Property Insurance Coverage Law

OCTOBER 25, 2024

In my recent articles, The Façade of Consumer Protection: How Florida’s Political Leadership Continues to Favor Insurance Companies Over Policyholders — Are Florida’s Politicians in Bed with the Insurance Industry and Florida’s Emergency Ethical Rule Conflicts with Xactimate’s License Agreement – Another Example of Insurance Industry Control in Florida, (..)

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Property Insurance Coverage Law

SEPTEMBER 19, 2024

Restoration Contractors and Roofers Need to Be Careful and Not Overstep into Adjusting Claims, Subjecting Them to Criminal Prosecution appeared first on Property Insurance Coverage Law Blog.

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Insurance Journal

OCTOBER 9, 2024

Almost two years after a group of independent claims adjusters alleged that insurers had deceptively altered their damage estimates and low-balled policyholders, Florida’s chief financial officer has issued an emergency rule barring similar actions in Hurricane Milton claims. “Any move …

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Property Insurance Coverage Law

OCTOBER 5, 2024

When navigating the aftermath of a property damage claim, many homeowners seek professionals to help them secure the best possible settlement from their insurance company. However, policyholders … The post Public Adjusters Prohibited in Arkansas appeared first on Property Insurance Coverage Law Blog.

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Property Insurance Coverage Law

SEPTEMBER 5, 2024

Insurance companies that wrongly deny or underpay property insurance claims are finding a golden financial opportunity that provides an incentive for them to wrongfully underpay and deny claims—they escape the payment of the replacement cost valuation they promised to their policyholders.

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American Agents Alliance

SEPTEMBER 30, 2024

Learn more about how to help policyholders prepare for the unexpected with helpful tips. How to Help Policyholders With Proactive Disaster Planning An important start to disaster planning is considering whether or not a potential loss would be covered by insurance. Provide expert educational services for policyholders.

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American Agents Alliance

JULY 17, 2024

Every part of the insurance lifecycle is changing in the digital age, including the handling of claims. Agents and brokers play important roles in the digital claims management process, from educating policyholders on loss mitigation to helping insureds file claims and work with their insurers.

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Shield Insurance Agency

AUGUST 20, 2024

Shield Insurance Blog | Small Insurance Claims | Contact Our Sales Team! Small Insurance Claims Can Raise Premiums Small insurance claims, such as those for minor property damage, may seem like a hassle to deal with. However, filing small insurance claims can have long-term financial consequences.

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QuickQuote

JULY 29, 2023

Since life insurance companies pay out multiple claims per year, you may wonder how life insurance companies make money if claims sometimes eclipse the amount earned in premiums. The answer is that life insurance company profitability is based on more than just the amount it earns in premiums.

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Bankers Insurance

MAY 16, 2024

The homeowners insurance market is complicated and dynamic, and many policyholders have experienced increased rates in recent years despite no changes to their coverage or claims filed. Finally, toward the end of 2023, reinsurance rates rose by as much as 40% as companies sought to recoup increased losses from recent years.

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Property Insurance Centre

MARCH 19, 2024

It empowers individuals to make informed decisions about insurance coverage and understand their policy rights. Consumer education ensures that individuals are prepared and protected with the proper insurance coverage and are knowledgeable about the claims process. Leads to confusion and potential gaps in coverage.

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The Property Insurance Law Observer

MARCH 4, 2024

The defendant, Stillwater Insurance Company (“Stillwater”) determined there was coverage under the Limited Water Back Up and Sump Discharge or Overflow Coverage endorsement and issued payment of the full $5,000 sublimit of that endorsement, together with a letter to the insureds explaining its coverage analysis.

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InsuredMine

JULY 19, 2024

Insurance agencies once focused primarily on assessing risks, underwriting policies, and managing claims. In this context, understanding why customers might leave and taking preemptive steps to prevent churn has become a strategic imperative for insurance companies. However, the landscape has shifted dramatically.

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Scott Insurance

JANUARY 31, 2024

According to Money.com , an independent publisher, recent year-over-year premium increases have averaged 20%, and policyholders should expect to see at least a 10-15% increase in 2024. However, homeowners insurance generally operates on a lagged timeline regarding inflation.

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The Property Insurance Law Observer

MARCH 12, 2024

The United States District Court for the Western District of Washington decided an insurance coverage case involving Plaintiffs Benny and Guangying Cheung and Defendant Allstate Vehicle and Property Insurance Company. Allstate Vehicle & Prop. C22-1174 TSZ, 2023 WL 9000432 (W.D.

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TGS

OCTOBER 30, 2024

Imagine discovering after a claim that the policy won’t pay enough to replace your roof or cover water damage. Some policies offer lower premiums with higher deductibles, but here’s the catch: If you have to file a claim, are you comfortable covering a $5,000 deductible before the insurance company pays a dime?

