Insurance

Florida Legislature Weighs Options to Address Rising Homeowners Insurance Costs

Three bills currently working their way through the Florida Legislature are designed to tackle the rising costs of homeowner roof claims, the costs of attorney fees in homeowner’s claims and issues surrounding notice to insurance carriers.

The proposed legislations come less than two years after Florida enacted an assignment of benefits law for homeowners’ property claims. But these latest efforts are meant to address the increasing costs of homeowners insurance due to market forces that were not addressed by the 2019 AOB bill. While these bills are preliminary and not law yet, it shows a shift in the legislature to

Read More

5 factors that affect home insurance rates

Shop around to see if your home insurance rate can be cheaper. (iStock)

Several factors can increase your home insurance costs, but consumers can shop around and bundle their rates to slash them.

Comparing multiple insurance quotes can potentially save you hundreds of dollars per year. And, ​it’s so easy to get a free quote in minutes​ through Credible’s partners here.

What causes insurance rates to go up?

The environment in your neighborhood can change over time, increasing your risk of flooding and being impacted by wildfires and earthquakes. If you live in a rural area, the closure

Read More

Democrats Are Subsidizing Health Insurance Predators

Propping up the corporate health insurance industry isn’t cheap or painless, but for Democrats in Washington, it’s the only way.

Instead of enacting a universal Medicare for All health care system that would save the United States and its citizens hundreds of billions of dollars annually, temporarily expanding Medicare, or championing a promised “public option,” Democrats are rallying behind a health care proposal that will funnel tens of billions of dollars to corporate health insurance companies, even as they are already experiencing record profits and jacking up premiums, while continuing to deny claims.

Democrats’ current plan will

Read More

10 major auto insurance companies sued over premiums during pandemic

LAS VEGAS — Class action lawsuits were filed in Nevada against 10 major auto insurance companies on Tuesday, contending that the companies charged excessive insurance premiums during the pandemic by failing to account for a drop in driving and crashes.

The lawsuits acknowledge that some insurers provided discounts over the emptier roads and drop in accidents and claims, but the discounts did not offer “any meaningful relief that actually reflects the reduction in cars on the road and reduced driving during the pandemic,” according to the court filings. The rates that were charged violate state law against excessive premiums, the

Read More

11 charged in scheme to defraud Georgia-based insurance company | News

State insurance officials announced 11 individuals have been charged in scheme to defraud a Georgia-based insurance company.

According to Georgia Insurance and Safety Fire Commissioner John King, warrants were issued after the 11 individuals tried to allegedly defraud American Family Life Assurance Company (Aflac) out of $120,000.

The insurance commissioner said healthcare employees filed 79 fraudulent insurance claims on their accident and hospital polices for services that were never rendered.

“These 11 individuals were part of a coordinated effort to defraud a prominent Georgia-based company,” said Commissioner King. “These types of fraudulent actions lead to increased premiums for all Georgians.

Read More

3 Insurance IPO Launches To Watch In 2021

Bloomberg

Texans Will Pay for Decades as Crisis Tacks Billions Onto Bills

(Bloomberg) — Now that the lights are back on in Texas, the state has to figure out who’s going to pay for the energy crisis that plunged millions into darkness last week. It will likely be ordinary Texans.The price tag so far: $50.6 billion, the cost of electricity sold from early Monday, when the blackouts began, to Friday morning, according to BloombergNEF estimates. That compares with $4.2 billion for the prior week.Some of those costs have already fallen onto consumers as electricity customers exposed to wholesale prices wracked

Read More