Homeowners insurance bill in Florida signed by Governor Scott

Florida homeowners insurance, Citizens Property

This will help to reform Citizens so that it will be able to further reduce its massive size. Governor Rick Scott has just signed a Florida bill into law which will allow a huge number of changes to be made to Citizens, the largest homeowners insurance company in the state. One of the goals of the bill is to move more of the policyholders from the state backed insurer into the private market. According to Senator David Simmons (R – Altamonte Springs), who sponsored SB 1770, “It’s a hell of…

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Homeowners insurance adjusters win victory in Florida

green homeowners insurance claims payments

Lawmakers repeal fee cap on homeowners insurance adjusters Florida lawmakers have repealed a cap of fees associated with public insurance adjusters this week in what is being considered a major victory for the homeowners insurance sector. The state introduced a 10% cap on these fees in 2008, hoping to placate some of the economic concerns that have been associated with Florida’s homeowners insurance market. The cap was meant to limit the financial risks of the state-run Citizens Property Insurance, which had been battling with homeowners insurance fraud and an epidemic…

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Homeowners insurance heads skywards for the Jersey Shore due to Sandy

homeowners insurance policy multiple claims

Half of a year has passed since the Superstorm struck and now rates are being impacted. As homeowners insurance policyholders on the Jersey Shore start to receive their renewal notices on their policies – six months after the storm destroyed the region – many consumers are noticing that their premiums have skyrocketed when compared to what they were paying before the storm struck. Residents of the Jersey Shore are still trying to rebuild from the damages left behind by the storm. After facing considerable out of pocket costs from the…

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Homeowners insurance premiums in Oklahoma are rising for many reasons

homeowners insurance

Many residents of the state are wondering why their rates are skyrocketing. Homeowners insurance policyholders in Oklahoma are now facing premiums that have risen by ten percent, and many are wondering what is behind this significant increase. In this case, the traditional explanations that would justify a rate hike don’t seem to apply. As materials and labor remaining about the same due to the current economy, and inflation is low – according to the government – many are struggling to see what could possibly be behind a homeowners insurance rate…

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Insurance companies must reconsider the handling of tornado policies

The tornado season is already off to a destructive and deadly start this year, leading insurance companies  are taking another look at the way that they handle and underwrite for the areas in the United States that have the highest risk of these devastating and recurring events. What this may mean, is that homeowners could discover that they are paying rates that are significantly higher than they have in the past, or that they may not be able to find any coverage at all, as insurance companies work to reduce their…

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Homeowners should expect their insurance rates to rise

Many of the largest homeowners insurance providers in the country, including Travelers, Allstate, and State Farm, will be increasing their rates this year following losses in 2011 that were far greater than had been predicted by the industry. The second biggest homeowners insurance company in the United States, Allstate, has already announced that it will be boosting its rates by 5.6 percent between now and September 30, 2012. They have also indicated that policyholders should expect other increases, as well. Travelers has also discussed the increases that will be experienced…

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Aon Benfield report shows property insurance rates do not account for risk in some areas

Aon Benfield, a global reinsurance intermediary for the Aon Corporation, has released a new report concerning the state of home insurance rates in the U.S. The report shows that potential profit in the home insurance market has dropped from 6.9% in 2010 to 4.8% this year. The report suggests that the drop may be due to property insurer’s not pricing homeowner’s insurance in accordance with risk. This is especially prevalent along coastal regions where the risk for catastrophic damage is highest. Aon Benfield’s report shows that property insurers have shown…

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