By Lara Badgery on 08-01-2011
Homeowners carrying State Farm insurance will find out in the next few weeks whether they are a part of 125,000 policies that the insurer plans to purge. The major homeowners insurance company originally set out to eliminate over 800,000 policies, but settled on the lower number in exchange for a higher interest rate.
Insurer to Keep 700,000 Policies
In May 2009, we reported that State Farm was to hold a meeting with Florida insurance regulators with the intention of ridding itself of hundreds of thousands of property and homeowners insurance policies.
In the negotiations, the insurer was encouraged keep the majority of its policies.
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By Finn Peden on 01-01-2011
A legislative bill designed to help insurance firms and is expected to affect all aspects of property insurance, including home insurance quote, is set to be presented by the state legislature. Although most insurance-related bills in the past five years have been vetoed by Governor Charlie Crist, the legislature is reportedly keen on giving it another go.
According to industry experts, proponents of insurance regulation changes are optimistic that the power shift within the state legislature instigated by the recently ended elections will get the bill through. Read more…
By Lara Badgery on 22-12-2010
Louisiana homeowners harboring dangerous Chinese drywall in their homes received a disappointing blow last week when a federal judge overseeing litigation in New Orleans dismissed their claims against 10 insurance companies.
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By Lara Badgery on 21-12-2010
Renting a home or office necessitates insurance protection. The insurance protects renters against fire, theft, vandalism, natural disasters or a liability suit. Leading insurance companies offer renter’s insurance policies with varied coverage. M Read more…
By Finn Peden on 17-12-2010
Aggregate deductible, straight deductible and others.
The following deductibles are commonly found in property insurance contracts:
• Straight deductible
• Aggregate deductible
Straight Deductible
With a straight deductible, the insured must pay a certain number of dollars of loss before the insurer is required to make a payment. Such a deductible typically applies to each loss. An example can be found in automobile collision insurance.
For instance, assume that Ashley has collision insurance on her new Toyota, with a $500 deductible. If Read more…
