South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…
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Destructive weather and natural disasters makes shopping for homeowners insurance a challenge
The variability of destructive weather forces from one state to the next has meant that homeowners can expect the property insurance marketplace to be quite complex, and they will need to do their homework in order to choose the best policy. According to vice president Don Griffin of the Property Casualty Insurers Association of America (PCI), the variability in severe weather among the states and within the states makes it “worthwhile to do comparison shopping from time to time to make sure the premium you are paying and the coverages…
Read MoreFlorida fire insurance warning issued
When most people think of wildfires, there are many places that might come to mind but Florida usually isn’t one of them. Since the first of the year, Florida has had over 2,660 wildfires. Florida’s drought conditions coupled with low humidity and high winds have made ideal conditions for wildfires. The director with the Division of Forestry in Florida has issued several warnings and urged residents to follow county burn bans. Visitors to the states parks are also encouraged to check any burn bans that may be in affect before…
Read MoreFlorida insurer asking for 27% rate hike
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 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…
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