Latest news with #propertyinsurance
Yahoo
16-07-2025
- Business
- Yahoo
DeSantis names Sen. Blaise Ingoglia Florida's next CFO
Gov. Ron DeSantis appointed his ally Sen. Blaise Ingoglia as the state's chief financial officer on Wednesday, setting up a clash with a President Donald Trump-backed legislator who also wants the job. Ingoglia, 54, will fill the remainder of former CFO Jimmy Patronis' term. Patronis left the job in March after winning a seat in the U.S. Congress. Ingoglia, a Spring Hill Republican and businessman, is expected to face a primary challenge next year from state Sen. Joe Gruters, R-Sarasota, who Trump endorsed for the job. In addition to supervising the state's finances, the CFO oversees the insurance industry and serves as the state's fire marshal. At a news conference in Tampa, Ingoglia vowed to defend Floridians from unscrupulous insurers, serve as a 'conservative pit bull' tackling wasteful government spending and support DeSantis' push to eliminate property taxes. Ingoglia said he thinks Florida's property insurance reforms have been effective in reducing waste and fraud but also promised to defend consumers. 'I want the insurance companies to listen … if an insurance company does not do what they say they're going to do and are contractually obligated to do, I am going to call you out,' he said. Ingoglia attributed rising property insurance premiums to higher replacement costs of homes and fraudulent claims. Home insurance costs in Florida spiked in third quarter. Are more increases on the way? A native of Queens, New York, Ingoglia owns the homebuilding company Hartland Homes and has a net worth of $28 million, according to his latest disclosure statement. He served as chairman of the Republican Party of Florida from 2015 to 2019. His resume also includes a stint in the Florida House Aside from his business and political career, he's an internationally ranked poker player, posting earnings of $468,282. DeSantis touted Ingoglia as a conservative warrior who has supported his agenda on immigration, property taxes and other key issues. 'Every single time we've had a flashpoint in Florida, Blaise is running into battle to stand up for people,' he said. Gruters, an accountant and former Florida GOP party chair, announced Wednesday he has enlisted two of Trump's top political advisers — strategist Chris LaCivita and pollster Tony Fabrizio — to help his statewide campaign for CFO. The two sides started trading blows Wednesday. LaCivita and Fabrizio branded Ingoglia a 'Never Trumper,' while DeSantis blasted Gruters as not reflecting core conservative principles. He mentioned Gruters' support of last year's ballot initiative seeking to legalize recreational marijuana as an example. 'If George Washington rose from the dead and came back and tapped me on the shoulder and said, 'Will you appoint Joe Gruters CFO?' my response would be, 'No,'' DeSantis said. 'I can't do that without betraying the voters that elected me.'
Yahoo
20-06-2025
- Business
- Yahoo
US homeowners struggle with troubling catch-22 as insurance crisis grows: 'It is not worth the cost'
Homeowners are facing a troubling catch-22 when it comes to property insurance. Rising costs are making the safeguard too expensive for many people, leaving their dwellings unprotected from the severe storms that are driving up the premiums, according to The Daily Jeffersonian. Intense and more frequent extreme weather events are wreaking havoc on storm-prone areas across the country. A combination of increasing premiums and nonrenewals is leaving property owners in those areas with few options. The Federal Reserve said that 7% of homeowners surveyed last year went without insurance because "it is not worth the cost," according to 19% of respondents. It's a problem that has been years in the making. The Consumer Federation of America reported that rates rose 8.7% faster than inflation from 2018 to 2022. Coincidentally, home values in coastal communities are dropping as premiums rise. However, coverage nonrenewal rates are 80% higher in areas hit hardest by extreme weather, per the findings. The issue isn't limited to the seaboards, as premiums jumped in 95% of ZIP codes in recent years. A "typical" homeowner with property carrying a $350,000 replacement value pays about $275 a month for insurance — an amount that's growing. Rising rates are particularly felt by lower-income households, according to the CFA. "Homeowners earning under $50,000 per year are twice as likely to lack insurance compared to homeowners in general," per the data. The rising prices are evidence of how our planet's overheating is impacting almost everyone, either with unhealthy air, lighter pocketbooks, or both. A Zillow survey from 2023 found that 80% of respondents consider climate risks when buying a home. The National Centers for Environmental Information reported that the number of storms causing at least $1 billion in damage has been increasing since the 1980s, a decade that produced 33 of them. There were 115 in the last five years alone, with values adjusted for inflation. Increased use and availability of federally subsidized insurance for disasters such as floods can provide vital protection in areas where other providers are not active anymore, according to CBS News. It's important for anyone considering a move to stay informed on climate topics to prevent a relocation into a dangerous area, such as the expanding Tornado Alley. Do you think your energy bills are too high? Always Usually Only in certain months Never Click your choice to see results and speak your mind. Surprisingly, Bloomberg reported that more Americans are moving into danger zones because of the cheaper home prices. Using your voice and vote to let lawmakers know that keeping agencies like the National Oceanic and Atmospheric Administration and the National Weather Service fully staffed can ensure that residents have updated data and services to make educated decisions, including about where to live. The agencies were part of the federal budget and staff cuts earlier this year, according to The New York Times and other reports. The Times reported that the NWS has rehired for some positions. Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
E&E News
10-06-2025
- Business
- E&E News
Insurers reap $20B profit despite LA wildfires
The U.S. property insurance industry remained profitable in the first quarter of 2025 despite paying huge claims following the Los Angeles wildfires. Property and casualty insurers, which cover possessions such as homes and cars as well as personal liability, made $20 billion from January through March largely through earnings on investments, according to a report by AM Best, the ratings agency. The earnings enabled the property insurance industry to continue adding to its overall surplus, which AM Best said was $1.1 trillion on March 31. The financial picture improved despite insurers losing $1.1 billion in the first quarter of 2025 on their insurance operations. Advertisement The Los Angeles-area wildfires destroyed more than 16,000 homes and caused tens of billions of dollars of damage to insured properties.
