News
Saying Goodbye to 2011
December 31 marks the end of another calendar year, and with that we close the books on another active year in the Florida insurance market. Florida’s diverse population, large base of potential policyholders and unique political and market issues tend to mean that insurance-related topics are prevalent in each year’s headlines. We began this year …
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Officials Urge Phase-In of Citizens Sinkhole Rate Change
Citizens Property Insurance Corporation got the insurance world talking recently when it announced that rates for sinkhole coverage would increase by an average of 400 percent, and by much higher amounts in certain areas. Citizens’ rate increases are capped at 10 percent per policyholder per year, but the 2011 legislature removed sinkhole coverage from the …
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Main Property Bill Addresses Sinkhole Concerns
The current sinkhole claims crisis was one of the primary property insurance issues in the 2011 session. Insurers have paid more than $1 billion in sinkhole claims so far according to an Office of Insurance Regulation data call. Unfortunately, reviews found that up to 3/4 of policyholders filing these claims don’t make repairs. This has …
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Differences in Property Legislation Remain at Session’s Midpoint
As we have now reached the midpoint of the 2011 legislative, some of the key elements of this year’s property insurance legislation still differ in significant ways between the House and Senate versions. Property legislation tends to go down to the wire each year, and this year looks like it will be no exception. Some …
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Big Day for Property Insurance Proposals
Major property insurance bills are scheduled to be heard today in both the Senate and the House of Representatives. Both chambers are considering substantial property insurance reforms aimed at curing some of the so-called “cost drivers” of insurance rates in the Florida property market. The term cost-drivers has been used to generically refer to several …
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OIR to Review Sinkhole Claims Problem
The Office of Insurance Regulation has heard reports of increased frequency for sinkhole claims, particularly in areas of Florida that are not usually identified with sinkhole problems. Mounting sinkhole losses for Citizens Property Insurance Corporation and admitted market insurers have prompted the OIR to send a data call to insurers to develop more information from …
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Florida regulators investigate rash of sinkhole claims
State insurance regulators are investigating what they see as a surge in sinkhole claims outside the traditional “sinkhole alley” in Hernando and Pasco counties.
As sinkhole claims rise, credibility in question
April Stiller saw the cracks along the walls and floor tile in her ’70s-era house in Martin County and assumed it was normal wear and tear.
Homeowners responsible for property damages if sinkholes occur
By RAY REYES | The Tampa Tribune Published: January 12, 2010 Residents with sinkholes on their property should be aware of several key factors as they seek to recoup their losses, state officials said. Because of Florida’s geology, more sinkholes form here than in any other state, so a homeowner’s insurance policy covering sinkhole damage is …
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