Tag: Insurance Information Institute data

Florida’s Uninsured Drivers Crisis: A Dangerous Road Ahead

Loreen
florida insurance

The winding roads of Florida are becoming increasingly perilous not just because of the usual hazards, but due to a financial predicament that is putting more drivers at risk. The number of uninsured drivers in the Sunshine State is soaring. Recent data reveals that insurance affordability is becoming a significant roadblock, leading many to hit the roads unprotected. The Escalating Challenge of Uninsured Motorists Florida’s Dilemma: Costly Coverage Drives Uninsured Rates Up According to the Insurance Information Institute (Triple-I), between 16 to 20% of Florida’s motorists are skipping out on…

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Mortgage struggles on the horizon as Florida home insurance problems continue

G. Turner
Home Insurance - Mortgage calculations - Florida Flag

As the coverage crisis continues in the state, there is a risk of a real estate market downturn. As the home insurance crisis drags on in Florida, the risk could increase for a downturn in the state’s real estate market, with a threat of mortgage struggles. Major insurers have been stepping out of the state and have stopped selling new policies. Home insurance customers in Florida are paying the highest premiums in the United States. Residents of the state pay an average $6,000 annual premium to private insurers according to…

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Lightning insurance claims were highest in these 5 states last year

G. Turner
Lightning insurance

About 9,000 customers filed for this type of damage with State Farm last year, for a total of $107 million. Last year, State Farm paid almost 9,000 lightning insurance claims to homeowners’ policyholders, who received a total of about $107 million to repair the damages caused. Some states have seen substantially more claims of this nature than others across the country. According to State Farm, the states that experienced the most lightning insurance claims were:  Texas, with $7.7 million in total claims. Georgia, with $7.3 million in total claims. California,…

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Allstate initiates $6.3 million lawsuit to recover funds from New York area fraud

Julie Campbell

Allstate Insurance Company has filed an insurance fraud case worth $6.3 million in order to recover the money they lost from fraud by 83 defendants from the New York area. This is the seventh fraud complaint initiated by the insurer this year. The lawsuit was filed under the Racketeer Influenced and Corrupt Organizations Act (RICO) as well as some common law principles. It claims that the 83 defendants took part in parallel, though separate, strategies to use misleading and fraudulent bills when making insurance claims with Allstate for durable medical…

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