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Archive for February, 2014|Monthly archive page

Guns and Property Insurance – It’s a New Day!

In Insurance law, Insurance News on February 24, 2014 at 1:32

A proposed plan in the legislature would prevent insurers from refusing to issue a policy to a gun owner who has legal ownership of his or her firearms.  Insurers sometimes use gun ownership as one of several factors to determine insurances rates.

It makes sense.  If you live on the coast where flooding could happen, rates are higher.  If you live in Texas or Florida or other hurricane state, rates are higher.  Why not have higher rates if there’s a decent possibility of weapons damage?

The new plan would eliminate that element in rate consideration.  If it passes, it will take effect July 1.

Here’s the House bill in its entirety.

Sales Tax Holiday an Integral Part of the Property Insurance Reform Agenda

In Hurricanes, Insurance News, Insurance Rates, Property Damage, Property Insurance on February 17, 2014 at 1:32

Governor Rick Scott is pursuing legislative action to allow a sales-tax holiday.  The goal is 15 days of reprieve from taxes in order for homeowners to purchase hurricane preparedness supplies.    This covers the less costly items like batteries, flashlights, and more significant measures such as hurricane shutters.

According to the R Street Institute, a national think tank that houses extensive property insurance research, the proverbial ounce of prevention is worth a pound of cure.  “Each dollar spent on mitigation saves society an average of $4,” said Christian Camara, Florida state director for the R Street Institute.  By preventing property damage, exposure and risk are lessened, and insurance rates drop.

We’ll have to see if the legislation goes through, and if people take advantage of it properly.

Read here to find out more.

Our News goes National

In Florida, homeowner's insurance, Insurance, Insurance Costs, Insurance News, Insurance Rates on February 3, 2014 at 1:32

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The report noting the Florida homeowners pay the highest insurance rates in the nation isn’t just making local press.  All over the country, publications, even in small towns, are writing about it – noting that the state hasn’t been hit by a major hurricane in nearly ten years.

Mudslides in California? Tornadoes in the Midwest? Ice storms in the North?  In Texas, windstorms are a problem.  The list goes on and one – every state has its issues.  Those climate crises still don’t hit the insurance companies the way Hurricane Wilma impacted Florida – back in 2005.

Expect to see some balance in the coming years – unless Florida gets hit hard in 2014.  Florida is still the Sunshine State – and in the middle of a frigid winter that started back in November, we’re the envy of the country.