Damage and Property Insurance - Insurance Industry Brief

Tornado Damage During Hurricanes: Navigating the Deductible Dilemma

Property Insurance Coverage Law

OCTOBER 15, 2024

This year, a record-tying … The post Tornado Damage During Hurricanes: Navigating the Deductible Dilemma appeared first on Property Insurance Coverage Law Blog. Opinions expressed are solely his own and are not meant to express the views or opinions of the IAUA.

Deductible

Deductible Damage Property Insurance Insurer

CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management

Property Insurance Coverage Law

SEPTEMBER 30, 2024

The investigative report featured testimony from whistleblowers who claim that insurance companies deliberately altered hurricane damage reports to underpay homeowners, leaving many Floridians struggling to rebuild their lives in the wake … The post CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage (..)

Insurance Companies

Insurance Companies Damage Claim Property Insurance

Interior Damage Claims and the Exterior Damage Requirement—Where’s the Proof?

Property Insurance Coverage Law

SEPTEMBER 16, 2024

A federal judge ruled last week that policyholders eventually have to “put up or shut up” when it comes to proving that certain interior damages caused by a storm must be the result of damage to the exterior of a building, allowing water to damage the interior of a building.

Damage

Damage Claim Policyholder Property Insurance

What Are Consequential Damages?

Property Insurance Coverage Law

SEPTEMBER 26, 2024

Consequential damages play a significant role in both contract law and insurance claims, but they operate under different frameworks and have distinct implications depending on the context. Consequential damages in contract law are indirect, foreseeable losses that result from a breach of contract.

Damage

Damage Property Insurance Insurance Claim Claim

Navigating Hurricane Helene and Milton NFIP Claims: Documenting Repairs and Understanding Prior Damage Requirements

Property Insurance Coverage Law

OCTOBER 14, 2024

Following Hurricanes Helene and Milton, many Florida and southeast residents are left grappling with flood damage – some for the second or third time in recent years.

Damage

Damage Claim Policyholder Property Insurance

An Estimated 290 Residences Damaged by Flooding From Lake Dammed by Alaska Glacier

Insurance Journal

AUGUST 14, 2024

Roughly 290 residences in Alaska’s capital city were damaged last week by flooding from a lake dammed by the Mendenhall Glacier, officials said. In addition to the homes and apartment and condo units, at least two businesses were damaged, Deputy …

Damage

Damage Property Insurance Insurance Insured

Insurance Company Prevails in Hail Damage Claim Dispute—Policyholders Need to Hire Experts Right Away and Provide Access to Information

Property Insurance Coverage Law

SEPTEMBER 26, 2024

A recent federal court ruling in Missouri highlights the critical importance of admissible expert testimony in property insurance disputes.

Policyholder

Policyholder Insurance Companies Damage Claim

Construction Financing and Factoring of Insurance Receivables—MMA Related Case Sheds Light on Factors in the Property Insurance Claim Industry

Property Insurance Coverage Law

AUGUST 18, 2024

Property damage insurance claims funding by factoring companies is a relatively recent phenomenon in the property insurance claims industry.

Property Insurance

Property Insurance Insurance Claim Claim Property Damage

Order and Bind Insurance Before the Loss—Commercial Policy Covers Water Damage Under Drain Backup Endorsement

Property Insurance Coverage Law

SEPTEMBER 3, 2024

On February 5, 2019, Opera Block’s owner, Timothy … The post Order and Bind Insurance Before the Loss—Commercial Policy Covers Water Damage Under Drain Backup Endorsement appeared first on Property Insurance Coverage Law Blog.

Commercial

Commercial Damage Policy Property Insurance

Lessons For Expert Damage Estimators From Kermith Sonnier’s Back-To-Life Legal Highlight

Property Insurance Coverage Law

OCTOBER 21, 2024

The Fifth Circuit Court of Appeals changed that with an extensive discussion of Kermith’s expert damages testimony and opinions in the case analyzed in yesterday’s post, Church Mutual Prevails in Latest Hurricane Laura Bad Faith Case: Key Differences … The post Lessons For Expert Damage Estimators From Kermith Sonnier’s Back-To-Life Legal Highlight (..)

