Insurance

Estimates Top $6.5 Billion In Insured Losses So Far For Hurricane Sandy

Submitted by News Desk 2 on Tue, 10/30/2012 - 09:58

New estimated have already started coming in showing upwards of 6.5 billion in insured losses and $10-$20 billion in economic losses resulting from Hurricane Sandy, making it already worse than Hurricane Irene.  The final total could be as high as 25 billion according to some estimates when combining economic and actual physical damages.

>>Read Latest updated on Damage and Recovery<<

Florida Insurance Official Accused State Farm of Bullying Customers And Claiments

Submitted by News Desk 2 on Wed, 07/25/2012 - 16:22

Insurance officials in Tallahassee seem to be fed up with State Farm's tactics and making it worse is the company's planned 57% rate hike. The state is working with consumer advocates in an effort to stop State Farm's bullying tactics.

State Farm, once the state's largest insurer with over 1 million residential homeowners insurance policies now has roughly 470,000 policeis. After trying to raise rates as much as 60% in the past, the insurer threatened to pull out of the state if Florida did not allow them to raise insurance rates in 2010.

Deadliest Day Of The Year For Teen Drivers Is July 4th Says AAA

Submitted by News Desk 2 on Tue, 07/03/2012 - 11:17

According to AAA, the deadliest day of the year for teenage drivers is July 4th. The auto safety agency says as kids are out of school and typically have less parental supervision, more accidents happen statistically during the summer months.

“Teen driving goes up by 44 percent during the summertime, and during these months, teens tend to drive more often . . .and they have less parental supervision than they do during the school year,” said John B. Townsend II of AAA.

In fact, 8 of the 10 deadliest days of the year for teenage drivers are during the summer.

Man Tries To Rob 7-11 With BB Gun So He Can Pay His Car Insurance

Submitted by News Desk 2 on Tue, 07/03/2012 - 10:50

Palm Bay, Fla. -

Police in Palm Bay have arrested James Seehaus for using a BB gun to rob a 7-11 store. Seehaus got $45 bucks after putting a cloth over his BB gun to make it look like a real shotgun. When police asked why he did he, he said he needed the money to pay for his car insurance. (He has GEICO Insurance reportedly.)

He has been booked into the Brevard County Jail for armed robbery, though that will likely be reduced in a plea deal.

PIP Auto Insurance Coverage Changes July 1 In Florida; Rates Are Going Down

Submitted by News Desk 2 on Sat, 06/30/2012 - 09:24

The new auto insurance law takes effect this Sunday and is the first overhaul to Florida's fraud riddled PIP coverage, which is what lawmakers are trying to change and insurance companies pushed for. But not all the changes are good for the consumer who s trurly injured say consumer rights advocates.

Insurance companies have long complained there is too much fraud they are forced to pay, leading to high insurance premiums for everyone. Results by various investigative agencies seem to confirm this, including by the FDLE.

Florida's Citizens Property Insurance Trying To Dump Customers And Raise Rates

Submitted by News Desk 2 on Fri, 06/01/2012 - 10:13

The State's largest homeowners insurance, the state created insurer of last resort, Citizens Property Insurance, is being accused of trying to raise rates and dumping policies in an effort to reduce its size and its exposure.

Citizens Property Insurance is holding a conference on Friday, today, to discuss how to proceed forward. This meeting has many up in arms because only lawmakers were invited.

Lower car insurance on the way for Floridians

Submitted by News Desk 3 on Sat, 03/17/2012 - 14:05

Expect to see at least a 10% decrease in your auto insurance rates after October thanks to the 2012 legislative session. Coming down to the last day lawmakers agreed on reform for Florida's often abused no-fault insurance. The coverag is suppose to protect you for injuries suffered in a accident regardless of who's at fault but in the last years it has been plagued with fraudulent claims that insurers claim are causing rate increases. The bill among other things aims to ban much abused treatments such as massage therapy and acupuncture.

Florida Lawmakers Trying To Get Rid Of PIP Auto Insurance

Submitted by News Desk 2 on Sun, 12/11/2011 - 19:10

Tallahassee, Fla. -

With Florida being a no-fault state, PIP is part of the mandatory coverage for every vehicle, but lawmakers in Tallahassee are trying to get rid of PIP, saying it creates higher premiums and fraud.

State lawmakers, including Gov. Rick Scott, CFO Jeff Atwater, and a major part of the state's legislature, support getting rid of PIP insurance in Florida and support moving to a liability state.

Virginia Lawsuit Challenging Healthcare Mandate Dismissed by 4th US Circuit Court of Appeals

Submitted by News Desk 2 on Thu, 09/08/2011 - 13:25

The 4th U.S.Circuit Court of Appeals has ordered the lower court that originally heard the case and ruled the healthcare mandate law unconstitutional to dismiss the case for lack of jurisdiction.

Virginia argued that since it has a state law covering healthcare, that gave them the right to challenge the law in federal court, however that argument failed. There are several cases across the country challenging the federal healthcare mandate law in various ways and it has become a highly charged case.