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…
Read MoreTag: florida homeowners insurance rates
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…
Read MoreRecent ruling sets presidence for future drywall lawsuits
A recent ruling by a Florida judge may set precedence for other possible lawsuits. A Florida couple sued their home insurer for refusing to pay for repairs needed after contaminated drywall used to build their home ruined electrical wiring, air conditioner coils and pipes. The insurance company, based in Springfield Illinois, argued that the damages weren’t covered due to the “wear and tear” clause, and the “defective materials” clause. The judge deemed that the drywall material wasn’t defective because it could serve its function. However, because the drywall material also…
Read MoreFlorida 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…
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 More
