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June 2019 Archives

Reasons for spike in hailstorm losses not clear

Most homeowners in Florida are aware of the potential for hailstorm damage, especially during the summer months when storms that can produce frozen rain are more likely to occur. But something odd happened in 2008: That year, nationwide hail-related losses passed the $19 billion mark in inflation-adjusted dollars. This figure was a big jump from previous figures of $8 billion to $12 billion. However, this spike wasn't a one-time anomaly.

Damaged home? Start repairs and then make your claim

You recently suffered damage to your home during one of the major storms that passed through. You called your insurance company about the damage, but they seem to be giving you the run around. You would continue to wait for them to give you a payment to fix your home, but you're worried that waiting longer will just make the damage more serious.

Insurance law changed to curb assignment of benefits practice

Lawmakers in Florida approved a plan designed to restructure and lessen the importance of assignment of benefits, a common practice in the state's insurance industry. The Citizens Property Insurance Corp., which is backed by the state, faces thousands of lawsuits arising from Hurricane Irma claims. As of the end of April 2019, CPIC had 14,091 lawsuits pending against it, which is an increase of almost 14 percent over the 12,363 lawsuits that were pending one year prior.

New Florida initiative provides hurricane preparations

In order to help residents prepare for the next major hurricane that will inevitably make landfall, the Florida Chief Financial Officer started the Prepare Florida initiative. Even in a state where hurricanes make landfall somewhat regularly, many homeowners and other residents do not take the treat of a major storm seriously. This initiative is designed to give people in the state the resources they need to prepare both financially and physically.

Congress extends flood insurance program

Florida homeowners have found some temporary relief after the House of Representatives approved a two-week extension of the federal flood insurance program on May 30. This comes after the Senate approved the extension by voice vote the week before. While this vote will extend the National Flood Insurance Program until June 14, ongoing political conflicts have prevented the approval of a $19 billion bill that will cover a range of disaster aid programs. It includes a reauthorization of the flood program.

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