Governor DeSantis will sign
Senate Bill 76, into law. The law which takes effect July 1st puts several reforms into place aimed at providing greater stability to Florida’s challenging property insurance market. Aside from rapid increases in rates, recently three key property insurance companies announced they
shed a combined 50,000 policies. Actions that haven’t occurred in Florida’s property insurance market since the great recession over a decade ago.
The problems are numerous. Florida is the highest risk state to insure. Risk due to an increase in storms is rising. Florida far and away leads the country in property insurance fraud and litigation. The new law is aimed at cracking down on questionable practices by lawyers and contractors that drive up the price of all home insurance policies in Florida.
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If you live in an area where hail storms are common, here’s a word of advice: get comprehensive auto insurance.
A bad hail storm can easily dent your car or crack your windshield, potentially costing you a pretty penny to fix if you don’t have insurance that protects your car. The average auto claim for hail damage is more than $4,000, according to 2020 hail claims data from State Farm.
But you won’t necessarily have to shell out that kind of money if you have comprehensive coverage as part of your policy, because that will usually cover hail damage.
This story originally appeared on Due
Individuals generally are familiar with life insurance products and the basics. Professionals are contacted by the big life insurers with offers to buy term life or whole life products, and many employers offer employees some basic form of group life insurance. Others have obtained burial and funeral expense coverage life policies. When it comes to the world of annuities, people often are not as familiar. In this first of a series of posts, we will explain the world of annuities. Today, Annuities 101: an introduction.
The word annuity is derived from the Latin, annus, or year, and the Latin, annuitus. The reason for this is because annuities are investments that entitles the holder to equal annual payments.