Floridians are placing themselves at risk in the event that they face a natural disaster. As the cost of home insurance continues to increase tremendously in Florida, there is a growing number of property owners choosing not to continue to pay for coverage or who decide that they can no longer afford it. Florida residents without a mortgage have the choice Floridians who still have a mortgage are required to keep their home insurance as a part of their loan agreement. That said, those who own their homes outright can…
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Self-insurance is becoming increasingly popular in Florida
A new survey has shown that rising premiums are driving Floridians to look to alternative options. The Insurance Information Institute (III) has released the results of a recent survey showing that a growing number of homeowners in Florida are choosing self-insurance for their homes. This is a worrying trend, as there is a substantial amount of risk associated with this type of coverage. “It is very risky for homeowners to self-insure,” said Florida’s Insurance Consumer Advocate Tasha Carter when discussing the topic of the growing self-insurance trend in the state.…
Read MoreInsurance industry official calls for more climate change risk assessment
At the same time, the III CEO said that what is not needed is for politics to get in the way. Insurance Information Institute (III) CEO Sean Kevelighan has said that it’s time for the insurance industry to focus on assessing climate risk while putting aside politics that stand in the way of assisting communities most vulnerable to those risks. The non-profit III has a focus on public education and outreach with over 60 insurer members. The III, also known as Triple-I, has been working hard to educate and support…
Read MoreGEICO Executive Chair Tony Nicely retiring at the end of 2021
The announcement was made that he would be stepping down at the end of the year after a 60-year career. GEICO Executive Chair Tony Nicely has announced his retirement and that he will be stepping down from his position at the end of the year following his 60-year career in the industry. Before taking his current position with the insurance company, Nicely had been chair and CEO for 25 years. Under Nicely as CEO, chair and GEICO executive chair, the insurance company experienced its most powerful growth period, becoming one…
Read MoreGeorgia auto insurance rates driven skyward by massive crashes
Serious car wrecks are becoming more frequent in the state, making it more costly to insure vehicles. Georgia auto insurance rates are expected to rise yet again, following several other consecutive increases. According to experts in the industry, the growing expense associated with car insurance premiums has to do with the number of serious crashes in the state. The number of accidents and the severity of the crashes are both on the rise and it is costing insurers. As a result, Georgia auto insurance companies find themselves raising their rates…
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