Archive for the ‘Auto’ Category
State Farm Passing The Buck…Literally
On October 19th, 2011, a story regarding State Farm's ongoing practice of dumping its homeowner's policies over to state-backed Citizens Property Insurance. News? Hardly. Certainly not to the hundreds of State Farm homeowners policyholders that are receiving renewal rates as high as triple that of last year's rate. A 2008 state law allows companies like State Farm to continue giving multiple-policy discounts to customers, even if the company only provides automobile insurance coverage and drops their homeowners' coverage. The catch? The homeowners' policy has to go to Citizens, not another private insurer. While that law may help improve State Farm's financial picture, critics say it's a bad deal for Floridians, who absorb costs for Citizens, Florida's insurer of last resort. Allowing State Farm to push policyholders to Citizens shifts the costs — and the liability for major-storm coverage — to the state's property insurance policyholders who pay fees to offset the insurer's deficits. But yet , under the same law, State Farm is allowed to keep the bundling discount it's offered to multi-policy customers by selling them their own auto coverage, but Citizens Home Insurance. Interesting though - the State of Florida ...
Are Legislators Missing The Mark On High Auto Insurance Premiums?
What’s really inflating auto insurance premiums? Insurance industry officials say auto insurance premiums in Florida are higher than they should be because fraudulent auto insurance claims and high attorneys fees for them are rampant. Some readers who have been in car accidents recently agree, with a couple reporting they were solicited by aggressive attorneys. Committees in the House and Senate plans to vote on two measures today that address the problem by creating new restrictions for policyholders with claims and limiting what policyholders can pay their attorneys. But some readers say the legislation misses the mark: They say the state should enforce a requirement that drivers have insurance and insurers should pay legitimate claims to avoid lawsuits and do more to ensure they’re not overpaying contractors. Backers of the bills, SB 1930/HB 967 and SB 1694/HB 1411, say they may help lower premiums. Ira Winters, a retired gas station owner in Boca Raton, said he was contacted twice by an attorney asking if he wants to sue after he got into a minor accident in January. The insurer paid the claim, about $500, to fix his car's bumper. "Why would I ...
Latest News
-
Hurricane Discounts May Get Reinstated
Some homeowners who spent thousands of dollars on improvements to protect their homes against hurricanes and qualify for ...
-
State Farm Passing The Buck…Literally
On October 19th, 2011, a story regarding State Farm's ongoing practice of dumping its homeowner's policies over ...
-
Hurricane-Proof Your Home For Free
A lucky few in South Florida will get, courtesy of the U.S. Government, new roofs, windows or doors ...
