Hurricane season has come to an end and Florida and its insurers are still standing. Florida has managed to evade major hurricanes for the past six consecutive years. For a state that is growing increasingly dependent upon insurance coverage, this is no small feat. Florida’s Citizens Property Insurance has also emerged from the season virtually unscathed by major storms, though the state-run insurer is still wracked with persistent financial and fraud issues. The 2011 Atlantic hurricane season produced 19 named storms, of which only 7 became full-fledged hurricanes, according to…
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Floridians call for insurance reform to mitigate growing concerns of natural disasters
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 off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…
Read MoreFloridians call for insurance reform to mitigate growing concerns of natural disasters
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 off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…
Read MoreFlorida fire insurance warning issued
When most people think of wildfires, there are many places that might come to mind but Florida usually isn’t one of them. Since the first of the year, Florida has had over 2,660 wildfires. Florida’s drought conditions coupled with low humidity and high winds have made ideal conditions for wildfires. The director with the Division of Forestry in Florida has issued several warnings and urged residents to follow county burn bans. Visitors to the states parks are also encouraged to check any burn bans that may be in affect before…
Read MoreFlorida 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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