Florida Insurance Claim Lawyer Blog - Page 18 of 19 - Insurance claims for property damage in Miami, Florida.

Sep 24 2010

South Florida homeowners to pay more for Citizen’s Insurance; Solvency Questioned in the Event of Major Hurricane

Florida’s state-backed property insurer, Citizen’s Property Insurance Corp., received approval on Thursday to raise rates an average of 10.3 percent for Florida homeowners, Businessweek reported.

As our Miami insurance dispute attorneys reported earlier this week on our Florida Insurance Claim Lawyer Blog, private insurers fled coastal areas in the wake of Hurricane Katrina. Florida’s busy 2004 and 2005 hurricane seasons also narrowed the field, turning Citizens Insurance, which had been the state-backed insurer of last resort, into one of the state’s primary property insurers.

And, while it insures $433 billion in property, it is sitting on just $10.5 billion in cash reserves and reinsurance. Citizens is now the state’s largest insurer with 1.2 million policies.

Lawmakers continue to struggle with ways to shift homeowners out of Citizens and back into the private insurance market. But one thing is certain: There is very likely to be big trouble collecting from Citizens in the event of a major hurricane.

The Sun-Sentinel reports that the state’s office of Insurance Regulation approved larger increases than Citizens had requested.

The increase comes after the insurer raised rates an average of 12 percent this year in parts of Broward and Palm Beach counties.
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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.

Sep 23 2010

Florida Hurricane Damages Costs Millions of Dollars to Insurance Companies

Posted by Hugo V. Alvarez |

The USA TODAY reports that if a major hurricane were to hit coastal communities, its devastating financial effects could reach far beyond those who actually incur damages.

After Hurricane Katrina, private insurers fled coastal areas, including Florida, which caused many states to expand their own insurance companies. For instance, in Florida we have seen the recent expansion of Citizens Insurance despite the legislative’s mandate that it be the insurer of last resort. Nonetheless, much of the legislation that either created or expanded these state-owned insurance companies, such as Citizens herein Florida, contain provisions allowing states to enforce large surcharges on other insurance companies and on other policyholders.

But why would the State of Florida need to enforce such a surcharge? Here are some facts: Citizens, Florida’s insurance plan, currently insures property worth $433 billion. However, Citizens only has $10.5 billion in cash reserves and reinsurance, which in simple terms is insurance for insurance companies whenever they have to make a big payout.

Simple math tells us Florida’s insurance plan is vastly underfunded. If a large hurricane were to hit Florida, surcharges are almost a certainty. Plus, these surcharges can be levied on almost any insurance policy, including auto, property, and liability insurance.

According to FEMA Administrator, Craig Fugate, “If [Florida] [has] a major hurricane such as Andrew, they’re going to be in a lot of trouble.”

Therefore, it is important that you check the financial strength of your insurance companies, especially now during the height of hurricane season.
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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.

Sep 18 2010

South Florida Residents should Know their Rights when Dealing with Flood Insurance

Posted by Hugo V. Alvarez |

Channel 10 News in Tampa is the latest to report on the ongoing saga involving the federal flood insurance program.

As our Miami insurance dispute attorneys reported on our Florida Insurance Claim Blog, Congress has extended the program in fits and starts, often just a few months at a time. When the program is unavailable, it causes huge headaches for homebuyers, who cannot qualify for a mortgage without flood insurance.

Further complicating the matter, are new FEMA maps that have been decried as inaccurate and frequently require flood insurance of homeowners in areas with no history and little real threat of flooding.

While South Florida Congresswoman Ileana Ros-Letinen is among the supporters of the program, it has come under heavy fire for questionable payouts. Additionally, about 1 million policies are riskier than their premiums would suggest, leaving taxpayers to foot the remainder of the bill.

FEMA records show about 20,000 properties have collected on claims in excess of their value — sometimes far in excess of their value. Channel 10 reports on a $153,000 Alabama home that has received more than $2 million in claims.

Others are receiving discounts for rental or vacation properties. In Longboat Key, a wealthy resort area near Sarasota, a direct hit from a hurricane could cause an estimated $13 billion in damages, yet nearly half (48 percent) of homeowners receive discounts because the homes are not their primary residences.

In other cases, homeowners file claims storm after storm for recurring damage to the same poorly situated and vulnerable property. Pinellas County has reported $72 million in repetitive claims; Pasco County has had $32 million. Statewide, more than $1.3 trillion in repetitive claims have been paid out.

Currently the flood insurance program is $19 billion in the red.

From a practical standpoint, the issues with the flood insurance program can make it more difficult for a homeowner to file a legitimate claim; may increase the risk of a denial; and can subject legitimate claims to excessive wait times. Consulting a storm damage attorney in South Florida is often your best bet when dealing with a substantial insurance claim.

