Property Insurance Coverage Law

SEPTEMBER 24, 2024

In a significant move to protect policyholders, the Michigan Department of Insurance and Financial Services (DIFS) issued a groundbreaking bulletin that explicitly prohibits insurers from depreciating labor costs when calculating actual cash value (ACV) in homeowner insurance claims.

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Property Insurance Coverage Law

AUGUST 6, 2024

Florida’s property insurance market is facing unprecedented challenges, leaving policyholders with inadequate coverage at significantly higher rates. The term “shrinkflation,” commonly associated with consumer goods, is now being used to describe a troubling trend in the insurance industry.

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Property Insurance Coverage Law

NOVEMBER 17, 2024

Do you know the historical origins of a property insurance policy’s proof of loss requirement? I love my fellow property insurance coverage nerd readers of this blog. appeared first on Property Insurance Coverage Law Blog. What Was Its Original Purpose?

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Property Insurance Coverage Law

AUGUST 28, 2024

An “other insurance” clause is a provision found in property insurance policies that establishes how a loss is to be apportioned among insurers when more than one policy covers the same loss. The original purpose of an “other insurance” clause is debatable.

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Property Insurance Coverage Law

AUGUST 17, 2024

The homeowners property insurance landscape is shifting rapidly, driven by advancements in artificial intelligence (AI) and surveillance technology.

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Insurance Journal

NOVEMBER 22, 2024

Weiss Ratings, a Palm Beach Gardens financial ratings firm, sparked some outrage from the Florida insurance industry in recent weeks after it released reports contending that some of Florida’s largest property insurers were closing almost half of their hurricane claims …

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Property Insurance Insurance Industry Insured Insurance 207

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.

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Insurance Journal

NOVEMBER 3, 2024

This means that the changes happening in the property insurance market o which safeguards this asset o are … By Andrew Mais, Jon Godfread, Scott White, & Elizabeth (Beth) Kelleher Dwyer Most homeowning Americans consider their home their most valuable asset.

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Insurance Journal

NOVEMBER 6, 2024

By this time next year, plaintiffs lawyers, who have frequently been held up as thorns in the side of the Florida property insurance industry for their sometimes-aggressive pursuit of policyholder claims litigation, could have a stamp of credibility to brandish …

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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 …

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Insurance Journal

NOVEMBER 4, 2024

North Carolina Insurance Commissioner Mike Causey is reminding property insurers to refrain from raising homeowners’ premiums just because an insured filed a claim or inquiry in order to qualify for flood insurance indemnity or federal assistance. In most cases, the …

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Property Insurance Coverage Law

NOVEMBER 2, 2024

As the traditional insurance market continues to harden, policyholders are increasingly exploring parametric hurricane insurance as a complement and sometimes a substitute to their existing property insurance coverage. What Is Parametric Hurricane Insurance?

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Property Insurance Policyholder Insured Insurance 130

Insurance Journal

JULY 11, 2024

California Insurance Commissioner Ricardo Lara today ordered insurers to preserve residential property insurance coverage for roughly 46,000 policyholders affected by the Thompson Fire in Butte County. The move follows an emergency declaration over the fire from Gov. Gavin Newsom on …

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Policyholder Property Insurance Insured Insurance 263

Insurance Journal

SEPTEMBER 2, 2024

And he may be the best friend the Florida property insurance industry has. He’s been called “eccentric,” a “do-gooder,” a “troublemaker” and a whistleblower. A mechanical engineer based in Edgewater, George Miles has filed formal complaints with the Florida Board …

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Property Insurance Insurance Industry Insured Insurance 306

Property Insurance Coverage Law

NOVEMBER 20, 2024

For example, the Coalition Against … The post When Do Insurance Company Lobbyists and Trade Association Supporters Lie About Insurance Fraud Statistics? Every Time They Say or Write Anything appeared first on Property Insurance Coverage Law Blog. billion figure that concludes it is pure misinformation.

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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.

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Insurance Journal

AUGUST 18, 2024

By Patrick Wraight A recent Insurance Journal article decried the state of insurance for churches and it’s mostly about their property insurance issues and we all know that the property insurance space has struggled in recent years, especially in storm-prone …

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Property Insurance Insured Insurance Insurer 246

Property Insurance Coverage Law

AUGUST 23, 2024

I embarked on a journey from the sun-soaked shores of Tampa to the hallowed halls of the Insurance Library Association of Boston with visions of endless shelves brimming with insurance maps and dusty 19th-century … The post The Boston Insurance Library appeared first on Property Insurance Coverage Law Blog.

