Here are some recent articles of interest that I found this week for the insurance industry, Florida insurance law, Florida insurance claims, and Florida insurance trends. Enjoy!
Those with bad credit pay more for homeowners insurance
STUDY HIGHLIGHTS THE FINANCIAL DISPARITY BETWEEN THOSE WITH POOR CREDIT AND THOSE WITH GOOD CREDIT
A new study from InsuranceQuotes.com shows that credit score is having a major impact on the out-of-pockets costs of homeowners insurance in Alabama. Credit is one of the foundational tools that the insurance industry uses to assess risks in any given market. Credit is a gauge of financial risk, allowing the financial service industry to properly assess liability in any given scenario. Poor credit represents a significant risk, which is why those with a low credit score often have trouble finding loans and receiving credit cards. Read more here…
Yeah, right…Florida’s Citizens’ Gilway Defends Overseas Travel
The top official of Florida’s state-backed property insurer stepped forward yesterday to defend his organization’s international travel, arguing it was necessary to conclude a $3.1 billion risk transfer plan.
Citizens Property Insurance Corp. President Barry Gilway has found himself under fire in recent weeks by Gov. Rick Scott over press reports that detailed the insurer’s overseas travel.
Specifically, Scott questioned the role of Citizens Chair Chris Gardner, who on a trip to Bermuda was reimbursed for a two-night hotel stay at $104 above Citizens overseas travel guidelines. Gardner reimbursed Citizens for the overage, which was caught by the insurer in an internal review. Read more here…
Florida’s Flood Agency Stops Writing New Business in Tampa Bay Region
One of the first entities to step forward and provide private flood insurance in Florida has announced it will stop writing new business in the Tampa Bay region in order to manage its exposure.
The Flood Agency, which offers private flood coverage that are backed by the surplus lines insurer Lloyd’s Private Flood, announced the move some nine months after it began offering the coverage.
The Gainesville-based agency’s decision affects Pinellas, Hillsborough, Pasco, Sarasota and Manatee counties. Flood Agency President Evan Hecht told reporters the decision to stop providing new policies in those areas are based on the need to balance Lloyd’s exposure. Read more here…
Thank you for reading (and sharing). Stay tuned for next week’s weekly review for Florida Insurance Law!
