Insurance Blog

As Citizens does its best to reduce the number of policies it has, many policyholders are confused – even resentful – at the methods the state-run insurer is using to lower numbers. The current goal of Citizens is to vastly reduce the number of policies so it can zero-in on its official mandate: to insure those who are unable to find adequate coverage through insurers on the open market. Citizens is starting to feel some pushback from policyholders – mostly those who realize that Citizens has a far better financial footing than any of the insurers who are taking on these former Citizens policies. To make matters worse, Citizens is dumping thousands of policies into the open market while they are cutting rates – a combination that isn’t sitting well with former policyholders who feel “pushed out” by Citizens. Opting Out and Implied Consent – Citizens’ Home Insurance Rules Creating a Hassle First off, if a person has Citizens as [...]

It seems like just yesterday you were leaving your child on their first day of school. Now, they’re grown up. You’ve helped them, guided them, and protected them for nearly two decades. Yet, It’s time for them to go on their own to continue their education. Just because they’re leaving home for school in another city, or even a different state, it doesn’t mean you can’t still protect them. In fact, now is the time to protect them even more – with adequate insurance. Today, we’ll look at two types of insurance that your child should have when they’re away at university. Auto Insurance For Students Away At University If you send your child to university without a car, do they still need auto insurance? Many parents are surprised when their insurance agents tell them “yes.” It’s recommended that parents keep their children on their auto policy for a number of reasons, including: They will be protected when they come [...]

If you’ve ever been through a home remodel – even so much as a bathroom or kitchen upgrade – you know there can be a lot to do. Yes, the result can be rewarding, and it can have a great impact on the resale value of your home. But there are many decisions to be made along the way in terms of arranging financing, selecting contractors and, of course, countless decorating decisions. Of all the things you have to do, one that often gets overlooked is a call to your Orlando insurance agent. In fact, it’s a good idea to make that call the first thing you do. In this article, we’ll explain why. Accidents Can Happen – Even On The First Day Of Renovations Waiting until your home addition or renovation is complete is not the time to increase coverage. If your new addition or renovation were to be damaged during construction without coverage, even on the first day, [...]

In the last post, we talked about five things you may not realize you Orlando home insurance covers. In this post, we’ll cover five more. Some are very unlikely in Florida, while some may get your attention. Here they are in no particular order: Animal Bites/Attacks on Your Property Over half of the nearly 5 million dog bites that occur each year take place on the property of a dog owner. Of these bites, about 800,000 lead to someone heading to the emergency room, walk-in clinic or primary care provider's office. In fact, animal bites (specifically, dogs) are in the top three most common incidents that result in a claim on a homeowner's policy. The good news for homeowners, and dog bite victims, is that most policies cover the bill for someone who is bit by an animal (domestic animals like cats, snakes, dogs, etc.) to a max of somewhere between $100,000 and $300,000. According the Insurance Information Institute, the [...]

We all know, hopefully, that if your home is damaged as the result of a fire, it's covered by your Orlando home insurance policy and that the company who issued the policy will pay the cost to fix the damage to pre-fire condition. However, beyond the obvious, many people aren't absolutely sure what their homeowner's insurance policy actually covers. Today, we're going to look at two situations that your homeowner's policy is likely to cover, that you might not be aware of. Objects Falling From The Sky Most people are under the impression that damage from a limb falling from a nearby tree during a storm is covered under your homeowner's policy, but many aren't aware that any secondary as a result (water infiltration, etc.) might not be covered if you don't take the necessary steps to mitigate the secondary damage as soon as is reasonably possible. This could mean placing a tarp over the hole on your roof, or boarding [...]

In a vote of 306-91, Congress managed to get past a major obstacle toward providing flood insurance rate relief to thousands of Florida property owners. The vote is a big step toward relief from a looming increase in flood insurance rates that would be imposed on Florida homeowners who sell their property – a huge economic concern for the state and its economy. The bill Congress passed also makes sure that Florida homes that meet the current flood zone map regulations would retain their current classification and be exempt from higher premiums and any future flood map alterations. Of the homes in the National Flood Insurance Program, 40 percent of them are located in Florida – making the state disproportionately affected by the changes. Another sign of good faith toward Florida homeowners is that not one representative in Florida’s delegation of 27 voted against the bill. It’s up to the Senate now to pass a similar bill in order to [...]

Homeowners in Florida are starting to see the benefits of lower insurance rates thanks to a more competitive market and lower reinsurance rates, according to the top regulator in the state. In the 13-page report from the Office of Insurance Regulation (OIR), findings showed that some large home insurers are beginning to lower rates in response to lower cost of reinsurance. It’s a positive piece of new for Florida homeowners who have seen a decade of steady increases in home insurance rates. The report came as a response to questions raised recently by Florida’s Chief Financial Officer about lower reinsurance rates and their impact on homeowners’ policy rates in the state. The report from the OIR includes data from 30 private home insurance companies that make up roughly 70 percent of the market in Florida. Half of the insurers have submitted rate filings that are based on their reinsurance costs for 2013-14, while some have yet to file their rates. [...]

