Live Insurance News

Homeowners insurance in Florida could become more expensive

March 21, 2013March 20, 2013 Logan B.

Homeowners insurance rates may spike if new proposals are successful Homeowners insurance rates in Florida are expected to increase in the coming months depending on the fate of two proposals concerning the Florida Hurricane Catastrophe Fund (Cat Fund). The Cat Fund was established to ensure that homeowners insurance claims could be paid in the case of a severe hurricane. Because Florida is prone to such natural disasters, the fund was considered a viable form of protection for both consumers and insurance companies. Two new proposals aims to shrink the Cat…

Homeowners insurance in Florida becomes more complicated due to spate of sinkholes

March 13, 2013March 12, 2013 Logan B.

Sinkholes causing problems for Florida’s homeowners insurance sector Early this week, a large sinkhole opened up in a neighborhood in the Tampa area of Florida. The sinkhole claimed the life of one man and destroyed that man’s house, as well as causing some damage to neighboring properties. Two days after this incident, another sinkhole opened up in the same area. These sinkholes have caused something of a panic for homeowners in Florida, many of whom do not have adequate coverage to cover the damage caused by sinkholes. Most homeowners insurance…

Largest private homeowners insurance company in Florida turning a profit

March 12, 2013March 11, 2013 H. Cutner

Universal flipped into the black when it saw a positive result from the fourth quarter. In the fourth quarter, the largest privately owned homeowners insurance company, Universal Insurance, flipped to a profit, showing considerable improvements over the year before. In 2011, the company had posted a loss of $2.3 million in the same quarter. For 2012, the homeowners insurance company, based in Fort Lauderdale, posted a net income of $4.4 million. It also saw its direct premiums written rise to $174.6 million during that last quarter, when compared to 2011…

Homeowners insurance gets the attention of new lawmakers in Florida

March 11, 2013March 10, 2013 Logan B.

Florida lawmakers aim to take action on homeowners insurance Lawmakers from Southern Florida are looking to make get their hands on a larger share of the state budget as well as put a stringent cap on homeowners insurance rates throughout the state. The state’s upcoming legislative session will prove to be very important for homeowners insurance in Florida, as lawmakers continue to work toward solutions concerning the problems with the state’s Citizens Property Insurance as well as fraud. The lawmakers from Southern Florida claim that they are working to address…

Florida insurance company of last resort publishes internal complaint list

March 1, 2013February 28, 2013 H. Cutner

The release occurred in an effort toward transparency and to clear its name of its many misconduct scandals. Citizens has been making considerable Florida insurance news headlines over the last while, as word of corporate misconduct and improper spending scandals continue to make their way to the media, so the company has now changed tacks and has released a massive list of 474 different internal complaints. Its goal was to show that it has been properly handling any misconduct allegations that it has received. Unfortunately, this list has also revealed…