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Property Insurance Coverage Law

SEPTEMBER 30, 2024

In a shocking exposé aired last night on CBS’s 60 Minutes, allegations of widespread insurance fraud by insurance companies following Hurricane Ian were exposed.

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Insurance Companies Damage Claim Property Insurance 303

Simply Insurance

SEPTEMBER 6, 2024

The annual rental property insurance rates by state for a rental property is $1,516 per year. See how your state compares to the national average.

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Property Insurance Insured Insurance Insurer 59

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,” …

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Property Insurance Coverage Law

SEPTEMBER 13, 2024

William Rabb of the Insurance Journal wrote an article, Study Stirs Debate on Real Impact of Litigation, Fraud on Property Insurance.

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Insurance Journal

AUGUST 7, 2024

If a property insurer is going to object to an appraisal panel member’s fee arrangement, it must do so early in the process – not after the panel provides an unfavorable, multimillion-dollar appraisal award. That was the word this week …

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Property Insurance Coverage Law

AUGUST 28, 2024

This morning’s post, “What Is an “Other Insurance” Clause and Why Do They Exist In Property Insurance Policies?” raises the question: “How do I deal with ‘other insurance’ clauses?”

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Property Insurance Coverage Law

OCTOBER 3, 2024

Filing a property insurance claim can feel unfamiliar to many. Stay Organized After filing your claim, keep all … The post What to Do After Filing the Insurance Claim appeared first on Property Insurance Coverage Law Blog.

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Insurance Claim Claim Property Insurance Insured 189

Protect Commercial Insurance

OCTOBER 4, 2024

But what does this mean for property owners and their insurance needs? As interest rates creep up, they can have a surprising ripple effect on property insurance costs. Recent years, however, have seen gradual rises, sparking concerns in many sectors, including real estate and insurance.

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Property Insurance Coverage Law

OCTOBER 4, 2024

National Flood Insurance claims are notoriously complex and exacting. Most policyholders are unaware that National Flood claims are among the most difficult property insurance claims to handle correctly, and that the National Flood Insurance adjuster has limited authority.

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Property Insurance Coverage Law

NOVEMBER 1, 2024

Note: This guest blog is by Frank Lombard, CPCU, ARM, an independent property/casualty insurance advisor. Not a day passes without reading something about double-digit increases in the cost of home insurance. The insurance industry claims the increases are a result of inflation, climate change, and consumers filing more claims.

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Property Insurance Coverage Law

NOVEMBER 19, 2024

The truth about Florida’s property insurance market requires honest discussion, even when it means acknowledging valid points from all sides. However, this candor only reinforces the troubling reality facing Florida’s policyholders.

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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.

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Property Insurance Coverage Law

NOVEMBER 18, 2024

United Insurance Company 1 offers timeless guidance on the distinction between preliminary “proof of loss” requirements and “proof” evidence required at trial. This distinction remains critically important for today’s insurance practitioners and policyholders alike. The 1802 New York Supreme Court case of Lenox v.

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Property Insurance Coverage Law

NOVEMBER 5, 2024

A recent Indiana Court of Appeals decision where Merlin Law Group’s Ed Eshoo was counsel for the policyholder provides a textbook example of how an insurance company’s conduct can waive strict policy requirements, even when attempting to preserve those rights through reservation letters.

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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.

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Property Insurance Coverage Law

NOVEMBER 15, 2024

Progressive Insurance Company, one of America’s largest auto insurers, is alleged to have created a scheme that would make ambulance chasers blush – directly feeding accident victim information to a law firm for solicitation. You really cannot make this stuff up.

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Property Insurance Coverage Law

AUGUST 14, 2024

That’s where business income insurance comes in. Business income insurance, also known as business interruption insurance, helps cover the loss of income … The post What Is Business Income Insurance? appeared first on Property Insurance Coverage Law Blog.

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Property Insurance Coverage Law

SEPTEMBER 11, 2024

A judge in a Mississippi case 1 recently ordered the parties to appraisal, noting: The lawsuit concerns only property insurance coverage for buildings, referenced as the ‘A1 coverage,’ … The post Are Insurers Using “New Construction” Xactimate Settings Wrongfully Underpaying Claims?

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Insurance Journal

JULY 21, 2024

A 2% surcharge on property insurance policies, mandatory fees on the oil and gas industries, and holding a public referendum are ways a public-private group formed in the aftermath of Superstorm Sandy recommends to pay for projects to protect New …

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