LMA NEWSLETTER

LMA Newsletter October 8, 2018

Think Big, Start Small, Grow Quickly; Just Because They Can; Key Changes to NFIP Program Take Effect; Red Tide Now Impacting Florida’s East Coast; Florida’s Economy Continues to Grow; Number of Floridians Without Health Insurance Growing; Revising Florida's State Constitution, Amendment 3; Staying Safe in the Storm

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THE FLORIDA INSURANCE ROUNDUP PODCAST

Lisa Miller on Hurricane Michael Insurance Claims

Former Florida Deputy Insurance Commissioner Lisa Miller was interviewed by Tom Flanigan on WFSU-FM, National Public Radio for Florida, just hours before Hurricane Michael made landfall on the Florida panhandle.  She shared with listeners the importance of staying safe prior to and during the storm, how to handle any damage and prepare an insurance claim, and the best methods for filing claims.  This includes taking pictures and video of the damage and collecting crucial information to share with the insurance company to help speed up the claims process, utilizing “fast-track” phone apps and other expedient methods.  For those policyholders needing assistance with claims, she shared the Florida Department of Financial Services Insurance Claims Assistance Hotline at 1-877-693-5236.

Lisa also discussed the need for flood insurance and how most standard homeowners insurance policies do not cover flood damage.  She pointed out that Florida has been a leader in the nation with model laws that have encouraged the creation of a thriving private flood insurance market as an alternative and complement to the National Flood Insurance Program.  Lisa urged listeners to contact their insurance company about the availability of innovative “add-on” flood coverage to their existing homeowners insurance policy.  As a courtesy to fellow residents and policyholders, she advised those with minor claims damage to so notify the insurance company when filing, so that greater priority can be given to more serious claims.

Ownership and copyright 2018 , WFSU-FM, Tallahassee, Florida

Resources:

Florida Department of Financial Services Division of Consumer Affairs Insurance Resources

Florida Department of Financial Services Insurance Claims Assistance Hotline at 1-877-693-5236

www.WFSU.org

www.LisaMillerAssociates.com

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LISA'S BLOG

AOB, Regulators & the Courts: Are we looking a gift horse in the mouth?

In the three weeks since a Florida appellate court ruled that an insurance company is within its right to require an Assignment of Benefits (AOB) contract be approved by a mortgage company or anyone else with an insurable interest in a property, state regulators are reacting by arranging a round of public meetings through state-proxy Citizens Property Insurance Corporation.

As …

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LMA IN THE NEWS

MORE LMA IN THE NEWS

CHANGING THE APPROACH TO SOLVING FLORIDA’S ASSIGNMENT OF BENEFITS ABUSE

New tools and analytics are revealing hidden costs, changing how the problem is viewed

COLUMBUS, OH — Insurance industry leaders say better collection of data and use of analytics, coupled with a new method of looking at insurance company liabilities and surplus, are keys to providing “the true picture” of the rising costs of Assignment of Benefits (AOB) abuse in …

ASSIGNMENT OF BENEFITS – CONTINUING THE FIGHT FOR ALL FLORIDIANS

Join the June 20, 2018 free webinar to hear experts offer real solutions for this costly problem

COLUMBUS, OH — An Orlando contractor has become the newest face of reported Assignment of Benefits abuse in Florida, accused of defrauding 19 homeowners across eight counties here and another in Texas. Timothy Cox was arrested on June 5 for stealing nearly $140,000 …

Driver’s License and Blockchain Please

New Technology Has Applications in Florida Auto Insurance and Fighting Fraud

TALLAHASSEE — The emerging distributed ledger software technology Blockchain, being developed for use in financial transactions, has applications in how we manage insurance information, too.  It could one day be used to reduce Florida’s nearly 27% rate of uninsured drivers – the highest in the nation – while providing …

Determining the Risk of School Shootings

Florida’s new law may mean more lawsuits

TALLAHASSEE — In the aftermath of the Parkland, Florida school shooting, insurance companies are now turning to new and more sophisticated predictive modeling to try to determine the level of risk involved with major casualty events, occurring more often in an increasingly unpredictable world.  At the same time, changes made by the Florida …

2018 Legislative Action on Hurricane Irma Recovery

Focus on Hurricane Irma Damage

The 2018 Florida Legislature spent considerable time advancing specific recommendations by the House Select Committee on Hurricane Response and Preparedness following Hurricane Irma.  Included are a number of evacuation-related proposals, including using passenger rail to evacuate citizens and looking at converting portions of highways during emergencies into all one-way traffic, a process known as “contraflow.”  …