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Property Insurance Reform in Florida

Homeowners’ insurers in Florida are breathing a sigh of relief after succeeding in a months-long battle to obtain property insurance reforms designed to reduce costs and stabilize the market. After watching state lawmakers refuse to rewrite the state’s no-fault automobile injury law and leave by the wayside a plan to revamp the state-run property insurer Citizens Property Insurance Corp., the industry found itself in the last week of the session betting all of its chips on the property bill, hoping that the “most business friendly” legislature in decades would finally deliver. In the closing days of Florida’s legislative session, lawmakers… Read More »Property Insurance Reform in Florida

10 Important Calls to Make After Flood Damage

California and Florida: Flood waters can cause a lot of destruction to your home, depending on how high the waters were, and how long it takes them to recede. The water can damage not only the contents of your home, but much of the building materials using in your home as well. If this is the first time you have experienced flood damage to your home, it can be overwhelming. Here is a list of ten important phone calls to make once the flooding is over. Insurance Company – This is the first call you should make. Of course, this… Read More »10 Important Calls to Make After Flood Damage

Motor Vehicle Service Agreements in Florida

What is a Motor Vehicle Service Contract? Talk to any auto dealer. Most auto dealers will explain the merits of, and offer you the opportunity to buy, a service contract at the same time you purchase your vehicle or within a limited time following that purchase. Many of these contracts are provided by the manufacturer of the vehicle you have purchased. Most service contract companies offer a wide range of options available within each of their contracts. As an example, some of the contracts offer a choice as to the number of miles covered by the agreement. Contracts may protect… Read More »Motor Vehicle Service Agreements in Florida

Hartford Insurance Company Expands Coverage For Healthcare Providers

As the aging population and advances in medical technology fuel the healthcare industry’s rapid expansion, providers face new growth opportunities and specialized protection needs. To help healthcare administrators address these needs, The Hartford Financial Services Group, Inc., has expanded its portfolio of insurance products and services for healthcare providers with tailored coverage designed specifically for healthcare facilities. “Healthcare service providers have a broad range of insurance and risk management needs, from protecting their property, medical equipment and computer records to ensuring patient and staff safety,” said Lisa Morgan, senior vice president of The Hartford’s Middle Market commercial insurance business. The… Read More »Hartford Insurance Company Expands Coverage For Healthcare Providers

Property Insurance Bill Vetoed in Florida

The bill, sponsored by Sen. Garrett Richter, R-Naples, have addressed solvency concerns by imposing a higher capital requirement of $15 million for a new home insurer and provide all potential rate increases with a review and approval or rejection by Office of Insurance Regulation prior to anything being paid by consumers Elected governor vetoed the bill because he believes it would have made it easier for insurance carriers to get rate hikes to cover reinsurance costs up to 10% a year. The insurance commissioner still would have had to approve these hikes but the process would have been streamlined under… Read More »Property Insurance Bill Vetoed in Florida