Understanding the Challenges of Property Insurance Claims Denials in Florida The landscape of property insurance in Florida is a complex and often challenging arena for homeowners. In recent years, the state has seen a significant uptick in litigation related to property insurance claims, particularly denials and underpayments. This post aims to shed light on this pressing issue, offering insights and guidance to those navigating the often turbulent waters of property insurance claims in Florida. 1. The Startling Statistics of Insurance Claims in Florida A critical statistic that sheds light on…
Read MoreTag: natural disasters
Beginner Basics: 7 Things New Homeowners Need to Know About Home Insurance
Most new homeowners know that purchasing a house insurance policy is a sensible decision. Those small monthly payments you barely notice coming out of your bank account can save you from financial ruin in the event of catastrophic property damage. However, some people purchase home insurance policies without doing their homework. Alongside reading the fine print provided by your insurance company, it can be worth familiarizing yourself with the following details: No Doesn’t Always Mean No Insurance providers are there to help homeowners protect their investments. Unfortunately, that doesn’t mean…
Read MoreWhat Are Insurance Loss Assessors and How Can They Help You?
Property damage can be a nightmare to deal with, especially when it comes to filing insurance claims. If you’ve ever had to navigate the complex and often confusing process of filing an insurance claim, you know how frustrating and time-consuming it can be. This is where insurance loss assessors come in. These are the experts who can help you get the compensation you deserve after experiencing damage to your home, property, or vehicle. In this article, we’ll dive into what insurance loss assessors do, how they can make the insurance…
Read MoreInsurance losses hit $120 billion in 2022 due to hurricanes and flooding
The US and Australia were the countries that contributed some of the biggest disaster costs. In 2022, Hurricane Ian in the United States and the flooding that struck Australia were among the leading drivers of insurance losses, according to Munich Re. This is contributing to a trend that connected with the intensity and frequency of disasters from climate change. The insurance losses from natural catastrophes last year reached about $120 billion in 2022, which was comparable to 2021, though still fell short of the record-breaking damages that occurred in 2017,…
Read MoreLife insurance policy availability for coronavirus coverage may soon shrink
Insurers feel the COVID-19 pandemic comes with too many uncertainties to offer cover. Life insurance policy sales have been spiking since the start of the COVID-19 pandemic, but the availability of this coverage may not continue as it has been. Insurers have been faced with a sudden and dramatic amount of unknown coverage data. Life insurance policy sales are based on the answers to several questions and the use of actuarial tables to determine each applicant’s rates. However, with the addition of the coronavirus pandemic, the factors influencing what an…
Read More