Damage

Damage Property Insurance Insurer Insurance

Court Says Loose Bolt Remedied by Tightening Does not Constitute “Direct Physical Loss of or Damage” to Property

The Property Insurance Law Observer

SEPTEMBER 23, 2024

American Guarantee and Liability Insurance Company , the United States District Court for the District of Massachusetts held that a loose bolt or fitting that could be remedied simply by tightening it did not constitute “direct physical loss of or damage” to equipment covered under an all-risk property insurance policy. [1]

Damage

Damage Business Interruption Property Damage Policy

CBO Says Mortgage Subsidy Cost from Flood Damage to Hit $395M by 2053

Insurance Journal

JULY 11, 2024

posing greater risks to homeowners and mortgage lenders—and since flood damage tends to lower the market value of affected homes, it’s more likely that homeowners … Climate change is expected to increase the frequency and severity of floods in the U.S.,

Damage

Damage Risk Property Insurance Insurance

The Regulatory Blind Spot: How Insurance Departments Fail to Detect Systemic Bad Faith Claims Practices

Property Insurance Coverage Law

OCTOBER 2, 2024

Recent investigative reporting by CBS’s 60 Minutes, noted in CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management, has exposed alleged widespread underpayments of claims and unethical claims practices in Florida’s property insurance industry.

Claim

Claim Property Insurance Damage Insurance Industry

Hurricane/Tropical Storm Debby Should be Manageable for Insurers, Early Data Show

Insurance Journal

AUGUST 9, 2024

Reports from Gallagher Re and the Florida Office of Insurance Regulation suggest that Tropical Storm Debby will not be a heavy lift for property insurers and reinsurers. “Early assessments suggest wind-related physical damage (is) not as extensive as initially feared,” …

Property Insurance

Property Insurance Damage Insurer Insurance

How the Climate Crisis is Impacting the UK Property Insurance Market

Property Insurance Centre

OCTOBER 18, 2024

How the Climate Crisis is Impacting the UK Property Insurance Market in 2023-2024 The UK property insurance market is increasingly being reshaped by the climate crisis , with extreme weather events such as storms and flooding becoming more frequent and costly. billion in property claims, marking a historic high.

Property Insurance

Property Insurance Premium Insurer Insurance

Hurricane Helene’s Aftermath: Understanding the FEMA 50% Rule and Its Impact on Victims

Property Insurance Coverage Law

SEPTEMBER 29, 2024

As Hurricane Helene victims begin to assess the damage to their properties, they face not only the immediate challenges of recovery but also potential long-term implications due to federal regulations. One such regulation that could significantly affect rebuilding efforts is FEMA’s 50% Rule.

Damage

Damage Property Insurance Insurer Insurance

Navigating Commercial Property Insurance: A Guide for New Investors in California

Jackson & Jackson

APRIL 26, 2024

One of the most crucial aspects to consider is commercial property insurance. This guide aims to help new investors understand the basics of commercial property insurance in California, ensuring that their investments are protected against unforeseen events. This is crucial if someone is injured on your property.

Commercial Property

Commercial Property Property Insurance Commercial Business Interruption

Understanding Multi-Family Property Insurance in California.

Jackson & Jackson

MAY 22, 2024

Investors must understand the importance of securing comprehensive commercial property insurance coverage to protect their investments. This article aims to provide an in-depth overview of ensuring multi-unit commercial properties in California, highlighting key considerations for investors.

Property Insurance

Property Insurance Commercial Property Commercial Broker-Agent

Split Decision: Florida Districts Clash Over Insurance Coverage for Unperformed Repairs

The Property Insurance Law Observer

OCTOBER 16, 2024

The ruling reversed a jury award for homeowners who had sold their property without performing the necessary repairs, addressing a crucial question about recovery for unperformed repairs in property insurance claims. Universal”) after their property sustained water damage that led to mold. in damages.

Property Insurance

Property Insurance Damage Casualty Insurance Policy

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?

Property Insurance Coverage Law

OCTOBER 23, 2024

While Jimmy Patronis and Governor DeSantis trumpet their latest emergency rule as consumer protection following the CBS 60 Minutes Expose noted in CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management, the reality reveals a different story.

Policyholder

Policyholder Insurance Industry Insurance Companies Protection

The Impact of Location on Commercial Property Insurance Rates

Jackson & Jackson

APRIL 30, 2024

For property investors and owners, understanding how location impacts insurance rates is crucial for financial planning and investment decisions. This article explores how various location-based factors affect commercial property insurance rates in California and offers insights for managing these costs effectively.

