Property and Casualty News

The next storm could send it crashing into the ocean, just like some of her neighbors’ homes in Wilbur-by-the-Sea. The small community suffered some of the worst damage from back-to-back hurricanes that tore through Volusia County this year. Wilbur-by-the-Sea is a dream spot for those who want to wake up to the sound of waves, beautiful ocean views and the smell…

A major bill set for passage by Congress is expected to eventually result in billions of dollars in flood risk reduction projects in Louisiana as well as trigger a review of whether New Orleans area levees should be further strengthened to protect against so-called 200- year storms. Garret Graves, R- Baton Rouge, who helped draft many of the Louisiana…

State regulators are giving oil companies notice that they'll soon be cracking down on storage tanks that may trigger accidents like the one that killed a teenager in southwest Louisiana last year. The state Department of Natural Resources has identified 1,400 tank battery sites that will likely need to follow new safety rules established after the death…

TALLAHASSEE— The new-look Florida Legislature is coming back to the Capitol to take on an old problem— homeowners insurance— which has worsened since Hurricane Ian tore through the state in September. This time, new Republican leaders elected to the House and Senate in November will tackle what continues to be a statewide crisis. House Speaker Paul Renner, R- Palm…

Getting insurance coverage from state-owned Citizens Property Insurance Corp. could become more expensive if state lawmakers agree that the company’ s artificially low rates are hurting Florida’ s private insurance market. Company leaders are hoping that the Florida Legislature, during a special session on insurance issues scheduled next week, will…

PUNTA GORDA— Following Hurricane Ian, most municipalities addressed the Federal Emergency Management Agency's 50% rule, which can require some homeowners to tear down their homes and rebuild at a higher elevation. While keeping FEMA's 50% threshold in place, the City Council voted for an emergency ordinance for the assessment to be based on individual…

WASHINGTON— The Biden administration wants Congress to approve more than $37 billion to help communities throughout the country recover from various natural disasters, including Hurricanes Ian, which battered Florida and the Southeast U.S. in late September, and Fiona, which hit Puerto Rico. The supplemental funding request comes on top of a $9 billion…

LAKE PLACID— Lawsuits filed by two homeowners in October 2020 against the Town of Lake Placid have been dismissed with a settlement. According to the lawsuit's complaint, when Hurricane Irma struck in 2017, the purported design flaw led to a backup of raw sewage into two homes on Trafalgar Way, Lake Placid. The Town of Lake Placid, through its Building Department,…

That's a widespread practice in New Jersey that results in higher premiums for those least likely to afford them- poor and minority drivers, critics say. "Unfortunately, certain car insurance companies use education, occupation, employment status, home ownership status, marital status, and credit scores as rating factors in automobile insurance underwriting,"…

In April, condo owners, under the name Horizon West Homeowners Association, filed a $17 million lawsuit against Travelers Indemnity Company for failing to pay out their claims. District Judge Lynn Adelman sided with the insurance company and dismissed the case; however, the association's attorney, Michael Ganzer, said they are in the process of appealing the…

TALLAHASSEE, Fla.— For the second time, Florida lawmakers will hold a special legislative session to stop premiums from skyrocketing and insurers from pulling out of the state. On Tuesday, leaders in the Florida House and Senate rolled out their plans for the emergency session and this time around lawmakers are hoping to make drastic changes.

One can almost hear that unspoken sigh from the governor of Louisiana over this year's dearth of hurricanes, after years of destruction from the sea. The Atlantic Basin storm season began June 1 and ended on the first day of December. And miraculously, although there was a nearly average number of tropical storms and hurricanes overall, Louisiana was spared this…

During a press conference Monday, New Jersey Senate majority leader Terea Ruiz told a joke about her parents to underscore why she thinks car insurance companies shouldn't be allowed to determine someone's premium rate based on their education level. Drivers with low credit and a perfect driving record pay $1,000 more on average in insurance premiums…

The Florida homeowners’ insurance market’s already precarious position will weaken further with the destruction generated by Hurricane Ian, a storm that is potentially the second largest hurricane in terms of insured losses, Fitch Ratings says.

According to the J.D. Power 2022 U.S. “P&C insurers are facing a host of challenges that include rising repair costs as well as supply chain disruptions and shop backlog issues that are driving notably longer cycle times,” said Mark Garrett, director of P&C insurance intelligence at J.D. Power.“ Longer claims create more of a need to manage customer expectations and…

United Way Suncoast determined the needs by relying on information from strategic community partners and observations from its own team members who have helped deliver emergency relief in hard-hit areas such as DeSoto County and Myakka City. "In the immediate aftermath of Ian, we supported emergency relief efforts in our region and in Charlotte, Lee, and…

Dec. 4— Despite the threats of hurricanes, tsunamis, vog, earthquakes— and now another eruption from Mauna Loa— people continue to move to the more affordable areas of Hawaii island, including the Leilani Estates subdivision that was overrun by Kilauea lava in 2018.. The reasons for buying vary among newcomers, retirees and working local families: the allure of…

–Homeowners in Florida and Georgia are not the only ones who could fall victim to post-disaster fraud following Hurricane Ian. The National Insurance Crime Bureau, the insurance industry leading association dedicated to predicting, preventing, and prosecuting insurance crime, is warning consumers across the United States to stay vigilant when purchasing…

But a potential auto coverage crisis is brewing in California that could hurt consumers— all because the insurance commissioner is playing politics rather than doing his job to ensure a robust, balanced insurance marketplace where consumers benefit from plenty of coverage options. Because of the large reduction in driving during the COVID-19 pandemic,…