Florida Insurance Claim Lawyer Blog - Page 15 of 19 - Insurance claims for property damage in Miami, Florida.

May 19 2014

Florida Sinkhole Claims Are Under Attack by the Insurance Companies

Between 2006 and 2010 sinkhole claims in Florida have nearly quadrupled. Because of these figures, the Florida Senate Banking and Insurance Committee stated something must be done to curb insurance companies’ sinkhole costs.

Although we haven’t been directly hit by a hurricane in five years, insurance companies have repeatedly asked the state for rate hikes due, in part, to an increase in claims for sinkholes and other damage.

The Office of Insurance Regulation recently conducted a survey of 211 private insurers. It found that in 2006 there were 2,360 sinkhole claims. In 2010, there were 6,694. These claims totaled $1.4 billion.

The Committee has made a few proposals for legislators to consider this coming term. They proposed that a state-run sinkhole repair program should be created. This means homeowners wouldn’t receive checks to repair sinkhole damage, but would have their houses fixed.

It recommends to define what kinds of damage a sinkhole could cause because many of the claims filed have been for damages that are difficult to link directly to a sinkhole. They also suggested limiting coverage to homes and excluding driveways, pools, decks, and other structures.

The Florida Association of Public Insurance Adjusters took issue with many of the recommendations. The Association’s president made the following comments: “While the recommendations for changes in the Florida Building Code have merit, the report as a whole lends great weight to insurance company interests at the expense of Florida homeowners.” He went on to state that “the report appears to be based heavily on unproven allegations by some insurers that the increase in sinkhole claims is somehow fraudulent.”
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Before opening our law firm in 2006, our attorneys worked for some of the state’s, and nation’s, largest law firms, and worked representing the insurance companies for years. Our attorneys are now uniquely positioned to use that experience to assist individuals and businesses alike throughout Florida with their insurance claims. As a result, our attorneys are well versed in the impact insurance has on businesses, condominiums, and individuals alike. Our insurance litigation practice group is prepared to tackle your insurance claim.

Given our extensive experience litigating for, and against, insurance companies, our insurance litigation practice group is prepared to provide aggressive, efficient and effective representation on a broad spectrum of insurance claims in Florida for local, national, and international clients. We are prepared to advocate insurance claims at the pre-suit stage, trial, appellate and arbitration levels.

If you are facing a dispute over an insurance claim in Florida, contact Alvarez & Barbara, LLP for a free and confidential consultation to discuss your rights.

Call us today toll free at 1-866-518-2913 or at 305-263-7700.

May 19 2014

State Farm Insurance Continues its Purge of Florida Homeowners

Posted by Hugo V. Alvarez |

State Farm is in the process of finalizing which policies it will drop in the State of Florida. State Farm is the largest private-sector property insurer in the State.

Homeowners with State Farm policies will find out in coming weeks if they’ve made the cut. Currently, the insurer is in the final stages of notifying 125,000 homeowners that they’re being dropped. This process began about a year ago and has forced many Floridians to run to the state’s insurer of last resort, Citizens Property Insurance.

The purge of policies was part of a deal that State Farm cut with Florida Insurance Commissioner in 2009. The deal was made so that State Farm wouldn’t completely leave the Florida market. As part of the deal, State Farm could keep about 700,000 homeowners policies. In return, the Insurance Commission allowed State Farm to institute a 15 percent rate increase.

The purge has targeted homes within 5 miles of water. A State Farm spokesman confirmed that most of the dropped policies are close to the coast and in places where the company has a high concentration of loss exposure.

According to the spokesman, non-renewal letters have been going out for the past 11 months. One month remains in this process. State Farm is providing its customers with at least six months notice of the non-renewal. Even with these cutbacks State Farm will remain the largest private-sector property insurer in Florida.

More troubelsome yet is the fact that many homeowners, including those dropped by State Farm, could end paying higher insurance premiums but with less coverage.

It is believed that more than 4 million Florida homeowners are about to get hit by rate hikes and shrinking coverage. Even though we have not been hit by a hurricane in five years, the State’s insurance regulators have already approved $718 million in rate increases, as well as allowed State Farm to abandon many homeowners forcing many of them to get insurance coverage from Citiznes – Florida’s insurer of last resort.
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EXTENDED BODY:
Consider Your Options. Contact Us Today.

If you are facing a dispute over an insurance claim in Florida, contact Alvarez & Barbara, LLP for a free and confidential consultation to discuss your rights.

Call us today toll free at 1-866-518-2913 or at 305-263-7700.

May 19 2014

Happy Holidays and Merry Christmas

Posted by Hugo V. Alvarez |

Wishing you and your family all the best during this holiday season, as well as peace and prosperity in the New Year.

