Live Insurance News

What is a No-Fault State?

September 15, 2020June 1, 2023 Elizabeth Price

Article Updated June 1, 2023 – Currently, there are 12 no-fault states in the U.S. These include Florida, Kansas, Hawaii, Massachusetts, Minnesota, Michigan no fault insurance, New Jersey, New York, North Dakota, Pennsylvania, Kentucky and Utah . If you live in a no-fault state, it means that a driver has to first file a claim with their own insurance company if they’re in an accident. Every state sets its own laws as far as who pays for an accident. Sometimes when there’s an accident involving two parties, the goal isn’t…

Florida hurricane insurance preparation was effective, say officials

December 6, 2016December 6, 2016 Marc

The state has said that insurers were responsive to their customers because they were ready. State officials have said that Florida hurricane insurance companies have been responsive to customers. This responsiveness to the damage from two hurricanes this year was the result of preparation. Those hurricanes caused hundreds of millions of damage in that state alone. These were the conclusions shared by the Florida Division of Consumer Services. That division received only 375 calls regarding the way Florida hurricane insurance claims were handled. When taking into consideration that Hurricane Matthew…

Citizens wants to address the rising cost of homeowners insurance coverage

March 24, 2016March 23, 2016 Nordstrom

Florida homeowners insurance, Citizens Property

Citizens may petition governor to investigate rising homeowners coverage premiums A member of Florida’s Citizens Property Insurance’s governing board has suggested that the state-run insurer should ask Governor Rick Scott to convene a special panel to address concerns regarding rising water damage costs. The panel would also highlight litigation that may be leading to higher homeowners insurance premiums in South Florida. Citizens Property Insurance is concerned that such litigation is eroding the financial standing of insurance companies throughout the state. Insurers are facing major financial risks due to rising costs…

New company begins offering flood insurance policies in Florida

March 18, 2016March 16, 2016 S.Vagus

Florida homeowners have another option when it comes to flood protection A new company has entered into the flood insurance market in Florida and will serve as an alternative to the National Flood Insurance Program (NFIP). Called TypTap Insurance, it is the first company licensed in Florida to focus exclusively on flood protection. Homeowners can use the insurer’s online platform to purchase the coverage they need. Typically the only place homeowners can find flood protection is through the federal program, but this is beginning to change. The flood market may…

New legislation in Florida aims to close ride-share auto insurance gap

February 26, 2016February 24, 2016 S.Vagus

Senator Simmons introduces new insurance legislation to address ride-share concerns in Florida New auto insurance legislation concerning ride-share companies, such as Uber and Lyft, is making progress in Florida’s legislative process. The legislation, sponsored by Senator David Simmons, is heading for the state’s Senate, where lawmakers will determine its feasibility and whether or not it is a good fit for the state. According to Senator Simmons, the legislation is a work in progress and changes may be made to it in the future. Lawmakers are becoming increasingly concerns of potential…

Florida may do away with its no fault auto insurance system

December 28, 2015December 27, 2015 S.Vagus

No fault system could come to an end in 2019 Florida lawmakers are considering putting an end to the state’s no fault auto insurance system. New legislation could put an end to this system in 2019 and is meant to address the increasingly problematic issue of insurance fraud. Insurers have faced fraud in the state for some time, with some suggesting that the no fault system is to blame. Fighting fraud is becoming a major priority for state officials, who want to see premiums come down for the state’s drivers.…

Citizens aims to change language of homeowners insurance policies

December 16, 2015December 15, 2015 Marc

Citizens Property Insurance intends to change policy language concerning water damage Florida’s Citizens Property Insurance is looking to make changes to the language in its homeowners insurance policies in order to mitigate the growth of claims associated with water damage. These claims are beginning to flow from South Florida, where many homeowners are beginning to experience water damage from various issues, ranging from rainfall to faulty plumbing. The changes that Citizens Property Insurance wants to make will adjust the way water damage claims are handled. Changes must be made in…