Florida 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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New limitations on Florida sinkhole insurance imposed

Florida Governor Rick Scott has signed off on a bill that will change the state’s property insurance regulations. The bill was proposed several months ago and has been the subject of controversy since its introduction. Opponents of the bill call its provisions “anti-consumer.” State officials, however, say that the bill is a necessary measure to combat fraud. The Governor approved the law only six days after it arrived on his desk, drawing the ire of a number of consumer advocacy groups who stood in opposition of it. The new law…

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Hopes that new Florida insurance bill will solve fraudulent sinkhole claims issue

Florida Insurance Commissioner feels certain that Governor will sign SB 408 into law. The bill pertains to property and casualty insurance and directly effects property insurance coverage and overhauling a system vulnerable to fraudulent claims. Property insurers have had to increase rates in efforts to keep up with mounting sinkhole claims, rising reinsurer fees and other issues that are pushing costs through the roof. However, with the passing of SB 408, much of that is likely to change. Bill 408 directly goes after what many insurers and several Lawmakers consider…

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Florida sinkhole damage is cause for change

Florida legislators have been struggling with property insurance reform for some time now. With insurers raising prices and the widespread accusations of fraud, specifically involving instances of sinkhole damage, the state has never been in such dire need of change, according to lawmakers. Fortunately, change is on the way as the Florida House of Representatives passed a bill that will address factors that are contributing to higher insurance costs as well as revitalize the state’s insurance market. The bill passed with an 85 to 33 vote. Lawmakers are representing the…

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