With insurance, you may not get what you pay for without help

Tue Sep 2nd, 2014 on     Insurance Claims,    

Is there anything easy about insurance? Health insurance has been a flashpoint for controversy for years now. Auto insurance has gone through some tough times, too, especially since the advent of no-fault coverage. Homeowners insurance — most Florida homeowners would likely start any discussion about property insurance by saying, “Don’t even get me started.”

Citizens, private insurers stumble in latest ‘take out’

Fri Aug 15th, 2014 on     Homeowners Insurance,    

Another round of “take-outs” is coming for Citizens Property Insurance Corp. The state-backed insurance company has made some progress in its struggle to move policyholders to private insurers, paring down its rolls from a 2012 high of 1.4 million policyholders to today’s 933, 422. Still, there is a ways to go: Even with the take-outs scheduled to be completed by fall, Citizens will be far from its goal of 650,000-700,000 policyholders.

What is condo insurance? Isn’t that taken care of by the HOA?

Tue Aug 12th, 2014 on     Homeowners Insurance,    

Most Floridians are well aware of the difference between owning a condominium and owning a single-family house. The owner of a house is responsible for everything that has to do with that property: the house and the yard, utilities, water and sewer, insurance, flood insurance … ad infinitum. The owner of a condo, however, is only responsible for maintaining the individual unit. The homeowners association takes care of the rest.

Not their fault? Insurer appeals $18 million bad faith verdict p4

Fri Aug 8th, 2014 on     Bad Faith Insurance,    

As we said when we started this series of posts, it is rare to find news stories about insurance bad faith cases. This case, against Nationwide Mutual Insurance Co., is remarkable because of the punitive damage award — the $18 million referred to in the headline. That is a drop in the ocean for such a big company (Nationwide reported net income of $1.35 billion for 2013), but, then, the initial claim was worth just $25,000.

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