We are at a crossroads for homeowner's insurance in Louisiana and the New Orleans 10- parish area, the likes of which we have never faced. Page Cortez, R- Lafayette, has elected to delay the insurance subsidy issue until a study in the second quarter. We will have small insurance coverage for $275,000 premiums go from $2,500 to $8,000 after Jan. 1 for most new policies.
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But it also cited underlying issues in the system, such as national insurance companies being leery of doing business in the state and Florida carriers being heavily dependent on reinsurance. Reinsurance, which is critical backup coverage, has become more expensive and difficult for Florida insurers to buy- with costs passed along to homeowners.
Winter damage in first half of 2022 is mild, but US braces for harsher weather
Winter weather caused an estimated $64.1 million in property damages in the first half of 2022, which ranks it as a relatively mild season compared to previous years. Nevertheless, the U.S. is bracing for another destructive winter season as climate change is making winter weather worse.
Our Florida Legislature's special session is already finished. One of the most important pieces of legislation that will be passed this year and next— SB 2 Property Insurance— was rammed through the Florida State Legislature in a matter of 48 hours under the guise of "fixing" the collapsing insurance market. This "pro-insurance company" legislation removes most…
The McClenny firm is handling a massive volume of hurricane insurance claims across Louisiana, including at least 1,500 that were filed just in time to meet a two-year deadline for claims related to 2020' s Hurricane Laura. But it's found itself in hot water in the Western District of Louisiana. "I'm concerned for your clients," Cain told William Huye, who leads the…
TALLAHASSEE– Florida property insurers are getting a host of industry sweeteners and lawsuit protections from state lawmakers desperately trying to revive a market rocked by company failures and costly hurricanes. Tom Leek, R- Ormond Beach, a sponsor of legislation which restricts lawsuits against insurers, provides $1 billion in taxpayer money for…
TAMPA, Fla.- It's supposed to be the state insurer of last resort, but more than a million Floridians rely on Citizens Property Insurance. "There's no reason why the insurance companies getting screwed by somebody should come out of my pocket," said Jim Nastelli. Nastelli said all was well at his Hernando County home, until lawmakers passed sweeping changes in the…
After hurricanes battered Louisiana's electric grid in 2020 and 2021, Entergy Louisiana is proposing a $9.6 billion grid-hardening plan that is aimed at getting the lights back on faster in the face of increasingly intense storms. The 10- year plan, filed with the Louisiana Public Service Commission Monday, will be scrutinized by regulators and could…
Hurricane Ian struck Southwest Florida as a category 4 storm, killing more than 100 people in Florida and destroying or damaging thousands of homes in Lee, Charlotte, Sarasota and DeSoto counties— along with two-dozen other Florida counties. "Nearly $3.99 billion in federal grants, disaster loans and flood insurance payments have been provided to the state of…
Dec. 19— A bench trial began Monday in a civil case filed by a Santa Fe businessman who was shot three times by masked men in 2014 and wants his car insurance company to compensate him for some of his losses. Peter Komis and his wife, Dorinda Hopper-Komis, filed the suit in 2017 against Farmers Insurance Co. of Arizona. The lawsuit seeks compensation for medical bills…
TALLAHASSEE– A property insurance overhaul certain to raise premium costs for many Floridians in coming months, along with tax rebates for residents hit hard by this fall's hurricanes, were signed into law Friday by Gov. The Republican-controlled Legislature approved the package earlier in the week during a three-day special session called to try to…
For at least two decades, Cuqui Rivera of North Brunswick hadn’ t been in a car accident. When her policy came up for renewal, Rivera dropped Liberty Mutual and went to CURE auto insurance, which the company and activists say is the only one in New Jersey that doesn’ t factor those things into their rates. Her yearly bill for one car and the same coverage, she said, went from…
Ron DeSantis defended the property insurance bill he signed into law on Friday, which bails out insurers but doesn’ t provide immediate relief for policyholders, saying it will create more choices for consumers. “It’ s not a question about helping the insurance companies,” DeSantis said at an event in Fort Myers Beach.“ What it’ s about is creating a market where people…
'The American people pay the salary of the people of FEMA, and my people and your people, Mr. FEMA's new algorithm has sent the rates of many National Flood Insurance Program policyholders in Louisiana skyrocketing. Despite repeated questions from Kennedy, FEMA has yet to clarify how it determines new rates.
DETROIT- Most small SUVs flunked the latest frontal crash tests done by the insurance industry, but oddly enough, they're just as safe as they were before. That's because the Insurance Institute for Highway Safety updated the test so it places more emphasis on keeping back-seat passengers safe. Only the Ford Escape and Volvo XC40 got the top "good" rating in this…
TAMPA, Fla.— Florida Insurance Commissioner David Altmaier has reportedly resigned. We've had another successful Special Session in Florida, delivering toll and tax relief and providing a more competitive market for property insurance. With this successful Special Session behind us, the Office of Insurance Regulation Commissioner David Altmaier will be…
The Louisiana Department of Health said a deadly tornado in St. Charles Parish sent a woman one street over and her son into the woods near their home. The Caddo Parish Coroner's Office pronounced them dead at the scene and the Louisiana Department of Health said the cause of death was blunt force trauma. They also had tornado reports in Jefferson Parish in the…
With the hurricanes we are used to, there's at least some warning, even as storms in the Gulf of Mexico start to spin up dangerously in warm water in a way that is new to Louisiana's experience. The small community in St. Charles Parish, Killona, that suffered a deadly twister on Wednesday was still working to rebuild. And as improbable as it might seem, tornadoes can…
DAYTONA BEACH— Good news for the thousands of local residents who have been struggling to recover from the damage Tropical Storm Nicole inflicted on Volusia and Flagler counties when it tore through Central Florida in early November. President Biden has issued a major disaster declaration to help Floridians recover from Nicole, the blustery system that…
NEW ORLEANS, LOUISIANA– United States Attorney Duane A. Evans announced that HENRY RANDLE, age 66, of Gibson, Louisiana, was sentenced on December 14, 2022 for Conspiracy to Commit Mail Fraud, in violation of Title 18, United States Code, Section 371, arising out of staged automobile accidents with tractor-trailers occurring in New Orleans.
