From auto and health to home and life, one of the unspoken benefits of insurance coverage is the peace of mind it grants the policyholder. Indeed, people rest a bit easier believing that even though the premiums they are paying are by no means cheap, they will nevertheless be okay from a financial perspective when it really matters.
It may seem hard to believe, but we are now less than two months away from the start of the 2016 hurricane season. While everyone is naturally keeping their fingers crossed for another quiet year here in the Sunshine State, they will nevertheless want to ensure that they are ready in the event the now decade-long streak of good luck runs out.
When a person develops a debilitating disease or suffers some sort of incapacitating injury, it can be devastating on multiple levels. For instance, they may no longer be able to enjoy their favorite hobbies, engage in as many family activities or even continue working in their chosen profession.
From inventory and bookkeeping to pricing and personnel, business owners of all sizes are confronted with the need to make decisions from day one. While all of these decisions are important to the long-term success of an operation, it goes without saying that some are clearly more significant than others.
The unfortunate reality for hundreds of thousands of Floridians who reside in those areas designated as high-risk flood zones is that their flood insurance premiums are increasing by as much as 18 percent per year.
The number of sinkholes here in Florida has risen to altogether alarming levels over the last decade, particularly in places like Citrus, Hernando and Pasco counties, which have earned the unfortunate nickname “sinkhole alley.”
No one, it seems, has a longer memory than a homeowners insurance company. Florida has not suffered a hurricane since 2005, but insurance companies, particularly Citizens Property Insurance Corp., continue to increase premiums as if Dennis, Katrina and Wilma were planning a comeback. “For the first time on the same stage, ladies and gentlemen ….”
Insurance companies do not like to give up control if there is a chance they will have to pay a claim. By providing a defense attorney, for example, an insurer can control how the attorney argues the case for the claimant. In most cases, the claimant is grateful for the help — he has no interest in paying the claim, either.
We often talk about the promises an insurer makes in exchange for a policyholder’s premiums. In the law, some of those promises are referred to as “duties,” with the most important being the duty to defend and the duty to indemnify. Generally, the duty to defend is seen as the more important of the two, and when you think about how the claims process works (or doesn’t work), it makes sense.
Last week, the Florida Office of Insurance Regulation announced that another 66,500 policies with Citizens Property Insurance Corp. will be eligible for take-out in April. If the same depopulation process we have been talking about has not changed, those 65,000 homeowners and 1,500 commercial property owners will receive “encouragement letters” from Citizens notifying them that they have the option to purchase coverage from private insurance companies.