May 19 2014

Insurance Companies are Gearing Up to Push Through Legislation That Will Result in Insurance Companies Paying Florida Homeowners Less Money on Sinkhole Claims and Making it Harder for Homeowners to Bring a Claim Against Their Insurance Company

Posted by Hugo V. Alvarez |

In an effort to reduce costs for insurance companies, the State senate is pushing forward a bill which addresses sinkhole damage claims, as well as other claims.

The new bill is expected to contain many of the provisions found in a bill which was vetoed by Governor Charlie Crist. One of these provisions includes a time limit on filing claims after a hurricane and one which will make the rate approval process easier to navigate. It is also expected to address other cost drivers such as fraud.

The new bill will include provisions targeted at reducing what insurance companies are paying out for sinkhole claims. The insurance industry claims that many sinkhole claims are not legitimate. However, part of the reason for the surge in sinkhole claims is due in large part to the recent explosion in real estate development throughout Florida, especially in South Florida. Over development has left the ground susceptible to sinkholes. Plus, while sinkholes occur in other U.S. states, Florida is more prone to sinkhole related problems because of underground limestone that dissolves under certain conditions, especially in areas that have never been over developed, according to many leading geologists.

The state Senate’s Banking and Insurance Committee is expected to release an interim study on the state’s sinkhole insurance climate. Between 2006 and 2010, $2 billion in claims have been paid out. This payout amount nears the amount paid out in a small hurricane.

Insurance companies are concerned about these costs due to the large number of claims for foundation cracks that are attributed to sinkholes. However, the insurance industry states that these claims may not be sinkhole related. Because insurance companies contend that they cannot often rule out that the damage was caused by a sinkhole, especially in light of all the over development that has taken place over the past few years, tens of thousands of dollars are being paid out by the insurance companies to resolve these claims.

Our Miami insurance dispute lawyers handle sinkhole claims for homeowners. Our attorneys represented insurance companies before 2006, when we opened a firm dedicated to fighting for the rights of consumers. We understand how insurance companies work. And we have the knowledge and experience necessary to represent homeowners in disputes over an insurance claim.

The new bill is expected to contain language which will define structural damage from a sinkhole. It is also expected to contain language on what is and what is not covered by insurance policies. Governor-elect Rick Scott is expected to support this bill which may further regulate public adjusters.
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If you are facing a dispute over an insurance claim in Florida, contact Alvarez & Barbara, LLP toll free at 866-518-2913 for a free and confidential consultation to discuss your rights.

May 19 2014

Insurance Companies Are Gearing up to Seek Rate Increase Despite the Fact that Florida Has Not Been Stricken by a Major Storm in Five Years

Posted by Hugo V. Alvarez |

Homeowners who have Citizens Property Insurance may have to prepare for a hike in insurance rates. According to a press release, outgoing Florida Chief Financial Officer Alex Sink said the inequity in homeowners’ insurance rates must be addressed. Currently, Florida residents are subsidizing those who own homes in coastal areas. Notwithstanding Sink’s views, a return to sound actuarial levels for Citizens may signal a rate hike.

CFO Sink stated that Citizens Property Insurance’s actuarial studies show there are homeowners out there whose rates are being subsidized 40% to 50% by other Floridians. According to CFO Alex Sink, that’s the inequity that has to be addressed going forward in some kind of measured way that does get to the point that the people who are living in places that are riskiest are bearing more of their share of the risk.

In light of the current economic environment, the state will have a problem facing this issue because it must strike a balance between consumers’ wallets and reducing Florida’s financial risk if we are hit by a hurricane.

Gov. Charlie Crist vetoed a bill that would have capped a rate adjustments for reinsurance costs, financing products, and an inflation trend fact. Governor-elect Rick Scott has promised to return Citizens to actuarially sound levels and to end its reliance on assessments to pay claims following a major disaster.

The top five writers of homeowners multiperil insurance in Florida in 2009 were: State Farm Group with a 15.09% market share; Citizens Property Insurance Corp., with 13.44%; Universal Insurance Holdings Group with 8.62%; USAA Group with 5.9%, and St. Johns Insurance Co. Inc. with 4.59%.
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Our Miami insurance dispute lawyers handle insurance claims for homeowners. Our attorneys represented insurance companies before 2006, when we opened a firm dedicated to fighting for the rights of consumers. We understand how insurance companies work. And we have the knowledge and experience necessary to represent homeowners in disputes over an insurance claim.

If you are facing a dispute over an insurance claim in Florida, contact Alvarez & Barbara, LLP toll free at 866-518-2913 for a free and confidential consultation to discuss your rights.

May 19 2014

Florida Legislators Will Tackle Major Property Insurance Reform During the 2011 Legislative Session

Posted by Hugo V. Alvarez |

A new property insurance bill is in the works in Florida. Insurers are hoping the new bill will gain the support of new Governor Rick Scott. The new bill could be taken up by the state legislators in early 2011.

