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 Approves Southern Oak Take-Out of 10,000 Policies from Citizens
The Florida Office of Insurance Regulation (OIR) said it has approved the removal of up to 10,000 multi-peril personal residential policies from the state-backed property insurer Citizens Property Insurance Corp. by Southern Oak Insurance Co.
Southern Oak requested in April to remove 8,500 policies from Citizens’ personal lines account (non-coastal properties) and 1,500 from the coastal account (coastal properties) for the September 16, 2014 take-out period, according to OIR.
This is part of the state’s ongoing effort to reduce the number of policies in Citizens and transfer them into the private insurance market. OIR said this announcement brings the total number of policies approved for take-outs this year to 369,341.
Read more here…
Keep a Hurricane Preparation Checklist
In areas where hurricanes can strike, it’s a good idea to have a closet or an area set aside for storm preparedness storage. There, you can keep items you’ll need in case disaster strikes suddenly or you need to evacuate.
It’s also important to know the difference between a watch and a warning, and when they are issued for tropical storms and hurricanes.
Read more here…
Don’t Forget About Flood Insurance
The Atlantic hurricane season has arrived and that means people may need to consider ways to protect themselves. This year’s hurricane season has already been somewhat active, but no devastating storms have yet struck the U.S. This does not mean that the country is safe from such disasters, only that one hasn’t showed up yet. It is impossible to tell when or where a powerful hurricane will form, so it may be a good idea to get a better understanding of flood insurance.
Read more here…
Thank you for reading (and sharing). Stay tuned for next week’s weekly review for Florida Insurance Law!
