Florida Office of Insurance Regulation Posts Helpful Info for State Farm Policyholders
By Joseph Busby | March 26, 2009
In an advisory released today by the Florida Office of Insurance Regulation, the OIR outlines some important information for current State Farm Florida policyholders.
A few of the more important points outlined are:
- State Farm’s non-renewal process will begin in November 2009
- State Farm will provide 6 months prior notice
- State Farm customers can talk to their State Farm agent or to an independent agent for help in choosing another company that will best suit their individual needs and cirumstances.
You can view a full copy of this advisory by clicking here
Topics: Insurance, Office of Insurance Regulation, State Farm | No Comments »
Office of Insurance Regulation Signs Consent Order with People’s Trust Insurance Co.
By Joseph Busby | March 18, 2009
The Florida Office of Insurance Regulation has made available a Consent Order agreed to by People’s Trust Insurance Company. The OIR conducted a market conduct examination of People’s Trust in the month of February and found that People’s Trust violated several provisions of the Florida Insurance Code and the Florida Administrative code…
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Credit Scoring by Insurance Carriers Being Reviewed by Lawmakers
By Joseph Busby | March 17, 2009
Insurers have long claimed that Credit Scoring is an accurate indicator of future claims and incidents that may occur. Actuaries and underwriters routinely examine multiple factors when determining insurance rates and Credit Scoring has recently become more controversial because of the nation’s economic crisis. Many people that previously had a higher credit rating are seeing their credit ratings slip due to unemployment, foreclosure and other circumstances. Several insurers are looking at ways to better calculate this risk during the economic crisis.
The National Association of Insurance Commissioners will be reviewing credit scoring practices and will be conducting a public hearing to take testimony on the industry use of credit scores.
“In this challenging economy, it is essential that insurance regulators have the necessary tools to prevent collapsing credit markets from unfairly impacting consumers.” - Morris J. Chazez , New Mexico Insurance Superintendent
See the below article from Insurance Journal for further information.
Insurers Use of Credit Scores Faces Renewed Scrutiny by Regulators.
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Florida CFO Sink: 4 Steps to Reduce States Hurricane Exposure
By Joseph Busby | March 13, 2009
Florida’s Chief Financial Officer, Alex Sink, has suggested solutions and guidelines to the State in order to reduce the State’s hurricane risk. Sink seeks to protect homeowners that cannot bear large, one-time shocks to their homeowners insurance rates.
“There are responsible, gradual changes the Legislature can make that will begin reducing our hurricane risk exposure and will better protect Florida’s homeowners,” said the CFO. “It’s time to start making smart decisions and enacting solutions, so that Florida will be less financially exposed when a major storm hits.” - Alex Sink
To read the full article, click below.
Florida CFO Sink: 4 Steps to Reduce States Hurricane Exposure.
Topics: Government, Insurance, Office of Insurance Regulation | No Comments »
State Farm Appeals Conditions Placed on Florida Withdrawal
By Joseph Busby | March 9, 2009
The following article from InsuranceJournal.com details more information regarding the ongoing State Farm withdrawal from the Florida Homeowner’s Insurance market.
State Farm Appeals Conditions Placed on Florida Withdrawal.
Topics: Government, Insurance, Office of Insurance Regulation | No Comments »
Florida Insurance Specialists, LLC Launches Dropped By the Farm Ad Campaign
By Joseph Busby | March 9, 2009
FIS has worked with several local media stations to launch an extensive campaign promoting our website, www.DroppedBytheFarm.com. DroppedByTheFarm.com was designed to assist those affected by State Farm’s recent decision to non-renew homeowner’s insurance policies in the State of Florida. The Dropped by The Farm Radio Ad is playing on several stations in the Orlando area market.
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Florida Department of Financial Services Takes Legal Action Against People’s Trust
By Joseph Busby | March 9, 2009
Florida’s CFO, Alex Sink, has begun legal action against People’s Trust Agency for allowing unlicensed agents to sell Insurance.
“It is my responsibility to make sure Floridians are getting the best advice for protecting their families and homes by properly licensed agents. People’s Trust MGA is violating the people’s trust by illegally allowing unlicensed agents to sell insurance in our state.” - Alex Sink
For more information, see the full press release or view the People’s Trust Order to Show Cause
Topics: Insurance, Office of Insurance Regulation | No Comments »
State Farm Requests Tremendous Rate Increase
By Joseph Busby | July 23, 2008
State Farm has submitted a request to increase home insurance rates as much as 47% in some areas.
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Florida Reviews Allstate’s Documents on Web
By Joseph Busby | April 10, 2008
Allstate has released documents in regards to its business practices on its web site. The State of Florida requested these documents so they can investigate the reason Allstates rates did not decrease even after Governor Charlie Crist successfully created a state law that was designed to reduce insurance premiums.
The full news article can be found here
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Options for Homeowners to get More Scarce Very Shortly
By Joy-Marie Russo | April 8, 2008
State Farm has stopped writing policies in Florida. They will also drop 50,000 home policies issued to coastal residents. This will place greater pressure on the state-run insurance provider, Citizens Property Insurance in the State.
Allstate has dropped over 400,000 policies in the past four years.
Liberty Mutual and Nationwide have also been withdrawing from Florida.
If you are being non-renewed or are unhappy with your current rates or service on your home insurance policy, give us a call. We represent over 20 reputable, financially sound companies. We do the shopping around for you! We have saved thousands of Floridians up to 35% on their current premiums.
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