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Archive for the ‘Insurance News’ Category

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

 

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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.

 

 

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.  

 

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. 

“Earth Movements” Not Covered in Typical Homeowners Insurance Policy

In homeowner's insurance, Insurance, Insurance News, Policies on March 14, 2014 at 1:32

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Does your homeowners insurance protect you in the case of a rockslide? How about if a sinkhole forms under your garage? Or if that recent flash flood caused a mudslide that swept your house away? You may want to check your homeowner’s insurance coverage because chances are your policy does not cover you against these types of home damage.

The typical policy in the United States does not cover damages that are caused by “earth movements,” and it is cause of many insurance claims being denied every year. Through increased awareness, the insurance industry is hoping to minimize these occurrences and that homeowners will educate themselves on their coverage.

Read more about this and what to be aware of as the season begins to change.

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.

New Insurers on the Scene

In Insurance Industry, Insurance law, Insurance News on December 16, 2013 at 1:32

EPIC Insurers, based on the acronym Elements Property Insurance Co. is now a player in the Florida market.  The Florida Office of Insurance Regulation has licensed the company to write homeowners insurance in Florida.  With hurricanes and fraud being so prevalent, a new company is always welcome.

Property Casualty360 discusses why the company decided to come aboard.  Read more here.

Don’t Make Claims on Small Losses

In Insurance Claims, Insurance Industry, Insurance News, Interesting News, News Article on November 25, 2013 at 1:32

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Here are some interesting statistics listing the five states where the premium increases would be the highest for a single claim and the five states where the premium increase would be the smallest:

The five states where the premium increases would be the highest for a single claim are:
• Minnesota: 21 percent.
• Connecticut: 21 percent.
• Maryland: 19 percent.
• California: 18 percent.
• Oregon: 17 percent.

The five states where the premium increase would be the smallest are:
• Texas: 0 percent.
• New York: 1 percent.
• Florida: 2 percent.
• Vermont: 2 percent.
• Massachusetts: 2 percent.

For this study, Insurance Quotes calculated rates for six large insurers based on a single-family residence insured for $144,000 with the initial claim of up to $30,000.

Click here to read more about this study and click here to see the complete lists of states.