In 2012, Hurricane Sandy raged across the east coast. Although the storm hit some areas harder than it did others, it caused property damage from Florida to Maine. The damage resulted in 144,000 claims filed with insurance companies contracted by the National Flood Insurance Program.
We are continuing our discussion of sinkholes and the difference between New Jersey and Florida. New Jersey has, as we said, had a rash of sinkholes appear; one swallowed a snow plow. Florida, of course, has its own Sinkhole Alley — Pasco, Hillsborough and Hernando counties — and a reputation to maintain.
We are going to pause in our discussion of sinkholes in New Jersey to explain who Henny Youngman was. We realize that our baby boomer is showing around the edges.
If the Northeast is going to share its weather with Florida, perhaps it is only fair that we share something with those states. New Jersey, in particular, has been learning about the dangers of sinkholes.
After our last three posts, you may be wondering what could possibly be left, what other information can an insurance policy contain? We have the insuring agreement, the exemptions and exceptions, the dec page … we know that skimming is a bad idea. What else?
We have started the new year off with some information about mid-term cancellations of homeowners insurance policies. It is not exactly an upbeat topic, but it does offer fodder for resolutions. If you are truthful on your application, pay your premiums and follow the insurer’s instructions about repairs, you shouldn’t get the dreaded notice of cancellation.
As odd as it seems, it is possible that an entire generation of Floridians will never have to live through a hurricane. If the 2015 season is as quiet as the last few years have been, we will have a full decade of hurricane-free living under our belts.
If you are among the thousands of Florida homeowners who were “depopulated” from Citizens Property Insurance Corp. last year, you may now be dealing with a different insurer for the first time in years. The coverage may vary slightly, but the basic terms of the contract and your relationship with the insurance company have not changed. State law makes sure of that.
In September 2012, we wrote a post about force-placed insurance with the catchy title, “Force-placed insurance companies feeling the heat.” At the time, the National Association of Insurance Commissioners was just beginning to look into the practice, and Florida was dubbed “Ground Zero” for what regulators believed was an unfair business practice. Two years ago, force-placed insurance (also called “lender-placed insurance”) was the looming sub-scandal of the housing crisis.
A fire erupted in a Fort Lauderdale apartment complex last weekend. The good news is that no one died in the blaze. The bad news is that three families, a total of nine people, are now out of their homes.