Bloomberg
05-06-2025
- Business
- Bloomberg
A Market Verdict on Florida's Insurance Crisis Is Coming
Florida has made major strides since its property insurance crisis a few years ago, when some companies failed and others abandoned the state. Carriers have started turning profits again, new insurers are entering the market, and premiums have stabilized. Climate change isn't going away, but new insurers are testing the notion that they can manage the risks with better underwriting technology and legislative reforms. The forthcoming initial public offering from Slide Insurance Holdings Inc., which comes to market at the start of the Atlantic hurricane season, is perhaps the clearest test for that thesis.
Yahoo
04-06-2025
- Business
- Yahoo
Your Insurance Company May Be Using A Flying Drone Above Your House, And It's Honestly So Freaky
Every few years, I get a notice from my insurance company informing me that — usually unbeknownst to me — an inspector has strolled around my property looking for potential hazards or issues of concern to my insurer. The notice will sometimes include a list of things they want me to address, perhaps like a tree branch that's too close to the roof. Recently, I realized that my insurance company may be keeping tabs on my property in a way I never expected, by checking out my home from the air — and your insurance may be doing it, too. Some insurance companies are now using drones to do property inspections from the air. In some cases, insurers are using the results of these inspections to refuse to insure the property altogether. This may be especially concerning for property owners in certain areas at high risk of natural disasters, where insurance options may already be limited as insurers have been dropping customers. I talked to experts to find out why insurance companies are using drone inspections – and what you can do if an aerial inspection impacts you. Drone inspections are becoming more common. The use of drones for inspections on a widespread basis is becoming more routine. 'Property insurers have been using drone technology for many years in assessing damage from natural disasters such as hurricanes, tornadoes, and wildfires to process claims quicker,' said Mark Friedlander, senior director of media relations at the Insurance Information Institute. 'The technology is now being used by many national and regional insurers to inspect the exterior condition of homes in making underwriting decisions for the property.' Here's why insurance companies use drone inspections. For insurance companies, drone inspections offer several benefits. Friedlander noted that this approach is more efficient and precise than inspections performed by humans and avoids the risks or potential hazards involved when an inspector must physically walk around a property. Related: A Republican's Response To A "Tax The Rich" Chant At His Town Hall Is Going Viral When enlisting a drone to help with a property inspection, insurers are especially interested in checking out parts of the property that are difficult to see from ground level. In particular, this is a great way for an insurer to get a bird's eye view of the roof. 'They would see if there's any patches or cuts into the roof that will lead to a claim tomorrow,' Mike Koba, of Koba Capital Insurance Brokerage, said. Insurance companies have often used Google Maps to assess properties — but while those images may be several years old, a drone allows for real-time views of a property's current condition. Koba says insurers will sometimes perform an aerial inspection before deciding whether to insure a property at all — this is especially common with large commercial properties — but may also use this as part of the routine ongoing process to decide whether to renew an existing policy. In addition to checking out the condition of the roof or other major components, drone inspections can also reveal something on the property that your insurance company didn't know about. 'While the focus is primarily on roof condition, aerial inspections may also capture unreported additions to homes such as swimming pools, gazebos, and trampolines,' says Friedlander. 'In some cases, this type of discovery could result in a premium adjustment or disqualify your property from being insured if it no longer meets the carrier's underwriting criteria.' Related: "I Am So Torn With What You Are Doing" — 11 Posts From MAGA Business Owners Who Are So Close To Getting It What if a drone inspection finds an issue? If your insurer notifies you that a drone inspection revealed an issue, that doesn't necessarily mean you should panic or prepare for higher insurance premiums. Koba says insurance companies will typically give the property owner a short period of time — often around 45 days — to correct the issue. If you believe the insurance company's information is incorrect, you can also present evidence or documentation to prove the accurate condition of the property. Know your rights and options as a property owner. If you're like me, the idea of a drone checking out your property without your knowledge might give you Big Brother vibes, but experts say it is most likely perfectly legal for an insurer to inspect your property this way. Candise Shanbron, managing partner of Cernitz Law, says there are a variety of federal, state and local laws regarding the use of drones which in some cases prohibit drone users from conducting surveillance that would violate a reasonable expectation of privacy without the property owner's consent. However, she notes that there are often exceptions for licensed business entities that have a legitimate interest in the property — which would typically include insurance companies and insurance adjusters. While laws about what — if any — disclosures or advance warning an insurer must provide about drone inspections are in many cases vague and vary by location, Shanbron says insurers will often make customers aware of this possibility out of an abundance of caution to avoid any legal liability. Unfortunately, if an insurer decides to raise your premiums or cancel your policy based on issues found via a drone inspection, there's probably not much you can do about it from a legal standpoint, Shanbron said, as long as the insurer complies with any applicable laws regarding rates and coverage. If, however, an insurer tries to deny coverage of a claim based on a drone inspection (or any other grounds), she does encourage property owners to consult with an attorney specializing in insurance claims. This article originally appeared in HuffPost. Also in In the News: People Can't Believe This "Disgusting" Donald Trump Jr. Post About Joe Biden's Cancer Diagnosis Is Real Also in In the News: One Body Language Expert Spotted Something Very Telling When Donald Trump "Held His Own Hand" At His Recent Press Conference Also in In the News: Republicans Are Calling Tim Walz "Tampon Tim," And The Backlash From Women Is Too Good Not To Share