Commercial Property

Commercial Property Property Insurance Commercial Crime

Policyholders, Public Adjusters, and Contractors Beware! Marshall Fire Claims Set to Expire on December 30, 2024 – What You Need to Know Now

Property Insurance Coverage Law

NOVEMBER 8, 2024

It is estimated that the Marshall Fire totally destroyed no less than 1,084 homes, and damaged thousands more with penetrating toxins of smoke, ash, char, and soot. Marshall Fire Claims Set to Expire on December 30, 2024 – What You Need to Know Now appeared first on Property Insurance Coverage Law Blog.

Policyholder

Policyholder Claim Property Insurance Damage

Understanding Consumer Education and Property Insurance

Property Insurance Centre

MARCH 19, 2024

Understanding Consumer Education and Property Insurance As an informed consumer, education on consumer rights and property insurance is crucial. It empowers individuals to make informed decisions about insurance coverage and understand their policy rights. An immediate response to property damage is crucial.

Property Insurance

Property Insurance Policyholder Insured Insurance

The Importance of Accurate Valuation in Commercial Property Insurance

Bankers Insurance

AUGUST 8, 2024

THE IMPORTANCE OF ACCURATE VALUATION IN COMMERCIAL PROPERTY INSURANCE When purchasing or renewing commercial property insurance , it’s important for businesses to ensure their coverage includes correct property valuations. Additionally, property undervaluation can result in coinsurance penalties.

Commercial Property

Commercial Property Property Insurance Commercial Out-Of-Pocket

What Is Hazard Insurance for Homeowners and What Does It Cover?

Property Insurance Coverage Law

SEPTEMBER 23, 2024

Key Takeaways: Hazard insurance refers to the part of a homeowners policy that covers damage to the structure. Potential sources of damage include fire, lightning, hail, and windstorms. … The post What Is Hazard Insurance for Homeowners and What Does It Cover?

Damage

Damage Property Insurance Insurer Insured

Heritage Insurance Under Scrutiny: Analyzing the CBS 60 Minutes Exposé and Questions of Internal Controls

Property Insurance Coverage Law

OCTOBER 1, 2024

You can read about the story from my post, CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates … The post Heritage Insurance Under Scrutiny: Analyzing the CBS 60 Minutes Exposé and Questions of Internal Controls appeared first on Property Insurance Coverage Law Blog.

Property Insurance

Property Insurance Damage Insurance Industry Insurance Companies

Emerging Property Insurance Trends 2024

Property Insurance Centre

JANUARY 4, 2024

Emerging Property Insurance Trends 2024 Welcome to our guide on emerging trends in the property insurance industry. As we dive into the evolving landscape of property insurance, it’s important to stay informed about the latest trends and challenges affecting the market. Hurricane Harvey 2017 92.0

Property Insurance

Property Insurance Commercial Property Liability Premium

Valuables Insurance Coverage: Art Insurance Fire Claim Headed to Trial

Property Insurance Coverage Law

AUGUST 14, 2024

One of the more complex damage issues that must be addressed in all fire, smoke, and heat claims is the amount of damage to personal property in areas of a structure far away from the main fire.

Claim

Claim Personal Property Damage Insurance

Soccer Officials Arrested After Melee That Damaged Hard Rock Stadium in Miami

Insurance Journal

JULY 19, 2024

MIAMI GARDENS, Fla. (AP) AP) — Colombia’s soccer federation president and his son were among 27 people arrested during the crowd control issues that broke out at the Copa America final between Argentina and Colombia, a melee that may have caused …

Damage

Damage Property Insurance Insurance Insured

Are We Valuing Fire Losses Accurately and Keeping Up with the Science of Fire Loss?

Property Insurance Coverage Law

AUGUST 30, 2024

appeared first on Property Insurance Coverage Law Blog.

Property Insurance

Property Insurance Damage Building Insurer

Timely Payment of an Appraisal Award Does Not Mean the Claim Was Handled in Good Faith

Property Insurance Coverage Law

SEPTEMBER 23, 2024

A federal court in Louisiana recently denied most of an insurer’s motion for summary judgment in a bad faith case arising from a disputed winter storm damage claim.

