property insurance News

Los Angeles Area on Alert for Flash Floods: Weather Watch

California, which has been suffering through wet weather for weeks, has more rain in the forecast. A flash flood warning is in place for downtown Los Angeles, as well as the surrounding area, through early Wednesday. There are also warnings …

February Tornadoes in Wisconsin Caused $2.4M in Damage

The first ever tornadoes ever recorded in Wisconsin in the usually frigid month of February caused more than $2.4 million in damage, officials said. The tornadoes that ripped through Rock County on Feb. 8 killed some cattle and hit 30 …

New Storms Hit California as Wet Winter Brings More Flooding, Winds and Heavy Snowfall

AccuWeather meteorologists on Sunday forecasted the “relentless wet pattern” will continue for residents along the West Coast through at least the middle of the week, as stormy conditions move onshore with rounds of locally heavy rainfall and a renewed risk …

In Southwest Florida, High Home Insurance Rates Are Driving Away Would-Be Buyers

Florida’s southwestern coast — long one of America’s fastest-growing regions — is losing some of its boomtown swagger as a home-insurance crisis and other soaring costs make homes unaffordable. Homeowners from Sarasota south to Naples, known for its eight-figure waterfront …

Florida High Court Says Appraisals Can Be Compelled Before Coverage Decided

The Florida Supreme Court has resolved a conflict between differing appeals court decisions, deciding that property insurers can be compelled to submit to the appraisal process long before causation, coverage and misrepresentation issues are settled in claims disputes. “For the …

Roof Claim for Damage by Vultures Fails on Ordinary, Not Expert, Meaning of ‘Infestation’

How many vultures are required and how long must they be present to create an infestation? The Pennsylvania-based owner of a Maryland commercial building has learned that the answer, at least for insurance purposes, does not lie with an expert …

Viewpoint: Florida Begins New Era with Major Property Insurance Reforms

For the fourth time since 2019, the Florida Legislature has enacted property insurance reforms aimed towards stabilizing a beleaguered insurance market. The bill, S.B. 2-A, creates a reinsurance assistance program, establishes additional oversight for insurers with high volumes of hurricane …

Two More Arrested in Long-Running Operation Rubicon Investigation

Those familiar with insurance fraud schemes in Florida will remember Operation Rubicon. That was the year-long investigation by Miami-Dade and Florida authorities into an alleged property insurance fraud scheme that involved public adjusters, restoration companies, insurance agents, a police officer …

Florida OIR Says Insurers Spent $3B on Legal Defense, 21 Insurers on Watch List

In 2021, Florida’s domestic property insurers spent more than $3 billion on legal defense costs and containment – double the figure reported in 2016. That’s one jaw-dropping but not surprising takeaway from the Florida Office of Insurance Regulation’s recently posted …

Property Insurance Reform Bill Dies as Fla. Legislative Session Draws to a Close

With just two days left in the 2022 Florida legislative session, a comprehensive property insurance reform bill appears to be dead. But lawmakers were said to be looking for ways to fold some of the main provisions into other bills …