News & Resources

It is impossible to ignore the fact that Baby Boomers are getting older. For Florida, a state dotted with retirement communities, this is good news. For Florida drivers, however, there is a distinct downside: Older drivers tend to have slower reflexes and slower reaction times behind the wheel, and, as a result, they are more likely to be in accidents. Baby Boomers grew up with their cars, though, so getting them to give up driving is an uphill battle.

When you ask someone who lives in Miami what it is they love, they might say that the weather is fantastic, others may mention the culture and some may talk about the nightlife. But if there is one thing that everyone living on the coast of Florida shares, it is the threat of a hurricane.

When you applied for your homeowners’ insurance policy, did you disclose any liens filed against you or anything else from your past that might have marred your credit history? Are you sure about your response?

Insurance protection is always looked at as a necessary nuisance and expense-no one wants to buy it but we all understand it’s needed in the event of certain circumstances. What’s worse is not knowing whether our current coverage is enough or if additional protection is needed-particularly when we are traveling.

The Florida Supreme Court handed down three decisions settling insurance disputes on July 3, 2013. The cases were very different: One dealt with a reimbursement issue, another with an automatic benefit increase and the last with replacement cost coverage. In our last two posts, we reviewed the first two decisions. Here, we will tackle the third.

We are continuing our discussion of three Florida Supreme Court decisions handed down earlier this month. As we said in our last post, insurance companies did not prevail in any of the cases.

Insurance companies did not fare well in three recent Florida Supreme Court decisions. Two cases sprang from policyholder complaints, while the third involved a medical provider. If policyholders — be they individuals or businesses — take one thing away from these decisions, it should be to read every policy carefully.

We are discussing a recent U.S. Supreme Court decision regarding the proceeds from a life insurance policy. The insured was covered under the Federal Employees’ Group Life Insurance plan, and when he passed away in 2008 his widow discovered that the named beneficiary on the policy was his ex-wife. The insurer distributed the proceeds to the ex-wife, and the widow sued.

This is not a typical insurance claim story. The insurance company, in fact, barely makes an appearance. Nor is it a story about Florida. What it is is a story about the power of the insurance contract.

We all know that the insurance industry is highly regulated. States exercise a good deal of control over what insurance companies charge (rates and premiums) and how they manage their finances to make sure they have enough money set aside (reserved) to pay the claims they are obligated to pay their policyholders.