Read the first part in this series, The Problem(s) With Hail Claims, Part 1: A Cautionary Tale for Insureds and Insurers. In last month’s column, we began our examination of hail and windstorm claims issues by focusing on the pervasive …
Property insurance groups on Wednesday applauded a decision by Fannie Mae and Freddie Mac to hold off on an apparent plan to scrutinize mortgages on homes that don’t carry full replacement-value insurance coverage. The decision by Fannie and Freddie to …
An insurer whose policy covers the “actual cash value” of a property may deduct for depreciation of labor costs when it calculates the amount of the loss, the North Carolina Supreme Court ruled. The court noted that the question of …
Standard homeowner policies pay personal property claims at actual cash value (ACV), which is the replacement cost (RC) of the damaged property based on its current used condition. In other words, it is valued at what it would cost to …
Relying on self-reported roof age to make underwriting and claims decisions has left carriers with unreliable data built into the claims process. As we covered in the first two research papers in this series, most homeowners do not know the …
Well-to-do Illinois residents and their insurance agents can soon look forward to another option when it comes to protecting their assets. Crestbrook Insurance has selected Illinois for the launch of what is essentially a start-up insurance company focusing on the …
The Florida Supreme Court in Trinidad v. Florida Peninsula Ins. Co., 2013 WL 3333823 (Fla. July 3, 2013) held that replacement cost coverage was required to include overhead and profit in cases where the insured was reasonably likely to need …
An Iowa golf course is preparing to buy $80,000 of lawn-mowing equipment to replace gear that was stolen over the weekend. The Des Moines Register reports the Bright-Grandview Golf Course in Des Moines, Iowa, reported the theft Saturday morning. A …
Florida’s quasi-governmental property insurer is resisting a statutory requirement that they start issuing an HO-8 policy due to a disagreement with regulators over rates and concerns that the policy’s reduced price could make it attractive to consumers despite the policy’s …