Florida property owners who purchased coverage from the state’s run property insurer have seen their premiums increase by an average $476 as a result of the insuring inspecting their property.
Citizens Property Insurance Corp. launched a program last year to inspect homes after it suspected that some policyholders were getting hurricane mitigation discounts they didn’t deserve for supposedly upgrading their protection against windstorm damage.
As of May, the insurer had conducted more than 32,000 inspections, resulting in policyholders, on average, seeing their premiums increase by $476 for a total of $15.5 million. According to the insurer’s Market Accountability Advisory Committee, the insurer rescinded discounts for 60 percent of those inspected, while handing out discounts to eight percent of the affected policyholders.
The committee reported that around 15 percent of the insurer’s 17,365 policyholders up for renewal in May dropped their coverage, probably due to the higher costs. Forty-five of those policyholders were condominium buildings and another 15 percent were homeowners and condominium unit owners.
Policyholder premiums are expected to rise by $23 million this year based on the inspection program. The amount is more than exceeds the cost of the program, on which Citizens plans on spending $14.5 million this year. That pricetag includes $10.8 million for three companies conducting the inspections.
For more information Contact me.
http://www.es-insurance.com/
Tuesday, July 19, 2011
Monday, July 11, 2011
Florida Tweaks Its Workers’ Compensation Law
A variety of changes to Florida’s workers’ compensation law went into effect July 1.
Gov. Rick Scott signed into law CS/HB 1087, a catch-all insurance bill that includes changes relating to workers’ compensation policy cancellations, premium audits and prepaid benefit cards.
One change allows injured workers to receive their monetary benefits in the form of a prepaid card. Under the previous law, benefits were only payable by check or direct deposit into an injured worker’s bank account.
If injured workers choose the prepaid card option, they must have at least one means of accessing their weekly benefits without incurring any fees. They must also have the ability to make point-of-sale purchases without incurring fees from the financial institution issuing the card.
The new law changes the state’s Special Disability Trust Fund assessments from a fiscal year to a calendar year basis. The Division of Workers’ Compensation has set the assessment rate on workers’ compensation insurers; assessable mutual, electrical cooperative self-insurance funds; and individual self-insurers at 1.46 percent of their net written premiums from July 1 through December 31. Come January 1, 2012, the assessment rate will drop to 1.44 percent.
Also under the new law, employer workers’ compensation premium audits are no longer required unless mandated by the insurance policy, or requested by regulators or insureds.
Under the prior law, when an insured requested a cancellation of a workers’ compensation policy, the cancellation became effective when the insurer sent a formal notice of cancellation to the insurer. The new law strikes that provision and provides that the effective date of the cancellation is either the date requested by the insured or the date of the written request if no date is specified.
The new law also clarifies who must be notified regarding renewal premium, nonrenewal, cancellation or termination of a workers’ compensation policy.
Under the prior law, a “first named insured” is generally the first named insured on the policy declaration, which has the legal authority to administer the policy. However, a company operating in multiple locations may name each location as a “named insured.” As a result, even if the company’s headquarters administers the policy, the other locations must receive certain policy notices.
Under the new law, insurers may send a notice of renewal premium or nonrenewal of a policy to only the location that administers the policy. Industry representatives said this will reduce the administrative cost of sending multiple certified mail notices to all named insureds.
For more information contact me
http://www.es-insurance.com/
Gov. Rick Scott signed into law CS/HB 1087, a catch-all insurance bill that includes changes relating to workers’ compensation policy cancellations, premium audits and prepaid benefit cards.
One change allows injured workers to receive their monetary benefits in the form of a prepaid card. Under the previous law, benefits were only payable by check or direct deposit into an injured worker’s bank account.
If injured workers choose the prepaid card option, they must have at least one means of accessing their weekly benefits without incurring any fees. They must also have the ability to make point-of-sale purchases without incurring fees from the financial institution issuing the card.
The new law changes the state’s Special Disability Trust Fund assessments from a fiscal year to a calendar year basis. The Division of Workers’ Compensation has set the assessment rate on workers’ compensation insurers; assessable mutual, electrical cooperative self-insurance funds; and individual self-insurers at 1.46 percent of their net written premiums from July 1 through December 31. Come January 1, 2012, the assessment rate will drop to 1.44 percent.
