Tag: sinkhole coverage

Homeowners insurance in Florida becomes more complicated due to spate of sinkholes

Logan B.
Florida Sinkhole Homeowners Insurance

Sinkholes causing problems for Florida’s homeowners insurance sector Early this week, a large sinkhole opened up in a neighborhood in the Tampa area of Florida. The sinkhole claimed the life of one man and destroyed that man’s house, as well as causing some damage to neighboring properties. Two days after this incident, another sinkhole opened up in the same area. These sinkholes have caused something of a panic for homeowners in Florida, many of whom do not have adequate coverage to cover the damage caused by sinkholes. Most homeowners insurance…

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Insurance companies now face massive losses due to sinkholes in Florida

Julie Campbell

Sinkholes that are destroying Florida houses are now costing insurance companies in that state hundreds of thousands of dollars as claims begin rolling in. In fact, in three claims alone linked to sinkholes that cracked floors and broke water pipes, insurers had to pay out over $500,000. Among those three houses in question, none of the homeowners used the money to try to repair their homes. Instead, they are among the hundreds living in Florida’s “sinkhole alley” – which consists of the counties of Hillsborough, Hernando, Pasco, and Pinellas –…

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Senator Casey appeals to PA Insurance Commissioner Consedine for better sinkhole damage coverage for homeowners

United States Senator Bob Casey (D-PA), has addressed Insurance Commissioner Michael Consedine, of Pennsylvania, and has asked for assistance for homeowners in covering themselves against the devastation that can be caused by sinkholes. What Senator Casey has called for is the help of the insurance industry to make homeowners more aware of what overage they have to protect them against the cost of sinkhole damages in the event that one should occur. In order to make this request, Senator Casey sent a letter to Commissioner Consedine, which said that all…

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Florida Governor calls for residents to share insight on Citizens Insurance Group

S.Vagus

Florida Governor Rick Scott is looking for input from consumers on what to do with the state-run insurance company Citizens Property Insurance Corp. The company has come upon difficult financial times in recent years, much of which has been at the hands of fraud and natural disasters. The company was recently approved to raise rates on sinkhole coverage for homes as a way to offset the losses seen in years past. The new rates have spurred public outcry, which has led regulators to stagger the rate increase over the course…

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Two former insurance executives appointed to Florida’s Citizens Property Insurance to help solve some of the company’s problems

Nordstrom

As Florida continues to struggle with controversial rate increases from the state-backed Citizens Property Insurance, Governor Rick Scott has appointed two insurance professionals to serve as board members for the company. These two former insurance industry executives will serve as a catalyst for change in the company. Governor Scott has said that he wants to reduce the coverage of Citizens, enabling competition with private insurance companies. Now that Citizens board of directors is populated with members with extensive histories in the industry, Scott’s goal may now be attainable. Citizens new…

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