By now, most Floridians have heard about – or even experienced – the incredible spike in flood insurance premiums that are coming their way due to the Biggert-Waters Flood Insurance Reform Act. In short, the Biggert-Waters act is a new federal law which attempts to address a $24 billion dollar deficit in the coffers of
Citizens Doing the Right Thing – Insuring Homes with Previous Sinkhole Problems
Citizens Property Insurance Corporation recently announced that it will begin offering homeowners insurance to properties that were previously damaged by sinkhole activity. This announcement was praised by insurance agents and real estate professionals as crucial to protect the marketability of homes in central Florida.
In the past, property owners would often have trouble obtaining property
Dunedin Sinkhole Saga – The REAL Facts
By now, you’ve most likely seen the stories about the large sinkhole that opened in Dunedin, Florida this week. The Dupre family was awakened early Wednesday morning to what sounded like someone noisily attempting to break into their house. Upon inspection, the homeowners were shocked to see that their entire back porch was sliding into
ObamaCare Enrollees – Fact or Fiction?
Even though the online insurance marketplace under the Affordable Care Act, otherwise known as ObamaCare, went into effect on October 1, 2013, it seems very few people have actually signed up for coverage under the new law. A recent blog in the Miami Herald stated that the paper had searched “high and low” for individuals
Hurricane Preparations Part I – Develop a Plan for Your Family
An essential part of hurricane preparation is having a plan for your family long before a storm arrives. Once the storm arrives, it is too late to start thinking about contingencies and making plans for your family’s safety. Your basic plan can be re-used each year, but make sure to review your plan each year
Citizens Denying Claims While Paying Its Lawyers Million$$ of Dollars
Citizens Property Insurance Corporation has been earning a reputation for systematically denying almost every insurance claim asserted by its policyholders. Instead of honoring valid claims, Citizens spends millions of dollars each month “defending” claims – the same type of claims that other insurance companies would routinely pay without question. Although those of us in the
Water Damage – the Silent Destroyer of Homes
Although hurricanes, earthquakes, and sinkholes get the majority of the attention in the news, the vast majority of insurance claims deal with water damage to property. These claims are generally broken into two categories – flood damage and water leak/seapage damage. Flood claims revolve around damage caused by “rising water”, as opposed to other types
New Flood Insurance Law May Crush Florida’s Real Estate Market
Pursuant to a new Federal law, premiums for residential flood insurance in Florida may soon be as high as $24,000 a year. A new law, the Biggert-Waters Flood Insurance Reform Act, was enacted by Congress in 2012 as a knee jerk reaction to the recent large scale disasters such as hurricanes Katrina and Sandy. Proponents
Sinkhole Swallows Forest – Make Sure Your Home Isn’t Next!
By now, you may have seen the video of the sinkhole swallowing portions of a forest in Louisiana, but – like all classic films – it is worth seeing again.
This video should serve as a shocking reminder of the sudden and brutal nature of not
Rate Hikes Ahead for Citizens Property Insurance – Buckle Your Seatbelt!
Last night, Citizens Property Insurance Corporation held a public hearing on its proposed hikes to the homeowners insurance premiums currently paid by Floridians. The hearing was requested by former state Senator Mike Fasano in advance of the Florida Office of Insurance Regulation’s upcoming decision on whether to approve the rate increases being requested by Citizens