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Archive for 2014|Yearly archive page

Public Adjusters Continue to Expand

In Florida, homeowner's insurance, Homeowners' Policy, Insurance on September 23, 2014 at 1:32

If you follow this blog, you’ll know that there is skepticism about some public adjusters.  While there are of course good, honest people in every occupation, homeowners must be aware that there is also a supply of PAs using homeowners’ damages for their own profits.

It’s important to check out PAs that are licensed, look into the reports on line for fraud, abuse or lack of resolutions.  Find ones that recognize that some of their colleagues may not be scrupulous.

Some public adjusters are national – others focus on just one state or just one region.

Research. Ask questions. Be diligent.

Check out the guide to recovery.

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It’s a Healthy Market

In Florida, homeowner's insurance on August 25, 2014 at 1:32

 

Homeowners

There’s good news for Florida homeowners insurance – the market is the strongest it has been in 10 years. The bad news is that the general news focuses on the bad news!

The Ocala Star Banner took the time to report and clarify news about insurance failures. “These failures do not happen as frequently as claimed,” said Kevin McCarty, Florida’s insurance commissioner. He quotes the number of demises – far smaller than one would think – and provides insight into why some went under.

In a field of nearly 120 companies, 12 couldn’t sustain themselves. It doesn’t take a math genius to see that 90 percent of companies are doing well. 

Newspapers do their best to report facts and figures, but they often require more in-depth discussions. It’s not that you can’t believe everything you read, but you need to look further.

To read more about this click on the link:

 http://www.ocala.com/article/20140810/OPINION/140809696?p=1&tc=pg

The National Association of Public Insurance Adjusters Teams Up With the Coalition Against Insurance Fraud

In Insurance Industry, Insurance News on August 18, 2014 at 1:32

When speaking about insurance there are always two sides of the business, one side includes the person with the insurance, while the other side underwrites the risks of that insurance and supervises the insurance for the policy holder. For the first time ever both sides have become one, to combat against insurance fraud. The Coalition Against Insurance Fraud is America’s only anti-fraud alliance speaking for consumers, insurance companies, government agencies and other insurance partners.

The Coalition supports and strengthens the mission to provide information, research and data, services and insight to define the voice of the anti-fraud community. As NAPIA joins as a new member of the Coalition Against Insurance Fraud, a new chapter of insurance protection begins. NAPIA is dedicated to their involvement in coalition activities and is enthusiastic about the new alliance.

For more information on this Coalition visit:

http://www.insurancefraud.org/about-us.htm#.U6GXtCjEZI4

 

Heritage Insurance Plans to Launch Insurance Program for Florida Properties

In Florida, Insurance, Insurance News, Interesting News on July 29, 2014 at 1:32

Heritage Insurance Holdings Inc. announced that it has created an insurance program for commercial residential properties in Florida. According to a recent statement, the company’s new line will be written by Heritage Property & Casualty Insurance Co.

The new program will offer commercial products such as coverage for condominium associations, homeowner associations, continuing care retirement communities and apartment complexes.

Heritage Insurance says it is listening to its market and answered a need for this industry sector.

Will other companies follow suit?

To view full article click here.

 

 

6 Things to Know in Regards to the 2014 Atlantic Hurricane Season

In Hurricane season on July 29, 2014 at 1:32

With 2014’s hurricane season expected to be fairly quiet, forecasters still believe it is important to be educated on basic hurricane information since climate change is rapidly fluctuating. Below are six things to know during this year’s hurricane season.

 

  1. SLOW SEASON EXPECTED

Forecasters are expecting a slower-than-usual Atlantic hurricane season, with eight to 13 tropical storms and three to six hurricane. There’s no way to tell whether any of those storms will strike the United States coastline during the six-month period.

  1. EL NINO

El Nino is a weather phenomenon which warms part of the Pacific every couple of years and changes rain and temperature patterns around the nation. It is expected to suppress the number and intensity of tropical storms and hurricanes this year. Cooler temperatures surfacing the Atlantic Ocean will also lower the probability of hurricane formations.

  1. WHEN DOES IT GET A NAME?

A tropical storm receives a name when wind speeds reach 39 mph. Hurricane wind speeds can reach on average 74 mph and the first name on the storm list is Arthur.

To see more tips click here!

 

 

 

 

 

 

 

 

 

Florida’s Insurance Industry Well Prepared for Hurricane Season

In Florida, Insurance, Insurance Industry, Natural Disasters on July 8, 2014 at 1:32

Florida has made it to its eighth year being hurricane-free which leaves room to rejoice considering Florida’s size and geographical position reaching into the warm waters of the Atlantic creates a risky spot for hurricanes to form. Despite the high risk location, the condo market is booming.

More than 200 new residential towers near the Atlantic waters have been anticipated for South Florida since 2011. Since then, nearly 50 new high-rises have been built, some already completed. The increase in condos along the coast illustrates the insatiable appetite for coastal living.