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Smart Insurance Agents

SEPTEMBER 7, 2024

They can get health coverage under the plan of the policyholder. Dependents get the same or similar health benefits as the main policyholder. Insurance companies have clear rules for who qualifies as an eligible dependent. These rules often match those for health insurance dependents.

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R&R Insurance

SEPTEMBER 12, 2024

Footnote: The Affordable Care Act (ACA) includes a provision known as the Medical Loss Ratio (MLR) which requires insurance companies to review their overall plan performance by market segments (small group and large group) to determine if they must return a portion of the premiums collected.

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Property Insurance Centre

SEPTEMBER 25, 2024

Define the maximum amount that you are willing to spend additional in the case of a claim. Key Takeaways Building insurance is essential to protect your property, but it can be complex. Many people make common mistakes when dealing with building insurance, which can result in inadequate coverage or denied claims.

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Protect Commercial Insurance

OCTOBER 4, 2024

As interest-backed assets offer higher returns, insurers might become more inclined to increase their pricing models to cover potential future claims. Therefore, higher interest rates can sometimes lead to more expensive insurance. Underwriting involves evaluating risks and determining suitable premiums for policyholders.

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Property Insurance Centre

JANUARY 4, 2024

. “Insureds need to be aware of the potential risks they face and work closely with their insurers to understand the coverage limitations and take proactive measures to protect their properties.” Labour Costs and Insurance Premiums Labour costs are another significant factor affected by inflation.

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Distinguished

NOVEMBER 7, 2024

The surety is entitled to recover any losses incurred from the principal, emphasizing surety bonds as instruments of credit rather than insurance. Principal’s Default: A claim under a surety bond arises only upon the default of the principal. Importantly, if the surety pays out a claim, they will seek reimbursement from the principal.

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Triple-I: Homeowners Insurance

JUNE 26, 2024

This was due in part to inflation spurred by the COVID-19 pandemic and the war in Ukraine as well as longtime challenges in the state with claim fraud and legal system abuse. The legislation also ensures transparency and efficiency in the claims process and encourages more efficient, less costly alternatives to litigation. . –

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LexisNexis

SEPTEMBER 17, 2024

With autonomous vehicles or AVs slowly gaining market share and the technology rapidly advancing, this is becoming an increasingly urgent question for insurance companies. Indeed, AV technology could upend the very foundations of the car insurance industry. First, some basics.

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Majesco

APRIL 25, 2024

It’s a double play—claims processed swiftly, premiums collected seamlessly, and customers satisfied. The insurance infield turns grounders into outs, just as MLB infielders turn hits into double plays. For insurers, the grand slam is an exceptional customer experience with optimized operations. The ball never hits the dirt.

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Redbird Agents

JULY 9, 2024

You’ve gotten lazy on studying the different types of insurance which impacts your ability to navigate your client’s needs. I spoken with thousands of insurance agents, many of whom are venturing out on their own for the first time. What Does an Insurance Broker Do?

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Hunton Andrews Kurth

MARCH 11, 2021

Nashville Underground LLC—“nationally acclaimed, seven-story restaurant, bar, night club and live music venue” located in downtown Nashville—procured a commercial property policy from AMCO Insurance Company (AMCO) to protect it from fortuitous catastrophic events.

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InsuredMine

FEBRUARY 15, 2024

This is where the approach to insurance operations is revolutionizing the way insurance companies operate and engage with customers. With shared visibility, admins and agents can collaborate on policy management, updating policy details, and following up on renewals and claims.

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Majesco

APRIL 11, 2024

We have companies with really significant loss ratios that won’t improve in 2024, possibly not even in 2025. There is inflation and its pressure on claims costs, whether it’s medical or it is physical damage to homes and businesses. If you look at the biggest cost on the income statement of an insurer, it is always claims.

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Healthinsurance.org

MAY 20, 2024

In this article HealthCare.gov policyholders at risk Scammers circumvent consumers protections The damage to affected Marketplace buyers Factors that led to the alleged fraudulent activity Buyers with lower incomes targeted Is this happening in states that run their own Marketplaces? What should consumers do?

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Constant Contact

NOVEMBER 17, 2020

The first step is to claim your business online through Google My Business, Yelp, Angie’s List, and any other directory site that your customers use. Online ads can be extremely effective for securing new policyholders. You may type in “insurance company Chicago” if you are shopping policies.

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Cover4LetProperty

OCTOBER 10, 2022

Putting it practically, we may know, for example, that a given insurance company offers automatic cover for subsidence – something that is no longer universal (but a standard feature of all the policies we arrange here at Cover4LetProperty). If a let out a spare room, where do I stand as far as home insurance is concerned?

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Risk Management Monitor

SEPTEMBER 30, 2022

It is also important that a business establishes a single point of contact for talking with the adjuster, broker claims person, and others that will be dealing with the claim on the site. Gather insurance policies and related insurance records. Assist with the insurance company’s investigation.

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