Florida homeowners in danger of losing their flood insurance coverage

Flood Insurance and reinsurance
Florida home insurance soon to incl...
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Florida law could exclude the state from NFIP coverage, according to FEMA. Florida lawmakers are working to expedite the availability of new building permits, but this may have put homeowners at risk of losing the flood insurance coverage they receive from the National Flood Insurance Program (NFIP).  Flood insurance has become a very problematic issue throughout the country, but has been especially problematic in Florida recently. The troubles of flood insurance are linked to NFIP, a federal program which provides the majority of the country’s flood insurance coverage. The program…

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Auto insurance fraud on the rise – a call for serious change in Florida insurance system

Florida continues to combat auto insurance fraud despite new measures introduced to combat the problem. While the number of accidents in the state is on the decline, the occurrence of fraud continues to grow. Insurance Commissioner Kevin McCarty claims that widespread fraud has led to premiums for auto insurance to soar by $900 million since 2008. The mounting problem has lit a fire beneath Governor Rick Scott, who is now petitioning the state Legislature to make changes to both the insurance industry and its regulations to put an end to…

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Florida insurance bill opens up new market for audit

New legislation in Florida may mandate the state’s insurers to present the books of affiliated management companies for audits. This legislation would close a loophole left over from the last time the state’s insurance laws were amended, a loophole that kept this information private. Insurers also exploited the loophole to spend the money collected through premiums on ventures that they owned. Such spending was not regulated in any way by the state. The legislation is an amendment added to a much larger insurance bill, sponsored by Senator Garrett Richter of…

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Homeowners insurance premiums on the rise

Florida Homeowners Insurance

Insurance rates are increasing all across America. Homeowner’s policies, automotive and healthcare have all seen sizeable increases over the last few years. It’s looking like 2011 will be no different; several states will be seeing moderate to substantial increases to their homeowner’s policies. Homeowner’s across the United States have been seeing an increase in premiums for several years. The first major increase was due to the 2004 and 2005 hurricane season; the damage in those two years (especially from hurricane Katrina), caused massive claims and payouts. Many agree that as…

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Personal injury fraud is costing us all!

Lawmakers will be focusing on ways to control auto insurance prices; mainly, by reducing the amount of scams and civil lawsuits associated with bogus personal injury claims. Staged accidents are costing law enforcement, insurance companies and private tax payers millions of dollars a year. In most states, insurance fraud is a (2nd degree) felony, with a minimum, mandatory two year prison term if convicted. In some states, like Florida, organized crime rings committing auto related accidents have gotten so out of control, the insurance industry has developed special investigation units.…

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