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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.

Sep 13 2010

A Thousand Miles Away; Hurricane Igor will Make Beachgoing a Contact Sport in South Florida

Posted by Hugo V. Alvarez |

Hurricane Igor is expected to make it a bad weekend at the beach, according to the Fort Lauderdale Sun-Sentinel.

As our Miami storm damage lawyers have been reporting, South Floridians are well served to be vigilant through the remainder of the busy Atlantic hurricane season. A listing of this year’s named storms on our Florida Insurance Lawyer Blog makes Igor the season’s 9th major storm. Experts expect 14 to 20 named storms by the time the 2010 hurricane season ends in November. Eight to 12 could reach hurricane strength, with 4 to 6 becoming major hurricanes.

While Igor is expected to remain well clear of Florida, large swells and dangerous rip currents are likely along the east coast. Storm conditions are expected to begin Friday and last through the middle of next week. Palm Beach County is expected to see the worst weather, although deteriorating conditions are likely in Broward and Miami-Dade counties as well.

It is not unusual for hurricanes to create havoc in South Florida from hundreds of miles away. High winds, flooding, heavy rain and tornadoes are all frequent consequences of passing storms.

Rip current can be especially dangerous to swimmers; caused by water crashing ashore and then racing back to sea through smaller channels, a rip current can quickly pull someone dangerously far from shore. Swimmers caught in a rip current should swim parallel to the shoreline until they have escaped the current’s pull.

Red flags on the beach mean only expert swimmers should attempt to enter the water (think Michael Phelps … maybe). Beachgoers are also encouraged to remain near lifeguard stands and to keep children close at all times.

Igor’s enormous circulation pattern should pull poor weather, rip currents and big waves ashore through the middle of next week. The storm is projected to be about 1,000 miles off the east coast on Saturday at its closest point to South Florida.
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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.

Sep 12 2010

Brace Yourself for the Height of South Florida Hurricane Season

Posted by Hugo V. Alvarez |

The warm bathing waters of the Gulf of Mexico and a La Nina pattern will increase the risk of a serious storm hitting South Florida as we head into the height of hurricane season, the Miami Herald reported.

If you have not already done so, our Miami storm damage attorneys encourage you to make some basic preparations. Even the busiest among us can tackle hurricane preparation in stages, as we suggest on our Florida Insurance Claim Lawyer Blog.

The remainder of this year’s hurricane season is likely to be “bad and busy” according to forecasters. The presence of a La Nina pattern and record high water temperatures make the environment about as hurricane friendly as possible. The National Oceanic and Atmospheric Administration predicts a 70 percent change of 14 to 20 named storms through November; thus far this year we have had just three named storms and two other tropical depressions that failed to strengthen.

Eight of the 12 predicted storms could reach hurricane threshold with four to six growing into major hurricanes.

“We’re to the period when you start to see these waves rolling off of Africa,” NOAA forecaster Gerry Bell told the Herald. “Everything is in place for a really active year.”

While NOAA does not make landfall predictions, history indicates a 90 chance of a strike somewhere on the East Coast and an 80 percent chance for Gulf Coast landfall. South Florida has not been hit by a major hurricane since Wilma in 2005 — a record year that produced 28 named storms and 15 hurricanes.

Water temperatures in the Atlantic Ocean are as high as they have been since 2005. La Nina, which is marked by cool temperatures in the Eastern Pacific Ocean, reduces wind sheer and can make it easier for storms in the Atlantic to form.

Earlier this month, famed hurricane prognosticator Dr. William Gray of Colorado State University predicted 18 named storms, including 10 hurricanes.
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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.

Aug 31 2010

Hurricane Warnings!!!!!

Posted by Hugo V. Alvarez |

Our Miami insurance dispute lawyers would like to remind you that forecasters are keeping an eye on a disturbance that could grow into a named storm, Emily, as South Florida enters the height of hurricane season.

And, while forecasting has made great strides in recent years, it is still far from infallible. When Hurricane Charley hit the Fort Myers area in 2004, it did so after making a virtual 90 degree turn at the last minute — it had been forecast to make landfall far up the West Coast of Florida.

Last year, the National Hurricane Center made changes to the hurricane watch and hurricane warning system that is relied upon by local emergency planning officials and residents alike. The changes provide greater lead time to prepare for the possibility of a hurricane.

The National Weather Service reports that tracking errors have been cut in half over the last 15 years. The issuance of watches and warnings will be made 12 hours earlier this year, which should allow homeowners and emergency officials in the target area more time to prepare.

Tropical Storm Watch: Are now made when tropical storm conditions (winds of 39 to 73 mph) are possible within 48 hours.

