The sunshine state is having more problems with sinkholes. A Florida company called CDS Business Mapping is working with insurance agents and underwriter’s to provide risk reports based on geographic data and maps. The company has mapped areas in ten counties that are sinkhole hazards. Florida’s Insurance Commissioner stated that sinkhole claims are one of the top five cost drivers that are causing insurance companies huge financial losses. In three years, Citizen’s insurance has paid almost 250 million dollars in sinkhole claims; and has another 100 million reserved for “in…
Read MoreTag: increase premiums for Florida property insurance
New rules in the pipeline for Florida property insurer
A controversial bill has been passed by Florida’s Senate Banking and Insurance committee. The bill could increase the premiums paid by customers of Citizens Property Insurance by 25% and will eliminate coverage for some homeowners over time for properties whose value exceeds $500,000. Strict requirements will also be imposed, preventing homeowners from being able to enter the insurance program unless their only alternatives are 25% more expensive than coverage offered by Citizens. Representative Alan Hays of Umatilla, one of the bill’s sponsors, claims that raising premiums is the very last…
Read MoreHomeowners insurance premiums on the rise
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…
Read MoreFlorida Property Insurance Reform Underway
In Tallahassee Florida, the fight for the insurance reform could mean an expensive cost of millions of dollars to the concerned customers during the legislative session. According to the private insurance industry, Citizens Property Insurance – a government run company, should raise its rates to its customers as well as reduce the coverage for them since they cannot possibly compete with these. The state lawmakers are now considering this and it could lead to a rapid increase of payments for the residents of Tallahassee. Similar changes have been noted, such as…
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