A recent Duke Law Journal article argued that the current property insurance marketplace cannot properly insure disaster-prone areas, and the federal government needs to intervene. The article indicates that the situation is similar to the national health insurance dilemma and calls for a similar response. Here is the abstract of Regulating Homeowners’ Disaster Insurance Through Federal Intervention: Lessons From The Affordable Care Act: Continue Reading Bailout Nation—Should The Federal Government Step In To Provide Insurance For Disaster Prone Areas?

How many readers of this blog are professional risk managers who have studied the risks we face? Few. Liberty Mutual’s new slogan seems common sense and is catchy. It is deceptive because it undermines the role of professional insurance agents and risk managers. Most of us do not fully understand the real risks we face, and the reason why the most costly risks result in costly premiums is that they are the major risks we face. Continue Reading Only Pay For What You Need Is Stupid Advice From Liberty Mutual

Appraisals are a common alternative method to litigation for resolving property insurance disputes. Still, the time to file suit varies from state to state, even when an appraisal is invoked. Policyholders should be wary that even though an appraisal is invoked, some states still allow the time to bring suit to run despite the ongoing appraisal. Statutes of limitation when an appraisal is involved can be a complex and often overlooked aspect of a claim with disastrous results if the issue is not legally analyzed. Continue Reading When Does the Statute of Limitations Run After a Texas Appraisal?

An insurance agent leader in the Florida Association of Insurance Agents has questioned Florida’s dominant insurance rating agency’s motive to downgrade Florida-based insurers. A post to its membership suggests that Demotech made the downgrade for a self-serving financial reason as a power ploy: Continue Reading Insurance Agent Leader Questions Motives of Demotech to Downgrade Florida Insurers

The recent events by Demotech indicating that it may downgrade seventeen Florida insurance companies reminded me of the above scene from Casablanca. Florida’s Insurance Commissioner David Altmaier should try out for the role of the corrupt police Captain Louis Renault if the movie is ever remade. Continue Reading Shocking! Shocking To Believe That Any Insurance Regulator Would Rely Upon Demotech

Is it advisable to make a claim against the other person’s insurance carrier rather than your own insurance company? Maybe. But there is one big warning—you have a duty to notify your own carrier as soon as the loss happens. If you fail to promptly notify your insurance company of the loss, you may jeopardize your right to collect under your own policy. Notifying your own insurance carrier as soon as you have a loss is the safest way to protect yourself—even if you eventually collect everything from the responsible party’s insurance company. Continue Reading My Property Damage Was Caused By a Third Party—Should I Wait to Notify My Own Carrier of the Loss Until I Collect From the Other Party’s Insurance?

Chip’s Note: This guest post is by Luke Irwin, a public adjuster in the Gulf Coast Region and President of Irwin & Associates.

April 14, 2020, I received the shipment. And with the patience of a child looking at a Christmas gift, I ripped open the box to find eight fresh books… Pay Up! by Chip Merlin. It was a book that forged lifelong friendships across the aisle, opened eyes, molded minds, made carriers, and touched the lives of tens of thousands of lives… so far. Continue Reading Red Pill, Blue Pill

Yesterday’s post, Will Citizens Property Insurance Disputes Be Handled By Government Administrative Judges?, ended with the hope that Florida’s Office of Insurance Regulation would respond to Citizens request for an endorsement by looking out of policyholder interests. In a comment to the blog post, Mike Cappelli commented by saying that Florida’s OIR was a “rubber stamp.” Continue Reading The Revolving Door Connecting Insurance Regulators with the Supposedly Regulated Insurance Industry

Florida’s leader in tough claims handling and policyholder abuse is Citizens Property Insurance. It is immune from accountability to Florida Statutes regarding wrongful claims handling conduct. Like a thief with no laws against robbery, Citizens can do what it wants and not be liable to the victim. Now, Citizens Property wants more protection from accountability to contract obligations by sending its claims disputes to Florida’s administrative courts. Continue Reading Will Citizens Property Insurance Disputes Be Handled By Government Administrative Judges?

April Hall has it going on when it comes to cannot-miss restoration contractor conferences. While discussing her plans for the upcoming Storm Restoration Conference Seminar that will be held in Texas on January 29th to the 31st, she and I discussed the dangerous nature of smoke damage claims. This conversation was during the recent American Policyholder Association summit in Denver. Continue Reading Smoke Damage Claims Are Dangerous! Attend the Storm Restoration Contractor Summit to Find Out More Details