Tag: property insurance reform

California Governor Newsom backs property insurance reform measure

Logan B.
Property insurance - California Law - Support

The goal is to ensure that homeowners and business owners will find necessary coverage California Insurance Commissioner Ricardo Lara recently announced that a new draft measure would make it a requirement for property insurance companies using new catastrophe modeling to write more policies in areas at a higher risk of events such as wildfires. Larger insurers must insure properties at a specific minimum level The draft regulation would require that all companies using new catastrophe modeling to write more property insurance policies in distressed areas. That said, larger insurers would…

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Federal Inquiry into Florida’s Homeowners Insurance Crisis: Causes and Solutions

Marc
Florida Insurance Crisis

How bad is Florida’s homeowners insurance crisis? The federal government wants to know. Lawmakers dove into that question to gain a greater understanding and explore the growing insurance problems across the country. But amidst the challenges, there are actionable solutions for homeowners. Many are feeling the brunt of rising insurance premiums, so much so that people are shying away from buying a home in Florida after learning that there’s no escaping the insurance problems. Weather disasters are becoming more and more prevalent, even in previously safe areas like Tallahassee. However,…

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President of Florida Association of Insurance Agents sees progress, but reform frustrations

Marc

Jeff Grady, the Florida Association of Insurance Agents president, has spoken about the successes and failures of the most recent legislative session now that has finished. Grady discussed the changes that were made within the legislative session under the new governor as well in conjunction with a House and Senate that both have a strong majority that is pro-business. The agenda was geared toward reforms in tort and property, as well as a high profile urging to revamp the no-fault auto law. That said, while there were some significant reforms…

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Florida Property Insurance Reform Underway

H. Cutner

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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