This year Florida supposedly is benefiting  from an El Nino weather patterns which forecasters believe will produce a below average number of storms. However, precautions still must be taken since forecasters believe that one large storm can make for a disastrous season.

Almost 80 percent of Florida’s residential and commercial property valued around $3 trillion – lies in susceptible coastal areas. Since Florida has not had a major hurricane since Wilma in 2005, Florida’s Hurricane Catastrophe Fund has collected $13 billion.

To read more on insurance policies and precautions click here. 

The National Association of Public Insurance Adjusters Teams Up With the Coalition Against Insurance Fraud

In Insurance Fraud, Insurance Industry, Insurance News, Interesting News on June 19, 2014 at 1:32

When speaking about insurance there are always two sides of the business, one side is the policyholder, the other side underwrites the risks of that insurance and supervises the insurance for the policy holder. For the first time ever both sides have become one, to combat against insurance fraud. The Coalition Against Insurance Fraud is America’s only anti-fraud alliance speaking for consumers, insurance companies, government agencies and other insurance partners.

The Coalition supports and strengthens the mission to provide information, research and data, services and insight to define the voice of the anti-fraud community. As NAPIA joins as a new member of the Coalition Against Insurance Fraud, a new chapter of insurance protection begins. NAPIA is dedicated to their involvement in coalition activities and is enthusiastic about the new alliance.

For more information on this Coalition click here.  

 

Forecasters See Quiet Atlantic Hurricane Season

In Florida, Hurricane season, Hurricanes, Natural Disasters on June 11, 2014 at 1:32

Due to rising heat along the equator in the Pacific Oceans, researchers at Colorado State University predict that this will be the quietest Atlantic hurricane season in five years.

Phil Klotzbach, lead author of the forecast, said there will be nine named storms, with winds of at least 39 miles (63 kilometers) per hour, are expected to develop this year, with three of them growing into hurricanes and one becoming a major storm.

The likely development of El Nino in the Pacific and cool sea surface temperatures in the tropical Atlantic are possible explanations for the low forecast. The formation of El Nino is important because warm waters in the equatorial Pacific trigger atmospheric changes that lead to more wind shear across the tropical Atlantic. Shear is when winds at different altitudes blow in multiple directions or speeds and have the potential to tear apart the structure of a budding tropical system, weakening or breaking it apart.

The Atlantic hurricane season is watched closely by many industries, like energy, commodity and insurance, because of the effect hurricanes have on lives, property and markets in the U.S., Mexico and the Caribbean. The Gulf of Mexico is home to about 6 percent of U.S. natural gas output, 23 percent of oil production and more than 45 percent of petroleum refining capacity. Florida, which has been struck by more tropical systems than any other state, is the second-largest producer of oranges behind Brazil.

The last time the Atlantic produced only nine named storms was 2009, which was also a year in which an El Nino formed, according to the National Hurricane Center in Miami. That was the least number of such storms since 1997, which had eight.

 

Click here for more information.

Believe it or Not, Insurances Rates Decline – a Little

In Insurance, Insurance Costs, Insurance News, Insurance Rates on May 16, 2014 at 1:32

Property insurance rates are on the decline after steadily increasing for Florida homeowners over the past eight years.  Even without the widespread devastation associated with a major storm or hurricane system hitting the state, rates have climbed.

Now, reports show a reduction, primarily tied to reduced rates for reinsurance.  The rate decrease, which is anywhere between 2.4 to 9.2 percent, is helping relieve Floridians homeowners who already pay twice the national average in property insurance premiums.

Although many claim that this decrease is not enough, it could be a beginning to some long awaited relief in the continuous escalation in rates.  Advocates believe the problem isn’t simply hurricanes but also sinkholes – and consumers themselves.  The ubiquity of fraud only hurts homeowners.

With Mother Nature’s help and a focus on reducing frivolous lawsuits, homeowner insurance rates can decline.

Read more here. 

Florida Lawmakers Pass Homeowners’ Rights Bill With Credit Restriction

In Florida Legislation, homeowner's insurance, Homeowners' Policy, Insurance on May 6, 2014 at 1:32

A homeowners’ rights bill with credit restrictions on insurers is on its way to Florida’s Gov. Rick Scott’s desk for approval. The bill, SB 708, unanimously passed the Florida House and would require insurers to create a “homeowner claims bill of rights” so policy holders are aware of what to expect when filling a claim. The initiative became a top priority for Florida’s Chief Financial Officer Jeff Atwater after thousands of calls were made to his office over confusion on how to file a claim.

The bill also includes a provision that prevents insurers in Florida from using credit information to deny a claim or cancel a policy that have been in effect for more than 90 days. This provision came out of a dispute between regulators and one of Florida’s largest insurance companies.

Read the Insurance Journal article.