Tropical Storm Warning: Are issued when tropical storm conditions are expected within 36 hours.

Hurricane Watch: Hurricane conditions (winds greater than 74 mph) are possible within 48 hours.

Hurricane Warning: Hurricane conditions are expected within 36 hours.
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EXTENDED BODY:
Our Miami insurance dispute lawyers would like to remind you that forecasters are keeping an eye on a disturbance that could grow into a named storm, Emily, as South Florida enters the height of hurricane season.

Tropical Storm Watch: Are now made when tropical storm conditions (winds of 39 to 73 mph) are possible within 48 hours.

Tropical Storm Warning: Are issued when tropical storm conditions are expected within 36 hours.

Hurricane Watch: Hurricane conditions (winds greater than 74 mph) are possible within 48 hours.

Hurricane Warning: Hurricane conditions are expected within 36 hours.

Aug 27 2010

Lessons from Hurricane Katrina can help South Florida Residents be Prepared

Posted by Hugo V. Alvarez |

Hurricane Katrina hit the South Florida coast five years ago, before cruising through the Gulf and becoming a Category 5 monster that slammed into New Orleans.

Despite its small stature when it hit Florida, Hurricane Katrina left significant damage in her wake. Her story is a timely reminder to South Florida homeowners to take all tropical storms and hurricanes seriously, to remain prepared through the height of storm season, and to seek the advice of an experienced Miami storm damage attorney for help in filing significant claims for hurricane damage.

While the storm will be forever remembered as the most devastating natural disaster to ever strike the Gulf Coast, it hit first just north of the Broward-Miami-Dade County line about 7 p.m. At the time, it was a poorly organized Category 1 storm with winds of about 80 miles per hour. Still, it was the first time the center of a hurricane moved across Broward County since Hurricane Cleo in 1964, according to the Sun-Sentinel.

And it killed 14 people in Florida and caused extensive property damage. A highway flyover collapsed on I-595 in Miami-Dade and more than 1 million homes and businesses were left without power.

It cruised off the southern tip of the state near Naples and into the Gulf of Mexico the next day, where it quickly strengthened: 100 mph winds on Aug. 26; 115 mph winds on Aug. 27; and 175 mph winds on Aug. 28. It toppled the levees in New Orleans and ran aground near the Louisiana-Mississippi border at about 9 a.m. on Aug. 29.

In all, the storm killed 1,833 people, the third deadliest hurricane in U.S. history. The deadliest storms remain the 1900 hurricane in Galveston and the 1928 hurricane that struck Lake Okeechobee in South Florida.

Our Florida Insurance Claim Lawyer Blog offers safety tips and other advice to prepare you and your family for a hurricane.
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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.

Aug 25 2010

Miami homeowners should check financial strength of their insurance companies as area enters height of storm season

Posted by Hugo V. Alvarez |

A pair of hurricanes are forming in the Atlantic as South Florida enters the height of storm season.

Danielle is the second Atlantic hurricane of the year. The Category 2 storm is expected to strengthen in the next couple days and could become a major hurricane. It is still more than 1,000 miles southeast of Miami.

Meanwhile, the Miami Herald reports that the financial strength of Castle Key Insurance, and Castle Key Indemnity has been lowered to a B-, meaning the company could have trouble paying claims in the event of a major hurricane. A subsidiary of Allstate Insurance, the company is said to have significant exposure to hurricanes and relies heavily on the Florida Hurricane Catastrophe Fund for reinsurance.

Knowing the financial strength of your insurance company is an important consideration when choosing a homeowner’s insurance policy. Those dealing with a significant claim should always consult a Miami insurance claims lawyer to help ensure their rights are protected through what can be a needlessly complex, complicated and intimidating process.

NBC2 reports that Hurricane Danielle is moving west-northwest through the Atlantic and could brush Bermuda by this weekend. On Wednesday, sustained winds were recorded at 85 mph.

Forecasters are also tracking Tropical Depression 7 off the coast of Africa, which is expected to be Hurricane Earl by next week.

Neither storm is currently forecast to be a threat to the Florida coast. But both are a reminder to residents that we are in the height of what is expected to be a busy hurricane season.
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If you are facing a Florida insurance dispute, contact Alvarez & Barbara, LLP toll free at 866-518-2913 for a free and confidential consultation to discuss your rights.

Aug 19 2010

Miami Homeowner’s Insurance Premiums Could Rise Dramatically if Lawmakers Pass Deregulation

Posted by Hugo V. Alvarez |

The insurance industry hopes to gain enough support to pass a new law that will make it easier to hike property insurance rates, according to media reports.

Last week, our Florida Insurance Lawyer Blog reported a request by Citizens Property Insurance for a double-digit rate increase. And Allstate is requesting regulators to permit rate hikes by an average of 18 to 33 percent, the Sun-Sentinel reported.