Earlier this year, the insurance industry supported a bill which addressed many non-hurricane-related cost drivers for insurers. This bill overwhelmingly passed through the state House and Senate, but was ultimately vetoed by the former governor.

Governor Crist vetoed the bill despite a plea from Insurance Commissioner Kevin McCarty that he sign the bill into law to cut down on some of the expenses that insurers say is making it hard for them to do business in Florida. Crist, however, called the legislation “anti-consumer” and said it was wrong to allow for rate hikes during tough economic times.

The vetoed bill changed the time period to file claims resulting from hurricane damage. Rather than five years, the bill proposed a 3 year time limit. It proposed regulation of public adjusters. It also gave the Office of Insurance Regulation more oversight over affiliated reinsurers and addressed expedited filings for the cost of reinsurance.

The bill that passed this past year did not address sinkhole claims, which is becoming a bigger and bigger concern for carriers. The final bill also did not include a change in how much in replacement costs insurers must initially pay for personal items. There will likely be a push to address both those issues in a new bill.

Although we haven’t been hit by a substantial hurricane in the last 5 years, nearly 40 percent of property insurers posted surplus losses the first six months of this year. Almost 60 percent of insurers reported underwriting losses.

There is also an initiative specific to Citizens, the State’s insurance company which was created to fill the void created by insurers who stopped insuring homes in Florida. The initiative supposedly proposes changes which would make it harder for residents to get coverage from the last-resort insurer. Citizens has grown to become the second-largest property writer in the State. It has an 11.4 percent market share. State Farm is the largest with a 12.8 percent market share.
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Our Miami insurance dispute lawyers handle insurance claims for homeowners. Our attorneys represented insurance companies before 2006, when we opened a firm dedicated to fighting for the rights of consumers. We understand how insurance companies work. And we have the knowledge and experience necessary to represent homeowners in disputes over an insurance claim.

If you are facing a dispute over an insurance claim in Florida, contact Alvarez & Barbara, LLP toll free at 866-518-2913 for a free and confidential consultation to discuss your rights.

May 19 2014

Third Busiest Hurricane Season On Record Comes to a Quiet End and for the 5th Straight Year without a Strike to South Florida

Posted by Hugo V. Alvarez |

The 2010 hurricane season has officially come to an end with many breathing a sigh of relief. Fortunately, South Florida has gone through another hurricane season where we have not been hit by a storm.

By the numbers, however, this was a monstrous season. Nineteen (19) storms were named this past season, which ranks as the third busiest season on record. Fortunately, the mainland US was able to escape this busy season. The mainland was not hit by a major hurricane strike for the fifth straight year. As South Floridians, we’re used to braving powerful storms, but this year we were hardly affected by Tropical Storms Bonnie and Nicole.

According to a spokesperson from the National Hurricane Center, South Florida has never gone more than five years without a major hurricane strike. If South Florida does not get hit by a storm next year, it would set a record. However, we shouldn’t bet on setting this record.

This streak of not being hit by storms coincides with a surge in storms. Since 1995, the La Nina weather pattern and warm Atlantic Ocean temperatures have sparked a string of very active seasons. As a result, the season was still deadly, especially in the Caribbean. A hurricane caused widespread flooding and killed at least 20 there and 14 more in St. Lucia. Belize, Mexico, Cuba and Honduras were also struck by storms or hurricanes.

The only parts of the mainland which were affected by any sort of storm were Texas and North Carolina. Tropical Storm Hermine triggered flooding and was blamed for six deaths. Hurricane Earl only brushed the East Coast, but it caused massive flooding in North Carolina.

Our Miami insurance dispute lawyers handle insurance claims for homeowners. Our attorneys represented insurance companies before 2006, when we opened a firm dedicated to fighting for the rights of consumers. We understand how insurance companies work. And we have the knowledge and experience necessary to represent homeowners in disputes over an insurance claim.

If you are facing a dispute over an insurance claim in Florida, contact Alvarez & Barbara, LLP toll free at 866-518-2913 for a free and confidential consultation to discuss your rights.

May 19 2014

An Active Hurricane Season is Coming to a Close without any Hurricane Striking South Florida

Posted by Hugo V. Alvarez |

The 2010 hurricane season is almost over. There are only three weeks remaining in the hurricane season this year.

But this hurricane season is already one for the record books, tying for the third most active season with 19 named storms. As this hurricane season comes to a close, it appears as though both Florida and the United States mainland will have again dodged potential catastrophe in that no significant storm made landfall this year.

Indeed, it has been a very fortuities few years for South Florida. History has shown us that past hurricane seasons as busy as this one typically results in at least two named storms and making landfall. For instance, researching records back to 1900 revealed that in five previous seasons with 10 or more hurricanes, at least two named storms made landfall somewhere in the United States. And so far this season, we have seen 19 named storms, none of which has made landfall in the United States.

