Florida boosts home insurance oversight following investigation

Home insurance - Investigation Florida

New legislation has been introduced after an investigation showed disaster estimate slashing. Florida Governor Ron DeSantis (R) recently signed a new law that boosts home insurance company accountability for their claims handling processes. The insurers will be required to comply with additional transparency and oversight regulations. The new law requires home insurance companies to boost their process transparency and will be subject to higher fines for legal violations. The law also provides the regulators in the state additional authority to conduct investigations into allegations of bad behavior in a market…

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Boat insurance companies release hurricane season preparedness tips

Boat insurance - Boat on stormy water

The Atlantic hurricane season starts in June and insurers want watercraft owners to keep their property safe. As boating season begins, hurricane season is also approaching, so boat insurance companies are issuing reminders to owners to make some simple changes to protect their property. Many of the tips are straightforward and should be a part of annual maintenance for watercraft. Though it is difficult to predict whether there will be an active season for hurricanes and tropical storms, it is always a good idea to take the right steps to…

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Florida home insurance customers to pay extra 1% emergency fee

Home insurance - 1% Emergency Fee

Property owners throughout the state will see the increase due to insurer insolvencies from hurricanes. Florida home insurance customers will be paying another 1 percent on top of their usual premiums in order to cover the cost of property insurer insolvencies caused to a certain extent by hurricane damage claims. This additional fee is being added to the already spiking rates being charged across Florida. Floridian consumers have been watching their home insurance premiums soar yet again as the state scrambles to try to prevent a full crisis in this…

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Louisiana Insurance Commissioner Jim Donelon won’t seek a 5th term

Insurance Commissioner - No Vote

In the midst of a property coverage crisis, he has stated that he won’t be running again. While Louisiana continues to scramble to keep on top of a property coverage crisis, Insurance Commissioner Jim Donelon has announced that he does not intend to seek re-election to a fifth term in the fall. This announcement is likely to generate greater interest in what will already be a heated race. The unexpected announcement arrived in the midst of Donelon’s efforts to keep Louisiana out of a potential property insurance market collapse. Since…

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Louisiana home insurance special session called by Governor John Bel Edwards

Home insurance - Government

The governor is hoping this special legislative session will set the state up to overcome its crisis. Louisiana Governor John Bel Edwards has called a special session of the state Legislature to take control over the home insurance crisis. The session is slated to start on January 30 and will continue until no later than February 5. The governor’s move aligns with Insurance Commissioner Jim Donelon’s statement made to a key legislative committee last Friday, when he said that a special session will be critical to overcoming the property and…

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