But the real goal is to do away with the regulatory process that requires the companies to go through the Office of Insurance Regulation when requesting rate hikes. Gov. Charlie Crist vetoed a bill that would have permitted property insurance companies to raise rates up to a certain percentage without a full review by the Office of Insurance Regulation.

With Crist running for the U.S. Senate, Florida will have a new governor in January.

“The governor that vetoed the measure won’t be here next year, so I think that we have a good shot,” Sen. Garrett Richter, R-Naples, said Tuesday. He sponsored the bill last session and will likely again carry the proposal.

This legislation would be a major win for insurance companies and a major slap in the face for homeowners. As our Miami insurance dispute attorneys have reported, property insurance companies are already pushing double-digit increases past regulators, despite no major storm damage in the last five years and plummeting property values. Still, companies are claiming rates are not high enough to match risk and pay claims.

Only the governor’s veto prevented the measure from becoming law; it actually had the support of Insurance Commissioner Kevin McCarty. Of the current candidates for governor, only Alex Sink is on the record as likely opposing the idea. “We should not have deregulation in the insurance market, the role of the insurance commissioner is critical,” Sink has said.

Neither Rick Scott nor Bill McCollum has addressed the issue.

Perhaps you are thinking that our representatives would no more pass such a law than they would limit the number of hours of care nursing homes are required to provide. Or limit the ability of customers to collect damages when injured by negligent conditions at big box stores and other accidents on business property.

In fact lawmakers passed both those measures during the last legislative session.

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

Aug 01 2010

Miami is State’s Most Vulnerable Area for Hurricane Damage, according to Study

Posted by Hugo V. Alvarez |

Miami is the most vulnerable area in Florida for damage caused by a hurricane, according to a new study released this week by Florida State University.

The Miami Herald reports that the Miami area is the most vulnerable of Florida’s 12 population centers. The state capital of Tallahassee is the least vulnerable. Cape Coral is ranked fourth, according to the Fort Myers News-Press.

The Florida State University study used a new Hurricane Risk Calculator to determine that Miami can expect a Category 3 hurricane once every 12 years on average. As we reported on our Florida Insurance Lawyer Blog, Category 3 storms have winds of 111 to 130 mph.

Tallahassee can expect such a storm once every 500 years. Other high-risk areas were Port St. Lucie, Key West and Cape Coral. The Panhandle, Panama City and Pensacola were a bit less susceptible to wind. While Orlando, Tampa and Jacksonville joined Tallahassee as cities that are the least vulnerable.

The list has irritated real estate agents and developers in several of the “at-risk” cities. But the State of Florida is only about 100 miles wide and the reality is that you are paying high insurance rates anywhere in the state because of your risk for a hurricane. In exchange, you expect your insurance company to deal fairly with you in the event that a claim is necessary. Unfortunately, that is not always the case. Our Miami insurance claims lawyers urge anyone faced with filing a significant claim to enlist the help of a qualified attorney.

The university’s Hurricane Risk Calculator is a statistic model based on the extreme value theory — that is a theory used to estimate the occurrence of extreme events such as hurricanes Andrew and Katrina. Researchers used wind speed data from the National Hurricane Center dating back to 1851. The researchers said the risk calculator could provide important information to emergency planners, the insurance industry and homeowners.

They said Florida has sustained more than $450 billion in hurricane damages in the last century.

Florida’s top 12 population areas in order of vulnerability:

1. Miami
2. Port St. Lucie
3. Key West
4. Cape Coral
5. Sarasota
6. Pensacola
7. Panama City
8. Daytona Beach
9. Orlando
10. Tampa
11. Jacksonville
12. Tallahassee
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If you are facing a dispute over an insurance claim in South Florida, contact Alvarez & Barbara, LLP toll free at 866-518-2913 for a free and confidential consultation to discuss your rights.

Call Us Today

South Florida homeowners to pay more for Citizen’s Insurance; Solvency Questioned in the Event of Major Hurricane

Florida Hurricane Damages Costs Millions of Dollars to Insurance Companies

South Florida Residents should Know their Rights when Dealing with Flood Insurance

A Thousand Miles Away; Hurricane Igor will Make Beachgoing a Contact Sport in South Florida

Brace Yourself for the Height of South Florida Hurricane Season

Hurricane Warnings!!!!!

Lessons from Hurricane Katrina can help South Florida Residents be Prepared

Miami homeowners should check financial strength of their insurance companies as area enters height of storm season

Miami Homeowner’s Insurance Premiums Could Rise Dramatically if Lawmakers Pass Deregulation

Miami is State’s Most Vulnerable Area for Hurricane Damage, according to Study

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