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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Toxic Chinese drywall battle continues
There has been a dispute raging in Florida regarding damage done to properties using toxic, Chinese-made drywall. Many insurance companies have denied payment for damaged properties that make use of the material, leaving many homeowners to shoulder the cost of rebuilding after any kind of disaster. The material has also been the cause for some health issues, adding yet another facet to the already murky context of insurance coverage. However, a Florida judge has recently issued a ruling that could change all that. In the wake of Hurricane Katrina, many…
Read MoreMixed reviews on new Florida property insurance bill
Many homeowners who live in Florida may not be so excited about Florida Lawmakers passing Senate Bill 408. The bill is sponsored by Senator G. Richter, and is one of several, aimed at knocking down the “cost drivers” that are causing insurance rates to skyrocket. The bill focuses on creating more competition in the private marketplace and cutting down on fraudulent sinkhole claims. Earlier last month during a Capitol press conference, two local representatives spoke out against SB Bill 408. One of the lawmakers opposing the bill went against his…
Read MoreFlorida Insurance: Controversy over new property insurance bill
Florida Governor Rick Scott has been the subject of public scorn recently after pressuring the state’s lawmakers to form a bill that would significantly cut the number of policies that could be written by Citizens Property Insurance Corp. Scott has voiced his determination to reduce Citizens’ role in the state’s insurance industry for some time. He denies that his goal is the closure of the insurer, however. The Governor says that he recognizes the value of the insurer but insists that some changes need to be made to justify its…
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