Therefore, unless something really serious forms in the next three weeks, it would be the 5th year in a row that the United States has a escaped a major hurricane. And so far this year, only Hurricane Earl which brushed the East Coast but caused massive flooding in portions of North Carolina, and Tropical Storm Hermine, which came ashore as a depression and triggered flooding in Texas blamed for at least six deaths, have done any significant damage. South Florida had close calls with Tropical Storm Bonnie and Nicole, but escaped both storms with just rain.

If you are facing a dispute over an insurance claim in Florida, contact Alvarez & Barbara, LLP toll free at 866-518-2913 for a free and confidential consultation to discuss your rights.

May 19 2014

Florida Sinkhole Claims are on the Rise

Posted by Hugo V. Alvarez |

Sinkhole claims are on the rise in the state of Florida.

So far this year, 137 sinkhole claims have been filed so far this year in Miami Dade County as compared to 261 claims filed over the previous four years. However, the most sinkhole claims have been filed in the “sinkhole belt” of Pasco, Hernando Hillsborough and Pinellas counties.

According to a recent briefing by the State of Florida’s Insurance Commissioner, Kevin McCarthy, there have been more than $1 billion dollars paid out on sinkhole claims.

Part of the reason for the surge in sinkhole claims is due in large part to the recent explosion in real estate development throughout Florida, and especially in South Florida. Over development has left the ground susceptible to sinkholes. Plus, while sinkholes occur in other U.S. states, Florida is more prone to sinkhole related problems because of underground limestone that dissolves under certain conditions, especially in areas that have been over developed, according to many leading geologists.

Florida property insurance must cover damage from sinkhole activity. If your property has damage from sinkhole activity, which may include cracks in the walls and foundation, sunken, cracked, or caved in flooring, and holes underneath your home or business, you may be able to obtain money from your insurance company to repair these damages.
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EXTENDED BODY:
If you are facing a dispute over an insurance claim in Florida, contact Alvarez & Barbara, LLP at 305-263-7700 or toll free at 866-518-2913 for a free and confidential consultation to discuss your rights.

May 19 2014

Three Low Pressure Systems Could Strengthen Into Tropical Storms as South Florida Enters November

Posted by Hugo V. Alvarez |

South Florida hasn’t reached dry land just yet.

As our Miami hurricane damage lawyers continue to report, October and November have witnessed half of the South Florida hurricane activity during the past century. Wilma, the last major hurricane to strike the region, hit during the last week of October five years ago.

The Treasure Coast Palm reports three low pressure systems in the Atlantic have a better than even chance of becoming tropical cyclones as South Florida enters the month of November.

The National Hurricane Center reports the storms form a triangle between the southern tip of Florida and the coast of Africa. The storms were given a 20-60 percent chance of reaching tropical cyclone strength on the eve of Halloween weekend.

Consequently, forecasters are calling for 6- to 8-foot seas with even higher seas in the Gulf Stream.

So far, the Atlantic Hurricane Season has brought:

June: Hurricane Alex, first category 2 hurricane in June since 1966.

July: Tropical Depression #2 and Tropical Storm Bonnie.

August: Tropical Storm Colin, Tropical Depression #5, Major Hurricane Danielle, Major Hurricane Earl, and Tropical Storm Fiona.

September: Tropical Storm Gaston, Tropical Storm Hermine, Major Hurricane Igor, Major Hurricane Julia, Major Hurricane Karl, Hurricane Lisa, Tropical Storm Matthew and Tropical Storm Nicole.
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EXTENDED BODY:
If you are facing a dispute over an insurance claim in Florida, contact Alvarez & Barbara, LLP toll free at 866-518-2913 for a free and confidential consultation to discuss your rights.

Call Us Today

Florida Sinkhole Claims Are Under Attack by the Insurance Companies

State Farm Insurance Continues its Purge of Florida Homeowners

Happy Holidays and Merry Christmas

Insurance Companies are Gearing Up to Push Through Legislation That Will Result in Insurance Companies Paying Florida Homeowners Less Money on Sinkhole Claims and Making it Harder for Homeowners to Bring a Claim Against Their Insurance Company

Insurance Companies Are Gearing up to Seek Rate Increase Despite the Fact that Florida Has Not Been Stricken by a Major Storm in Five Years

Florida Legislators Will Tackle Major Property Insurance Reform During the 2011 Legislative Session

Third Busiest Hurricane Season On Record Comes to a Quiet End and for the 5th Straight Year without a Strike to South Florida

An Active Hurricane Season is Coming to a Close without any Hurricane Striking South Florida

Florida Sinkhole Claims are on the Rise

Three Low Pressure Systems Could Strengthen Into Tropical Storms as South Florida Enters November

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