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Yearly Archives: 2013

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Homeowners say insurer’s coverage increase was breach of contract 2

Sat Apr 6th, 2013 on     Homeowners Insurance,    

We are continuing our discussion from our last post. The subject is a class action lawsuit filed in a Florida federal court in which the plaintiffs say their homeowners insurance company increased their coverage and raised their premiums without their consent. Generally, state law dictates that an insurance company notify policyholders of any change in coverage in writing, allowing policyholders enough time to cancel their policies without incurring penalties.

Force-placed insurance class action out; separate suits possible

Sat Mar 30th, 2013 on     Homeowners Insurance,    

A class action lawsuit against five major U.S. mortgage lenders cannot proceed, according to a decision from a Miami federal judge. The plaintiffs were suing Bank of America, Citibank, JPMorgan Chase, Wells Fargo and HSBC, as well as two insurance companies, regarding the practice of forcing homeowners to pay higher-than-average premiums for insurance when their coverage lapses. The court did say that the 21 plaintiffs could file individual suits if they wished.

The Battle of Citizens begins in Florida Legislature, p. 4

Sun Mar 24th, 2013 on     Insurance Law,    

Lawmakers continue to say that their road to depopulating Citizens Property Insurance Corp. is paved with good intentions. The Florida Legislature is considering a number of bills that would move policyholders out of the state-backed insurer and into the private market. We have been reviewing the provisions included in Senate Bill 7018, including its revamped rating scheme, its step-down plans for limiting the value of eligible homes and its approach to clearing out-of-state homeowners from Citizens’ rolls.

The Battle of Citizens begins in Florida Legislature

Fri Mar 15th, 2013 on     Homeowners Insurance,    

The Florida Senate Banking and Insurance subcommittee has sent a bill to the full Senate that would revamp Citizens Property Insurance Corp. significantly. Members of the committee say the bill would take Citizens back to its roots as the insurer of last resort for the state’s residents. The company is currently the largest insurer in the state with 1.2 million policies.

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