Lawmakers in Florida are hoping to step in and take action after Congress failed to pass legislation that would postpone the National Flood Insurance Program (NFIP) rate increases that are part of the 2012  Biggert-Waters Act. The rates hikes, scheduled to begin January 1, 2014, have come about as the result of subsidies for coastal areas being phased out after a $24 billion shortfall for the NFIP. Lawmakers want private property insurance companies to offer coastal homeowners relief before they are hit with increased flood insurance rates on January 1. And if that fails, the idea of a state-level NFIP alternative may be a solution to fill the gap left in the wake of the federal program. However some state lawmakers are opposed to establishing a Citizens Property Insurance Corporation-type entity to offer flood insurance for Florida’s costal homeowners. “There’s a limit to what the state can do unless we decide to get into the business of establishing a Citizens [...]

Despite a near ten-year lapse since the last hurricane, Floridians are still paying the highest homeowner insurance rates in the United States, according to a national report released this year. The report by The  National Association of Insurance Commissioners shows that the average home insurance premium paid by Florida homeowners is $1,933 per year, which is roughly double the national average premium of $978. Among the top six states with the highest home insurance rates, five are located on the Gulf of Mexico. Louisiana had the second-highest premiums after Florida, followed by Texas, Mississippi, Oklahoma and Alabama. The report is based on rate data from 2011 and includes rates from first-time premium costs paid by customers of Citizens Property Insurance. Citizens is a state-owned company - as well as Florida’s largest insurer with over a million policyholders. Rates in the Sunshine State have been increasing for several years, despite the fact that the state has not seen a hurricane since [...]

It’s not something we like to think about – getting in a car accident – but it will happen to a large number of us at least once in our lifetime. The question is – how many of us are prepared for it? Do you know what to  do (and what NOT to do) after an accident? Whether it’s a fender-bender or worse, there are things to do for your own safety – and the safety of others. Regardless of whether you are at fault or not, here are six things you should do (and one important thing NOT to do) when you have an accident: Ensure your safety and the safety of your passengers. If necessary, call 911 and give details about injuries including how many are injured or involved in the wreck. If injuries are minor, get passengers out of vehicles (if possible) and to a safe area away from traffic and other hazards. Move your car from [...]

Orlando Homeowner insurance serves a similar purpose as car insurance and health insurance – it covers, as a general comparison, the cost of repair or replacement when damage occurs. And, depending on where you live, this coverage may exclude damage from certain events, including flood, earthquakes and hurricanes. These devastating events are NOT typically covered in basic homeowners insurance policies. The typical homeowner’s insurance policy is made up of two types of protection – hazard insurance and liability insurance. Each serves a different purpose when it comes to protecting you, your home, and your property. Hazard Insurance – The hazard coverage in your Orlando homeowners insurance policy protects you from damage caused unintentionally - or by causes over which you have no control. These can include fallen trees on your home, vandalism, fire, etc. You can choose to have your policy cover the replacement value (covers the cost of buying a new item) or the cash value (pays what the [...]

It’s almost impossible to avoid – you get a letter in the mail from your Orlando home insurance carrier saying that your rates are going up. Or, maybe there’s been a story on your local Orlando news station that talks about insurance companies requesting the state allow them to raise rates on customers’ policies. Regardless of how you hear about it, rate hikes on your home insurance policy are never a welcome thing – no matter how much the increase may be. So, how do you make sure you’re getting the best rates for Insurance on an Orlando Home? It’s easy – you rely on the people who can give you the best rates. Often, this means turning to a local insurance agent who has vast experience and knowledge that could end up saving you money on your premiums. Much like health insurance, the Orlando home insurance market is filled with brand-name carriers that we all know. However, there are [...]

When it comes to insuring your Orlando house, cars, and other possessions, the number of insurance companies you have to choose from can be overwhelming. From brand name, nation-wide companies to regional companies you may not know, the number of options you have (and the coverage these companies offer) is quite large. If you were to take the time to thoroughly research and compare each company, the coverage they have to offer – as well as the potential savings you could see by bundling your coverage – you may be a little hesitant to do all this work yourself and just go with one of the big insurance companies who stick their ads on the TV, radio and Internet. After all, they must be offering the best rates to the largest numbers of people, right? Maybe. While it’s true that the big, brand-name insurance companies do offer some great rates, the coverage that comes with those rates might not protect [...]