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water damage

Citing water losses, Florida insurer approves rate hikes

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Florida’s state-created property insurer, contending that it is dealing with a flood of suspicious water-related claims and lawsuits, is asking state regulators to raise rates for thousands of homeowners next year, including those in the most heavily-populated areas. The board that oversees Citizens Property Insurance voted unanimously Tuesday to raise homeowner rates an average 5.3 percent and commercial accounts by an 8.4 percent average. Citizens has more than 451,000 customers, many of them living near the coast or in South…

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Citizens Insurance to spend $1.8M for investigating water damage claims

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The Citizens Property Insurance Corp. board of governors Tuesday approved a $1.8 million contract with a company that will examine escalating water damage claims from policyholders and determine whether the charges are excessive. “The goal is to identify inflated or excessive charges on invoices from contractors that have performed water damage restorations for Citizens’ policyholders and to contest or adjust invoices so it comports with industry standards,” said Jay Adams, Citizens’ chief of claims. Without debate, the board unanimously approved…

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Senate committee passes assignment-of-benefits reform in water damage insurance claims

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A Senate committee passed a bill seeking to reform assignment-of-benefits for water damage claims on property insurance rates across the state. LobbyTools reports that SB 1248, from Miami Republican Sen. Miguel Diaz de la Portilla, takes several steps to reduce abuse of AOB agreements, which allow third parties to claim the insurance benefits resulting from loss, rather than receiving an upfront payment from homeowners. In part, the bill offers stronger prohibitions against water remediators, contractors or subcontractors who act as insurance…

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