common natural disasters as well as flooding. State Farm leaving the program marks the largest withdrawal from the program since it began in 1969.  FEMA (Federal Emergency Management Agency) runs the government program. The policies are marketed, sold…

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