Florida’s assignment of benefits (AOB) crisis continues to spread statewide and has cost consumers billions of dollars in unnecessary litigation and inflated claim costs, according to an Insurance Information Institute (I.I.I.) study released today. An AOB is a document signed by either an auto or homeowners policyholder which allows a third party, such as an… Continue reading Assignment Of Benefits Abuse Is Driving Up Insurance Costs In Florida
Tag: homeowners insurance
Florida’s Citizens Insurance Pitches 8% Average Rate Increase
With the state-backed insurer blaming costly water-damage claims in South Florida, residential customers of Citizens Property Insurance Corp. could see an average 8.2 percent rate increase next year, according to a new proposal. The proposal, which would take effect in September 2019, will go before the Citizens Board of Governors during a meeting Wednesday. If… Continue reading Florida’s Citizens Insurance Pitches 8% Average Rate Increase
2.9 Million Coloradans Now Live in Areas at Risk of Wildfire
The number of Coloradans whose homes are at risk from wildfires soared 45 percent in five years, reflecting the state’s booming population and changing uses of agricultural land, state officials said. The Colorado State Forest Service said 2.9 million people now live in the wildland-urban interface, defined as places where homes are built in or… Continue reading 2.9 Million Coloradans Now Live in Areas at Risk of Wildfire
Florida CFO Calls for Insurers to Step Up Aid in Hurricane Michael Recovery
Florida Chief Financial Officer (CFO) Jimmy Patronis and Insurance Commissioner David Altmaier spoke with insurance company executives today and called on the industry to step up more to aid in Hurricane Michael recovery. CFO Jimmy Patronis said, “Before Hurricane Michael hit, I put Florida’s insurance industry on notice that I expected they would move quickly… Continue reading Florida CFO Calls for Insurers to Step Up Aid in Hurricane Michael Recovery
Fire-Resistant Homes Curb Damage, Minimal Financial Impact on Home Buyers: Research
Homes in wildfire-prone areas around the U.S. could be built to better withstand blazes without increasing the cost of construction, according to a new report. The research released Tuesday was sponsored in part by the insurance industry and marks the first attempt to quantify the expenses associated with building residences that meet stringent flame-resistant criteria.… Continue reading Fire-Resistant Homes Curb Damage, Minimal Financial Impact on Home Buyers: Research
Deadly California Fires Prompt Bold Thinking About Prevention: Shelters, Strict Zoning, Buyouts
Over the years, California has told homeowners to clear brush around houses, required builders to use fire-resistant materials and ordered them to provide easy access to new developments. But that didn’t prevent the deaths of 43 people in last year’s wine country fire siege. It didn’t prevent the destruction of more than 1,400 structures in… Continue reading Deadly California Fires Prompt Bold Thinking About Prevention: Shelters, Strict Zoning, Buyouts
Insured Losses from the Camp and Woolsey Wildfires Estimated Between $9B-$13B
RMS, a global risk modeling and analytics firm, has estimated that the insured loss for the Camp and Woolsey wildfires in California will be between USD $9 and $13 billion ($7.5-$10 billion for Camp; $1.5-$3 billion for Woolsey). The estimate includes property and auto damage, including burn and smoke damage, business interruption (BI), additional living… Continue reading Insured Losses from the Camp and Woolsey Wildfires Estimated Between $9B-$13B
California Wildfires Put Almost 50,000 Homes at “High or Extreme Risk”
As wildfires burn relentlessly in both Northern and Southern California, disaster modeler CoreLogic predicts that 48,390 homes in the state could be at “high or extreme risk” of damage. That would bring potential reconstruction costs to $18 billion. Although those property damages are huge, they’re only part of the cost of California’s now year-round fire… Continue reading California Wildfires Put Almost 50,000 Homes at “High or Extreme Risk”
Hurricane Michael Leads Allstate to $202M in Losses During October
The Allstate Corp. announced estimated catastrophe losses for the month of October 2018 of $202 million, pretax ($160 million, after-tax). Catastrophe losses occurring in October comprised eight events at an estimated cost of $174 million, pretax, plus unfavorable reserve re-estimates of prior reported catastrophe losses. Hurricane Michael, which made landfall on Oct. 10, accounted for… Continue reading Hurricane Michael Leads Allstate to $202M in Losses During October
Camp Fire Victims in Northern California Sue PG&E
Two dozen victims of the Camp Fire sued Pacific Gas & Electric Co. and its parent corporation in San Francisco Superior Court on Tuesday, alleging in part that the utility’s “corporate culture” was to blame for the devastating blaze. The lawsuit also alleges that the wildfire ignited in Pulga on Nov. 8 because PG&E did… Continue reading Camp Fire Victims in Northern California Sue PG&E