Florida drivers said to pay $1 billion more in auto insurance because of staged crashes

Accident fraud is costing Florida drivers nearly an extra billion dollars a year in their personal injury protection insurance rates, according to Gov. Rick Scott. He's helping lead the push to reform the state's PIP system. Gov. Scott was fired up Wednesday as he spoke to supporters of insurance reform at the state Capitol. He argued the higher insurance rates resulting from fraud are like a tax. It's estimated Florida drivers pay 56 percent higher auto rates compared to other states. Personal injury protection rates have been climbing about 30 percent a year in Florida even though there's been a 12 percent reduction in car crashes over the past five years. Police blame drivers in organized crime groups for staging accidents and then running up medical bills to the $10,000 limit allowed by the state's no-fault law. Gov. Scott urged the crowd to put the pressure on lawmakers to pass reform legislation. "This is how laws get changed. You show up and you let your legislators know what you want. You are sick and tired of a billion dollars a year of fraud. You're tired of it. You're tired of scammers taking advantage of you. You're tired of attorneys taking advantage of you. Enough... posted by Jim Valek on Mon., Jan 30th, 2012 in Insurance Company Industry News Insurance Fraud

Homeowners Insurance - Florida Residents, Understand Your Policy

Many people especially first time home buyers should take the following advice when it comes to getting new Sarasota homeowners insurance: read the fine print before signing. New homeowners tend to simply go for the cheapest price when it comes to homeowners insurance. Just ask anyone affected by hurricane Irene if that strategy paid off. A common feeling of “nothing ever happens were I live” can lead to just signing up for the least expensive policy. However many homeowners will fins out the hard way that a basic homeowners policy can have many short comings – it may only cover damage done in a very specific set of circumstances, have very high deductibles, and no standard homeowners insurance policy will cover flood damage at all. The only time a homeowner has to ensure that their policy will protect their financial future against damage to their house is when they are selecting which policy to purchase. Homeowners insurance policies can be pages long with many paragraphs of fine print. Much of the language in the policy is written in legalese and insurance jargon only a trained insurance agent will fully understand. As Such it is highly advisable to only purchase your homeowners policy... posted by Jim Valek on Mon., Dec 19th, 2011 in Homeowners Insurance insurance agencies

Benefits Of Using An Independent Florida Insurance Agent

Why use an independent insurance agent? Independent insurance agents are not limited to auto or home insurance from just one brand or large insurance company. An independent agent will obtain quotes from several different companies, some of these insurance companies may even specialize in writing policies in only your area and as a result can offer better premiums with the same or even greater coverage for the policyholder. Often the average person will not be aware of these smaller local companies because they specialize in working through independent agencies which can save them the high cost of advertising that the big national companies must absorb. Value Is More Important Than Price Never buy your insurance based on price alone. Many time the minimum legal amount of coverage will not cover your expenses in the event of an accident or disaster. Your independent insurance agent can find you an auto insurance or homeowners insurance policy that provides the right kind of protection for your needs. You want an insurance company that’s loyal and pays valid claims promptly. A local independent Sarasota insurance agent works for you and their long-term interest is in your satisfaction – not any one insurance company. As a result... posted by Jim Valek on Mon., Dec 19th, 2011 in Insurance insurance agencies

Using A Motorcycle Safety Course to Lower Your Insurance Rates

Completing a motorcycle safety course makes a lot of sense if you are a rider not only will it improve your motorcycle skills but it will also make you a safer rider. It may also help to trim the costs of your motorcycle insurance off your monthly bill. Motorcycle Safety Course Insurance Discount All insurance companies offer and maintain different policies regarding motorcycle insurance discounts, but you'll find that almost all providers offer discount-incentives for completing a motorcycle safety course. Depending on the provider, you can save up to 15% off your insurance premiums over a three year period. Motorcycle Safety Course Enrollment Checking with your insurance company to see if your course is from an approved program or school. Some schools may require a completion of a certificate from an approved program. Or if you reside in a state that mandates a motorcycle safety course (Califiornia for example requires enrollment for all riders younger than 21 years old), contact your DMV for a list of approved courses. Always check with your insurance provider to recieve a discount for a completed course and make sure it is recognized by your insurance provider. You will not recieve credit if your... posted by Jim Valek on Fri., Dec 16th, 2011 in Motorcycle Insurance Safety

The Basics Of Florida Homeowners Insurance

Before you pass papers on that new Sarasota home you will want to think about protecting your big investment with your new homeowners insurance policy in a likely event that a disaster comes to call like wind, rain or volcanic eruption. The financial safeguard against disaster, includes many losses that can be devastating to including property losses and injuries to third parties . While anyone can legally own a home without it, your friendly neighborhood mortgage lender will no doubt require this coverage for self-protection. Here is what standard homeowners insurance policy covers: Structural damage to the home. This insurance pays to repair or rebuild the home if damaged by any of the disasters listed in the policy which will not include earthquake or flood unless purchased separately. Do not base rebuilding costs on the price you pay for the home nor include the land costs when you are estimating your coverage by the insurance company. You will need an amount of insurance that will be sufficient to rebuild the homes total square footage and those numbers can be found from building associations, realtors and insurance agents. Loss of personal items This includes up to 70% compensation for furniture personal items, clothing... posted by Jim Valek on Fri., Dec 16th, 2011 in Homeowners Insurance insurance agencies Policy Coverage