Friday, March 23, 2012



News and Updates

News and Updates
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News and Updates

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News and Updates

Home Insurance Prices Keep Going Up Despite the Decline in Property Values

by Florida Office of Insurance

The past few years has seen the real estate market collapse. Home values have declined by greater than 50% in many markets throughout Florida, and especially here in South Florida. Yet despite those declining values, many home owners have seen their home insurance rates rise in recent years. Despite the decrease in home values, many [...]

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4th DCA Finds State Farm Has a Duty to Defend Defamation Lawsuit Against Insured

by Florida Office of Insurance

In Segal v. State Farm Florida Insurance Company, ____ So.3d ____ (Fla. 4th DCA 2010), the insured  was sued for "knowingly and/or negligently" making defamatory statements.  The insured sent the lawsuit to State Farm asking State Farm to defend her in the lawsuit and ultimately indemnify her if she was found liable.  State Farm provided the insured with homeowner's insurance [...]

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Office Announces a Multi-Agency, Multi-Million Dollar Agreement With Prudential for Life Claims Settlements

by Florida Office of Insurance

The Florida Office of Insurance Regulation (Office) along with the Department of Financial Services (DFS) and the Office of the Attorney General (AG) today announced a multi-million dollar settlement agreement with Prudential Insurance Company of America and its affiliates (Prudential).   By entering this agreement, Prudential is taking a leadership role in the industry to invest [...]

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What Do I Do if Disability Insurance Denies My Claim?

by Florida Office of Insurance

You are much more likely to become disabled during your work life than to die during your work life. Thus, disability insurance is very important to protect you and your family from financial ruin in the event of a disability. But, what happens when you insurance company denies your disability claim? Short-term disability (STD) policies [...]

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Sinkhole Claims Are Driving Property Insurance Reform

by Florida Office of Insurance

This past week Florida state legislators turned their attention to a problem that is becoming increasingly more expensive: questionable sinkhole claims. These claims are purportedly driving up the costs of insurance premiums for Florida homeowners. The Senate Banking and Insurance Committee heard testimony, but did not take action on the bill which is similar to [...]

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Insurance Companies Engage in Unfair Claims Settlement Practice

by Florida Office of Insurance

Under Florida law, any person may bring a civil action against an insurer when such person is damaged by the insurer's failure to attempt "[i]n good faith to settle claims when, under all circumstances, it could and should have done so, had it acted fairly and honestly toward its insured and with due regard for [...]

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Client Awarded Fees Against Public Adjuster

by Florida Office of Insurance

In Point East Four Condominium Corporation, Inc., ____ So.3d ____ (Fla. 4th DCA 2010), a public adjuster sued his client for payment of its 10% contingency fee.  The client defended by showing that there had been no recovery and therefore no fee was due.  The trial court dismissed the case. The contract between the PA and the [...]

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Understanding Your Insurance Coverage: Do You Know if You're Covered Should Disaster Strike Florida?

by Florida Office of Insurance

In the past few weeks, we have seen homes destroyed throughout the country due to the recent ravaging rage of tornado strikes. Unfortunately, many of those homeowners will soon discover that their insurance won't cover all of their rebuilding cost. The good news, however, is that the typical homeowners insurance policy does cover tornado damage. [...]

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Office Orders Companies to Cease and Desist the Unauthorized Sale of Motor Vehicle Service Agreements

by Florida Office of Insurance

Florida Insurance Commissioner Kevin McCarty issued an Order requiring several companies to Cease and Desist the unauthorized marketing and sale of service warranty insurance products. These companies include Warranty Administration Services Inc (WARRANTY), SafeData Management Services Inc (SAFEDATA), Consumer Direct Warranty Services (CONSUMER DIRECT) and General Warranty Services (GENERAL). View full post on Office of [...]

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UNAUTHORIZED WATER CRAFT INSURER ORDERED to STOP FLORIDA OPERATIONS, AGENT FACING LICENSE REVOCATION

by Florida Office of Insurance

...mpany to stop selling unauthorized insurance in the state, and a Venice agent is facing revocation of his license for selling the bogus coverage. In an Immediate Final Order issued by Office of Insurance Regulation Director Kevin McCarty, Nor... View full post on Office of Insurance Regulation - Press Releases Tags: United States, Office of [...]

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Insurance Companies Profit by Delaying Claims and Shorting Customers

by Florida Office of Insurance

This should come as no surprise. Especially to those of you who have ever had to deal with your insurance company in submitting a claim. Insurance companies are putting profits before service and people. Yet despite record profits, reform to many laws pertaining to insurance claims, insurance rates continue to go up for all hard [...]

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Miami Is State's Most Vulnerable Area for Hurricane Damage, According to Study

by Florida Office of Insurance

Miami is the most vulnerable area in Florida for damage caused by a hurricane, according to a new study released this week by Florida State University. The Miami Herald reports that the Miami area is the most vulnerable of Florida's 12 population centers. The state capital of Tallahassee is the least vulnerable. Cape Coral is [...]

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Tips to Restore Your Hurricane Insurance Discounts

by Florida Office of Insurance

Buying and owning a home, for many of us, is the most significant investment we will make in our lives. It will likely also be one of the costliest ones too. Therefore, when we make that investment we want to make sure that the investment won't turn sour. It is of paramount importance that the [...]

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INSURANCE REGULATOR ADVISES CONSUMERS of THEIR OPTIONS AFTER LOSING COVERAGE

by Florida Office of Insurance

...ing that it will not be renewing the policies of its individual health customers, the state’s chief insurance regulator is cautioning the affected consumers to be aware of their options. Director of the Florida Office of Insurance Regulation,... View full post on Office of Insurance Regulation - Press Releases Tags: affected consumers, ADVISES, REGULATOR, insurance [...]

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Review Your Insurance Policy in Preparation for the Upcoming Hurricane Season

by Florida Office of Insurance

South Florida hasn't been directly hit by a hurricane since Wilma in 2005, so its easy to become complacent and not worry about another storm. However, its not a good idea to take this attitude because analysts are predicting a busy hurricane season. As Floridians, its important to prepare for a hurricane. Its vital that [...]

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Media Advisory -- Public Rate Hearing for Castle Key Insurance Companies

by Florida Office of Insurance

Media Advisory -- Public Rate Hearing for Castle Key Insurance Companies View full post on Office of Insurance Regulation - Press Releases Tags: insurance regulation, Business Finance, United States, Office of Insurance Regulation, Financial services, Key, insurance companies

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