Amid escalating homeowner insurance rates, a glimmer of hope emerges from South Florida as two political figures spearhead a legislative initiative aimed at significantly reducing these financial burdens on homeowners. The proposed congressional bill sets its sights on a 25% cut in property insurance costs nationwide, promising particularly dramatic relief for Floridian home and condo owners. The legislation, coined the Natural Disaster Reinsurance Plan, is championed by U.S. Rep. Jared Moskowitz, a Democrat from Coral Springs, and Steve Geller, a former Florida legislator and current Broward County commissioner. It boldly…
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The political arena is ripe with news from the insurance industry – 2012 being a presidential election year, as well as other changes, have made for one of the hottest news topics we have.
Citizens’ home insurance changes get the nod from Florida lawmakers
Both the House and the Senate have given the green light to a bill about insuring second homes As Florida continues to seek new ways to unload policies from its home insurance company of last resort, Citizens Property, the House gave its approval to a bill that could shift some second homes off the insurer and into the private coverage market. The Senate already gave its approval to the bill HB 1503 was passed unanimously by the Florida House after it had already received the Senate’s approval. Its next stop…
Read MoreHouse Committee Gives Green Light to Wildfire Insurance Coverage Study
Setting Opinions Aside: An Objective Look at Wildfire Insurance In the wake of devastating wildfires across the country, the House Financial Services Committee has taken a significant step towards addressing the growing concern over insurance coverage for damages resulting from such disasters. With a strong bipartisan backing, the committee has forwarded a bill that mandates a comprehensive study on the state of wildfire insurance. Rep. Patrick McHenry, R-N.C. and chair of the committee, emphasized that the conversation about wildfires must transcend the usual debate on climate change, focusing on observable…
Read MoreLouisiana home insurance to see major changes, says new state commissioner
As the state aims to find a way to repair its current crisis, it is making sweeping changes Louisiana residents are about to see a number of widespread changes to home insurance in the state as the new commissioner Tim Temple aims to fix the crisis in the state. Temple is determined to correct the state’s crisis “Louisiana has a very heavy-handed regulatory reputation,” said Temple. “We’re changing that.” Last week, he outlined a number of sweeping changes to the home insurance regulations in the state, making it possible for…
Read MoreAllstate puts a halt to Colorado Spanish-language insurance sales due to new law
State lawmakers passed a translation requirement leading the insurer to conduct business in English. Allstate will be stopping all insurance sales conducted in Spanish and will do business exclusively in English in Colorado when a new law goes into effect in 2025. House Bill 23-1004 requires insurers to provide consumers with policy documents in the same language as advertising. The law will mean that policy documents provided to consumers will need to be written in the language in which the company advertises. Therefore, if a company advertises in Spanish, the…
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