Replacing Cancelled Homeowners and Other Property Insurance Policies in Florida.

   Many Homeowners and some Commercial Property owners are receiving cancellation notices from their Homeowners and Property Insurance Carriers in Florida.  Mr. Tim Shaw, owner of Tim Shaw Insurance in Fort Myers, is quoted in a newspaper report providing this potentially sage advice:

   He said when looking for a new policy, a consumer should find out how much of a surplus a company has to pay claims and how many "events," such as hurricanes, its reinsurance policy will cover in a year.

Laura Layden, "State Farm Sheds 125,000 Florida Homeowner Policies, Some in Collier, Lee" (naplesnews.com, published Sunday, July 25, 2010).

   If I learn of any other way to find these things out, in addition to simply asking an insurance agent to tell me, I will post that information here, but right now I do not know of any other way to find out (1) how much surplus (reserves) is or are available to a given Homeowners or other Property Insurer, and (2) what the terms are of their Reinsurance Policies.

Dennis Wall is Co-Author of the leading book on Insurance Coverage for Catastrophe Claims, "CATClaims:  Insurance Coverage for Natural and Man-Made Disasters" (West Publishing Company 2008; 2010 Supplement in process).  Mr. Wall will speak on a panel at the American Conference Institute's Bad Faith Litigation Conference in Orlando, Florida on November 30, 2010 on "Dealing With Catastrophic Disasters:  How to Properly Investigate and Handle Overwhelming Claims".

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Comments

[Jim]

I heard this story break not too long ago. This really stinks for homeowners in Florida. Hopefully the government can step in and give a helping hand.

[California Casualty]

Finding a legal council with state-specific knowledge and experience on Insurance is extremely important in dealing cases like this...it is not something that every lawyer possesses, and this can make a significant difference in the results.