Claim

Claim Property Insurance Damage Insurer

The Difference between an Insurance Agent and an Insurance Adjuster

Property Insurance Coverage Law

OCTOBER 10, 2024

When your home is damaged, it’s natural for most homeowners to call their insurance agent. But insurance agents don’t handle claims. Your agent is usually the first person who comes to mind because they sold you the policy. That job belongs to an adjuster.

Insurance Agent

Insurance Agent Insurance Agents Agents Insurance

What Are the Duties of An Insurance Agent to the Policyholder—A Michigan Case Example

Property Insurance Coverage Law

SEPTEMBER 4, 2024

Yesterday’s post about a Michigan coverage case, Order and Bind Insurance Before the Loss—Commercial Policy Covers Water Damage Under Drain Backup Endorsement, noted that there was also an issue with insurance agent negligence.

Policyholder

Policyholder Insurance Agent Insurance Agents Agents

Civil Remedy Notices – What Are They and What Do They Require?

Property Insurance Coverage Law

AUGUST 4, 2024

Insurance policies protect you from the cost of replacing lost, damaged, or stolen items: or at least, that’s how they’re supposed to work. But what happens if your insurance company refuses to pay what you are owed? appeared first on Property Insurance Coverage Law Blog.

Property Insurance

Property Insurance Damage Insurance Policy Insurance Companies

Are Many Restoration Contracts Unenforceable Because They Lack a Specific Price and Scope of Work?

Property Insurance Coverage Law

AUGUST 22, 2024

Many of the damages are hidden, and the party whom everybody is counting on to finance the repair, the insurance company, is often not in a position to approve or promise any reconstruction project … The post Are Many Restoration Contracts Unenforceable Because They Lack a Specific Price and Scope of Work?

Property Insurance

Property Insurance Damage Insurance Companies Building

Public Adjusters Prohibited in Arkansas

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.

Property Damage

Property Damage Policyholder Property Insurance Damage

Is the Exact Date of Loss Required in Pleadings Rather Than a Claim and Proof That a Loss Occurred During the Policy Period?

Property Insurance Coverage Law

SEPTEMBER 22, 2024

A recent ruling by a federal trial court stated that the policyholder claimed that a severe hailstorm on May 28, 2021, caused extensive damage to his property, including damage to the roof, vents, flashings, windows, window screens, fascia, gutters, downspouts, and HVAC system.

Policy

Policy Claim Policyholder Damage

What Is Recoverable Depreciation in Home Insurance?

Property Insurance Coverage Law

SEPTEMBER 15, 2024

If you’ve suffered property loss or damage, knowing what your insurance covers is crucial. Understanding recoverable depreciation can help policyholders get the full replacement cost for damaged or destroyed items, not just their depreciated value. What … The post What Is Recoverable Depreciation in Home Insurance?

Home Insurance

Home Insurance Policyholder Damage Property Insurance

Report: Climate Risks Increasing Insurance Rates and Hurting CRE Returns

Insurance Journal

OCTOBER 28, 2024

Costly reinsurance, inflation, tough regulations, and increasing weather-related claims are driving up property insurance prices—and in turn, that is impacting commercial real estate returns, valuations, and transactions, a new report shows. The Urban Land Institute and real estate investment management …

Risk

Risk Property Insurance Commercial Insured

Helene-Caused IV Fluid Shortage to Affect Surgeries for Weeks

Insurance Journal

OCTOBER 30, 2024

Surgery schedules around the country may be washed out for several more weeks while a crucial IV and sterile fluids factory remains shut down for hurricane-related damage. People often plan non-emergency surgeries in the fall and early-winter months when their …

Damage

Damage Business Interruption Property Insurance Claim

What Is Employers Liability Insurance?

Property Insurance Coverage Law

AUGUST 30, 2024

It’s distinct from workers’ compensation insurance; workers’ comp (as it’s often called) provides benefits to employees who are injured on the job, while employer’s liability insurance covers the employer’s legal costs and potential damages if an employee … The post What Is Employers Liability Insurance?

