The Florida insurance industry is creating another crisis to obtain laws that shield them from the accountability of low and slow claims payments while not having to reduce rates. Today at 2 pm, we will discuss these issues and United Policyholders’ response.
United Policyholders has sent a letter to Florida Governor Ron DeSantis calling on him to oppose the current pending legislation founds in SB 76 and HB 305. Here is part of the letter written by Amy Bach to Governor DeSantis: Continue Reading United Policyholders Calls on Governor DeSantis to Oppose Harmful Bills to Florida’s Policyholders
Appraisal is generally thought of as a quicker and more cost-efficient method of resolving property insurance controversies than litigation. That is not the case when an appraisal is followed up with litigation. Further, while infrequent, there are instances when appraisers and umpires can be drawn into the litigation controversy, as evidenced by recent filings in a Texas federal case involving a Baptist Church and Brotherhood Mutual Insurance Company.1 Continue Reading Appraisals Can Lead to Nasty Legal Battles—Should Appraisers and Umpires Get Insurance Protecting Them?
In a press release Monday, Oklahoma Attorney General Mike Hunter and Insurance Commissioner Glen Mulready announced Farmers Insurance agreed to pay Oklahoma policyholders $25 Million they denied or improperly failed to pay policyholders out of coverage for earthquake damage.1 Continue Reading Hot off the Press: Farmers to Pay Oklahoma Policyholders $25 Million for Earthquake Claims
Mortgage servicers, banks, and their accountants must sign off under federal regulations that the loans that they package and are underwritten by Fannie Mae comply with certain requirements, including those involving insurance. If the mortgage does not have the proper insurance, it cannot be part of the Fannie Mae backed system. The Florida Senate passed insurance legislation which clearly jeopardizes the chances of home ownership by Floridians with a Fannie Mae mortgage because it is non-compliant. Worse is that when many Floridians buy that type of non-compliant insurance, they may have the additional burden and expense of the mortgage servicer adding force-placed coverage. Continue Reading Florida Senate Passes Insurance Bill That Will Make Mortgages Non-Negotiable Under Federal Regulations
I recently received an inquiry from a public adjuster about the validity of anti-assignment provisions in insurance policies in Michigan. As it appears Michigan was not covered in a previous Blog Series about assignment of benefits; this post follows. Continue Reading Assignment of Benefits: Michigan
Remember how the Florida insurance industry and its lobbyists promised that if AOB reform were passed, insurance rates would drop because AOB litigation was the cause of increased premiums? Since that law passed, rates have not dropped. Floridians were duped by insurance industry propaganda, and the same insurance industry is promoting more anti-policyholder laws that literally prevent Citizens Property Insurance from asking for a rate decrease—and some Florida legislators voted yesterday to make it against the law for Citizens Property to ask for a rate decrease! Continue Reading Do Not Believe Florida’s Insurance Industry That Laws Will Reduce Rates When Rates Often Depend Upon Mother Nature and Reinsurance Rates
An Extended Replacement Cost (“ERC”) endorsement1 can be added to a policy to increase the stated limits for your dwelling/building and potentially other structures.2 In homeowners policies, this endorsement most commonly increases the stated limits 25-50%.3 The ERC endorsement is most often found in policies of property owners in areas prone to widespread natural disasters. Continue Reading Extended Replacement Cost Coverage: A Safeguard Against Demand Surge
I will be in Tallahassee today providing testimony regarding property insurance claims legislation. It seems that every year the Florida insurance industry makes up a crisis which calls for Florida legislators to fix. Remember how the AOB reform was promised to reduce rates and had to be passed? The legislation was passed and the insurance rates have not gone down. Why should anybody trust the insurance lobbyists? Insurance companies try to act like victims when they are making up alleged scapegoats and obscuring the reality of what they do in the claims process. Continue Reading Zeroed Out Hurricane Claims and Cheating Claims Practices—Why Are Our Florida Politicians Ignoring These Ongoing Claims Problems and Seemingly Protecting Cheating Insurance Companies?
A federal judge in California handed down an entertaining read of an opinion last week. Although it addresses liability insurance the principles apply to property insurance all the same. The case is Northfield Insurance Company v. Tilted Turtle.1 It presents a cautionary tale for what happens when an insured makes a misrepresentation to their insurer, and what happens when a judge slams the gavel on absurd legal defenses. Continue Reading A Series of Unfortunate Events for Tilted Turtle Bar & Grill Leads to Rescission of Policy