Cameron Zangenehzadeh, Nathan Davis and Seth Row | Ahead of Schedule As wildfires grow more frequent and severe across California, Oregon, and Washington, homeowners and businesses face mounting challenges in securing and maintaining property insurance. The Los Angeles wildfires alone have resulted in tragic losses—28 lives, thousands of homes destroyed, and billions in economic damage.… Continue reading Wildfires and Property Insurance: Navigating a Shifting Landscape
Tag: Property Insurance
Florida Begins New Era with Major Property Insurance Reforms
John David Dickenson and Chad A. Pasternack | Property Insurance Law Observer For the fourth time since 2019, the Florida Legislature has enacted property insurance reforms aimed towards stabilizing a beleaguered insurance market. The bill, S.B. 2-A, creates a reinsurance assistance program, establishes additional oversight for insurers with high volumes of hurricane claims, and reforms many… Continue reading Florida Begins New Era with Major Property Insurance Reforms
5 Trends to Watch in 2023: Florida Property Insurance
Christian Brito, Fred E. Karlinsky and Timothy F. Stanfield | Greenberg Traurig State-run Insurer Could See Fewer Policies, But No Rate Relief Likely for Homeowners – Provisions in the massive overhaul of the state’s insurance law passed in late December are designed to help Citizens Property Insurance shed policies in the coming months. The policy count… Continue reading 5 Trends to Watch in 2023: Florida Property Insurance
Implementing “Highly Protected Risk” Programs Will Lower Property Insurance Costs
John Canepa, Sr. | Woodruff Sawyer “Highly protected risk” (HPR) is an insurance industry term referring to a risk that has been controlled and managed through various measures. The International Risk Management Institute describes a as one that is subject to a much lower than normal probability of loss. This could be by virtue of… Continue reading Implementing “Highly Protected Risk” Programs Will Lower Property Insurance Costs
Five Property Insurance Warning Signs and What to Do About Them
Chris Scheffler | Woodruff Sawyer Replacement value is the main factor to consider when determining property program limits. The Construction, Occupancy, Protection, and Exposure (COPE) features of the building also impact the cost, availability, and terms of property insurance. In this article, we examine five site conditions that have the biggest impact on the risk… Continue reading Five Property Insurance Warning Signs and What to Do About Them