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!
Florida Insurance Law: Florida’s Citizens No Longer ‘Out of Control,’ Says Exec Defending Rate Cut
Its successes in reducing its insured population and securing low cost catastrophic coverage are driving the request by Florida’s state-backed property insurer for a statewide average 2.9 percent decrease on residential policies.
Citizens Property Insurance Corp. officials in a public hearing before the state’s Office of Insurance Regulation (OIR) painted a picture of an insurer that has downsized significantly while financially improving over the last several years.
Read more here…
Florida Insurance Law: Crist, Scott Spar Over Property Insurance in Race for Governor
Democrat Charlie Crist said he successfully reduced rising property insurance rates as governor and will do so again if elected, vowing to repeal a law enacted under Republican Gov. Rick Scott that he said provides weaker coverage at a higher price.
It’s a familiar theme for Crist, who campaigned in 2006 on a pledge to lower insurance rates that were skyrocketing after eight hurricanes battered Florida in two years. One of his first acts as governor was to call a special session to deal with rising rates. Lawmakers expanded the amount of state-sponsored reinsurance, which brought down costs for private carriers, and froze rates by the state-created Citizen’s Property Insurance Corp., which took on more policies as national companies backed away from Florida.
Read more here…
Florida Fraud Law: Home Depot Confirms Its Payment Systems Were Hacked
Home Depot Inc. confirmed on Monday its payment security systems have been breached, a data theft analysts warn could rival Target Corp.’s massive breach last year.
Home Depot said the data theft could impact its customers in stores across the United States and Canada, but there was no evidence that online customers were affected or debit personal identification numbers (PINs) were compromised.
Read more here…
Florida Real Estate Law: Free Florida Quit Claim Deed Form and Filing?
Reading this article will teach you the hazards for using a free Florida quit claim deed form and other do-it-yourself solutions to transfer your home or property.
Countless people are searching for and using free Florida quit claim deed forms they find online. These same people then without legal knowledge or training try to fill out the quit claim deed not even knowing if the form itself is proper for the State of Florida or for their specific purposes. As a Florida real estate lawyer, I am horrified that people think this is actually a good, prudent and financially wise decision.
Read more here…
Florida Real Estate Law: How Strong Is Florida’s ‘Revived’ Homeowners Market?
As Florida seeks to revive its private home insurance market after almost a decade without a hurricane, homeowners are pouring $6 billion a year in premiums into a new generation of small, in-state insurance companies with an unproven record of withstanding a major hurricane.
A consumer-oriented rating agency, Weiss Ratings, recently awarded the companies a median grade of C-minus, and even without a major storm to drive up claims, 11 of them have already failed in Florida since 2006, according to state records.
Read more here…
Thank you for reading (and sharing). Stay tuned for next week’s weekly review for Florida Insurance Law!