Also under the new law, employer workers’ compensation premium audits are no longer required unless mandated by the insurance policy, or requested by regulators or insureds.
Under the prior law, when an insured requested a cancellation of a workers’ compensation policy, the cancellation became effective when the insurer sent a formal notice of cancellation to the insurer. The new law strikes that provision and provides that the effective date of the cancellation is either the date requested by the insured or the date of the written request if no date is specified.
The new law also clarifies who must be notified regarding renewal premium, nonrenewal, cancellation or termination of a workers’ compensation policy.
Under the prior law, a “first named insured” is generally the first named insured on the policy declaration, which has the legal authority to administer the policy. However, a company operating in multiple locations may name each location as a “named insured.” As a result, even if the company’s headquarters administers the policy, the other locations must receive certain policy notices.
Under the new law, insurers may send a notice of renewal premium or nonrenewal of a policy to only the location that administers the policy. Industry representatives said this will reduce the administrative cost of sending multiple certified mail notices to all named insureds.
For more information contact me
http://www.es-insurance.com/
Friday, July 8, 2011
How much car insurance am I required to have if I still have an auto loan?
State laws dictate the minimum amount of car insurance for liability that you must carry on your vehicle and the remaining insurance coverage that is available is usually optional. However, if you have an auto loan you are typically required to carry additional insurance by your creditor. The amount of car insurance you are required to have if you have an auto loan will be for liability coverage, comprehensive coverage, and collision coverage.
While you will be instructed by the state and your lender as to how much coverage to purchase, the deductible will be your choice, which can help keep your premium lower. Once your car is paid in full, it will be at your discretion to continue the collision and comprehensive car insurance coverage or to cancel it and maintain only liability. Most often, the age and condition of your vehicle will dictate your decision.
To learn how much auto insurance coverage your lender will typically require of you and what type of auto insurance coverage most lenders will require you to have please conctac me. I will be happy to provide you with a quote.
http://www.es-insurance.com/
While you will be instructed by the state and your lender as to how much coverage to purchase, the deductible will be your choice, which can help keep your premium lower. Once your car is paid in full, it will be at your discretion to continue the collision and comprehensive car insurance coverage or to cancel it and maintain only liability. Most often, the age and condition of your vehicle will dictate your decision.
To learn how much auto insurance coverage your lender will typically require of you and what type of auto insurance coverage most lenders will require you to have please conctac me. I will be happy to provide you with a quote.
http://www.es-insurance.com/
Wednesday, July 6, 2011
Florida Reinstates Online Driver Permit Tests for Teens
Florida teenagers once again will be allowed to take their learner’s permit tests online.
The Department of Highway Safety and Motor Vehicles in January halted an online testing pilot program when they determined that about 40 percent of the test-takers who passed the exam online failed in person.
A law signed by Gov. Rick Scott bringing back the online test took effect July 1.
The agency’s legislative affairs administrator, Steven Fiedler, said the new testing system is improved and holds parents more accountable. If a teenager is found to have cheated, the parent’s driver’s license could be suspended.
Fiedler said the online testing is driven mostly by customer convenience. About 70,000 teenagers apply for the learner’s permit each year.
parents are accountable for their kids actions, and there is no exception on insurances. make sure you always include your kids in the auto insurance policy as soon as they have a valid driver license.
for more information contact me
http://www.es-insurance.com/
The Department of Highway Safety and Motor Vehicles in January halted an online testing pilot program when they determined that about 40 percent of the test-takers who passed the exam online failed in person.
A law signed by Gov. Rick Scott bringing back the online test took effect July 1.
The agency’s legislative affairs administrator, Steven Fiedler, said the new testing system is improved and holds parents more accountable. If a teenager is found to have cheated, the parent’s driver’s license could be suspended.
Fiedler said the online testing is driven mostly by customer convenience. About 70,000 teenagers apply for the learner’s permit each year.
parents are accountable for their kids actions, and there is no exception on insurances. make sure you always include your kids in the auto insurance policy as soon as they have a valid driver license.
for more information contact me
http://www.es-insurance.com/
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