BLOG

Archive for June, 2013|Monthly archive page

The Insurance Industry’s Emerging Use of Drones

In Contributing Writer, Firm News, News Article, South Florida on June 28, 2013 at 1:32

Image

The Daily Business Review’s May 17 issue included a major story titled “Drones will help insurance agency, but what else?” authored by Jason. The article focuses on the commercial use of drones from a business and insurance perspective. The data drones collect will confirm insurance issues regarding property damage, speed up the claims evaluation process, and otherwise enhance and improve coverage issues.

The drone industry is quickly evolving and expanding into different fields. By the end of this decade, you can expect insurance adjusters to utilize drones within the industry.

Click here to read the article.

Advertisements

Flooding: Most Common and Costly Natural Disaster

In Natural Disasters, News Article on June 17, 2013 at 1:32

Flooding is the nation’s most common and costly natural disaster. Most homeowners, business owner’, and renters policies do not cover flooding however. It’s only after a disaster strikes that many people learn the ins and outs of flood insurance. And by that time, it’s too late.

The Federal Emergency Management Agency (FEMA) dictates flood zones and insurance premiums across the nation. The National Flood Insurance Program (NFIP) administered through FEMA provides property owners and renters with financial protection against flooding. There are some important things to know however:

  • Everyone lives in a flood zone. Whether it’s low, moderate or high-risk, the potential exists. In fact, 25% of all flood insurance claims come from outside of high-risk zones.
  • Flood insurance covers the building and its contents, but the NFIP does not cover land and other site improvements, such as landscaping, fencing, swimming pools and exterior lighting.
  • Most policies take 30 days to activate after purchase, so the time to buy is now!
  • Flood insurance is not the same as Federal disaster assistance. Flood insurance pays out even when there is no Presidentially-declared disaster, and the majority of that assistance is in the form of a loan to be repaid with interest anyway.

Flood insurance is available to homeowners, business owners and renters in any community that participates in the NFIP. It is currently sold and serviced by about 90 private insurance companies in nearly 22,000 communities that participate in the program nationwide. More than 450 communities participate in Florida.

For more details click here.

Hurricane Season is Here

In Florida, Hurricane season, Insurance, Insurance Costs on June 14, 2013 at 1:32

Florida hasn’t seen a hurricane since 2005, but that hasn’t stopped property insurance rates from going up.

Although the state has been spared from additional hurricanes since that time, Florida’s fragile property insurance market has resulted in nearly year after year of steadily rising insurance rates for homeowners.

Annual reports prepared by Florida’s Office of Insurance Regulation show that the department has been approving more than 100 rate hike requests a year since 2009 – including requests to hike rates by double-digits.

Hurricane storm season officially started June 1st and federal forecasters predict it will likely be more active than an average hurricane season. The prediction issued last week calls for 13 to 20 named Atlantic storms, seven to 11 that strengthen into hurricanes and three to six that become major hurricanes.

This storm season, however, may prove even more crucial than ever for homeowners in the Sunshine State. That’s because some are predicting Florida may be finally reaching the end of a volatile period for insurance rates — if the state can avoid disaster this year.

Read more here.

Insurance Fraud – Everyone Pays

In Florida, Insurance Fraud, Insurance News on June 7, 2013 at 1:32

Last month, a Durham couple was arrested and charged for insurance fraud.  What did they do?  They submitted false vehicle towing invoices.  In Pittsburgh, a mother is charged with arson and insurance fraud.   A Google search of insurance fraud finds more than 40 million references – in a millisecond.

Insurance fraud is not simply a Florida problem – it’s a nationwide epidemic.   One researcher estimates that the cost of all Insurance fraud is more than $96 billion every year, with property insurance fraud coming in at a whopping $20 billion.  This is intolerable – only the taxpayer suffers.

Twenty years ago, Hurricane Andrew caused an estimated $16 million in damages.  Yes, fraud perpetrators can cost more than the real thing.