Florida property insurance could get special legislative session

Florida property insurance - Florida on map

Lawmakers are calling for the opportunity to work on this critical state in the issue. Senator Jeff Brandes (R-St. Petersburg) has formally asked his colleagues to support the call he made to hold a special legislative session to focus on the Florida property insurance crisis. The state has been losing insurers as they withdraw or go into liquidation. “We can no longer wait on this issue,” said Brandes, who issued a “template letter” to his colleagues so those lawmakers could send it to the Department of State. The goal is…

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Florida homeowners’ insurance inspections from Citizens soon to explode

Florida homeowners insurance inspection

The property insurer of last resort plans to make substantial eligibility and underwriting changes too. Florida homeowners’ insurance company of last resort, Citizens, has announced that it is likely to substantially increase its property inspections over the next four years in an effort to reduce its exploding exposure level. The company wants to trim back the number of policyholders it is carrying across the state. Citizens is expanding its effort to reduce its Florida homeowners’ insurance exposure while it hacks back the number of properties it is covering. It intends…

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Central Pacific Hurricane Season has started, so it’s policy review time

Central Pacific Hurricane Season - Approaching storm

Insurance companies in Hawaii are reminding homeowners to ensure they’re covered. The Central Pacific Hurricane Season has begun, and Hawaii insurers are reminding homeowners to make sure they have adequate insurance coverage. The state insurance commissioner has also reminded owners and renters to review their policies. Reviewing a policy at least once per year to ensure that coverages and exclusions are appropriate for covering a homeowners property and possessions is highly recommended. Hawaii Insurance Commissioner Colin Hayashida has reminded state residents of the importance of this annual practice, particularly as…

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Insured pandemic losses for P/C won’t be accurately tallied for years, says Fitch

Insured pandemic losses - Store Closed Sign - COVID-19 lockdown

Property/casualty insurance companies recorded only modest loss increases in Q4 2020. According to Fitch Ratings, insured pandemic losses in the property/casualty sector rose only slightly in last year’s fourth quarter. That said, the final tally has yet to be calculated and, according to the US credit rating agency, it will be several years before it can be. Litigation is holding up the tally for business interruption, general and professional liability, and others. P/C insurers have managed to widely keep up capital strength since the pandemic started, said Fitch. Equally, pandemic-related…

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A homeowners insurance review is important at the start of every spring

Homeowners Insurance Review - Residential

Property coverage should be re-examined annually, and this season presents a good opportunity. Experts in the industry typically recommend that property owners conduct a homeowners insurance review once per year, and the spring is an ideal time to do it. The start of this season allows property owners to ensure they have adequate coverage for the year ahead. With the fresh starts that come with springtime, a homeowners insurance review can help policyholders to ensure that their coverage is still appropriate for their needs. This way, they can know that…

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Tutoring business insurance isn’t required but may be necessary

Tutoring business insurance - Teacher and student

Though private tutors aren’t legally required to buy coverage, the right policy may be essential. Tutoring business insurance may not have been the first thing that popped into your mind when you decided on this job, but it can make all the difference if things take an unexpected turn. When you decide to begin as a tutor, it’s a good idea to consider your risk exposure. Before you start working, think about the many types of risk that you may face along the way. As much as we may not…

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Home sharing participants need short term rental insurance coverage

Short Term Rental Insurance - Airbnb

Airbnb, VBRO and HomeAway members need special coverage for brief or seasonal rentals. Home sharing has become a popular way to earn extra income from a property, but all too many of those owners fail to obtain short term rental insurance. Regardless of whether a condo, seasonal property or home is rented in its entirety or just a portion, these guests are not typically covered by standard homeowners insurance. That said, this doesn’t mean that there isn’t any coverage at all for these helpful income sources. There are many home…

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