Liability Insurance

Liability Insurance Liability Workers Comp Workers Compensation Insurance

Man Charged With Arson in Colorado Wildfire That Destroyed 29 Homes

Insurance Journal

SEPTEMBER 15, 2024

A Colorado man was charged with arson after an investigation into a wildfire this summer that destroyed 29 homes and caused more than $30 million in property damage, authorities said. Jason Alexander Hobby, 49, was arrested last week, Larimer County …

Property Damage

Property Damage Damage Property Insurance Insurer

Florida’s Heritage Insurance Reports 5,400 Claims, $57M in Cat Losses From Milton

Insurance Journal

OCTOBER 23, 2024

More loss and claims estimates are trickling in from carriers after Hurricane Milton caused widespread wind and flood damage in Florida this month. Tampa-based Heritage Insurance Holdings said in a preliminary statement that about two weeks after Milton made landfall …

Claim

Claim Damage Insured Insurance

Florida CFO Bars Insurers From Altering Adjusters’ Reports Without Explanation

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 …

Policyholder

Policyholder Claim Damage Insured

Tornado Damage During Hurricanes: Navigating the Deductible Dilemma

CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management

Trending Sources

Interior Damage Claims and the Exterior Damage Requirement—Where’s the Proof?

What Are Consequential Damages?

Navigating Hurricane Helene and Milton NFIP Claims: Documenting Repairs and Understanding Prior Damage Requirements

An Estimated 290 Residences Damaged by Flooding From Lake Dammed by Alaska Glacier

Insurance Company Prevails in Hail Damage Claim Dispute—Policyholders Need to Hire Experts Right Away and Provide Access to Information

Construction Financing and Factoring of Insurance Receivables—MMA Related Case Sheds Light on Factors in the Property Insurance Claim Industry

Order and Bind Insurance Before the Loss—Commercial Policy Covers Water Damage Under Drain Backup Endorsement

Lessons For Expert Damage Estimators From Kermith Sonnier’s Back-To-Life Legal Highlight

Court Says Loose Bolt Remedied by Tightening Does not Constitute “Direct Physical Loss of or Damage” to Property

CBO Says Mortgage Subsidy Cost from Flood Damage to Hit $395M by 2053

The Regulatory Blind Spot: How Insurance Departments Fail to Detect Systemic Bad Faith Claims Practices

Hurricane/Tropical Storm Debby Should be Manageable for Insurers, Early Data Show

How the Climate Crisis is Impacting the UK Property Insurance Market

Hurricane Helene’s Aftermath: Understanding the FEMA 50% Rule and Its Impact on Victims

Navigating Commercial Property Insurance: A Guide for New Investors in California

Understanding Multi-Family Property Insurance in California.

Split Decision: Florida Districts Clash Over Insurance Coverage for Unperformed Repairs

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?

The Impact of Location on Commercial Property Insurance Rates

Policyholders, Public Adjusters, and Contractors Beware! Marshall Fire Claims Set to Expire on December 30, 2024 – What You Need to Know Now

Understanding Consumer Education and Property Insurance

The Importance of Accurate Valuation in Commercial Property Insurance

What Is Hazard Insurance for Homeowners and What Does It Cover?

Heritage Insurance Under Scrutiny: Analyzing the CBS 60 Minutes Exposé and Questions of Internal Controls

Emerging Property Insurance Trends 2024

Valuables Insurance Coverage: Art Insurance Fire Claim Headed to Trial

Soccer Officials Arrested After Melee That Damaged Hard Rock Stadium in Miami

Are We Valuing Fire Losses Accurately and Keeping Up with the Science of Fire Loss?

Timely Payment of an Appraisal Award Does Not Mean the Claim Was Handled in Good Faith

The Difference between an Insurance Agent and an Insurance Adjuster

What Are the Duties of An Insurance Agent to the Policyholder—A Michigan Case Example

Civil Remedy Notices – What Are They and What Do They Require?

Are Many Restoration Contracts Unenforceable Because They Lack a Specific Price and Scope of Work?

Public Adjusters Prohibited in Arkansas

Is the Exact Date of Loss Required in Pleadings Rather Than a Claim and Proof That a Loss Occurred During the Policy Period?

What Is Recoverable Depreciation in Home Insurance?

Report: Climate Risks Increasing Insurance Rates and Hurting CRE Returns

Helene-Caused IV Fluid Shortage to Affect Surgeries for Weeks

What Is Employers Liability Insurance?

Man Charged With Arson in Colorado Wildfire That Destroyed 29 Homes

Florida’s Heritage Insurance Reports 5,400 Claims, $57M in Cat Losses From Milton

Florida CFO Bars Insurers From Altering Adjusters’ Reports Without Explanation

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