#INSURANCE CLAIMS

[alwaysbewoke]

[cissyenthusiast010155]

Hi!

Quick update, my insurance company came round today and they said its something to do with how the house is built so it's their fault and they are gonna replace the carpets!

🦄

Hi hi hi, 🦄 anon!! Yay! I’m so glad that the insurance company came by and found it was a house problem, and that they will cover it!! 💞💞 That’s amazing 🥰 Thank you for the update, sweet anon! Hope you have a lovely day/night!! ♥️

Talk with Me ❤️‍🔥

[anastasiaoftheironwood]

Dealing with infuriating nonsense from your health insurer? ProPublica has a "Claim File Helper"! The site helps you customize a letter to your insurer, requesting the notes and documents used in the decision to deny you coverage, so you can write your appeal with full information. Far too often, claims are denied because someone in the process made a data entry error, or it was denied simply due to cost. Get the health care you are paying for!

[pricebenowitzlaw-firm-blog]

Car accidents cause significant stress and disrupt lives. Despite the time that has passed, it's never too late to seek legal help. Understanding the ​statute of limitations and working with a car accident lawyer can ensure you receive ​fair compensation for your injuries.

[dontmeantobepoliticalbut]

When Hurricane Ian pummeled Florida last week, it left a stunning trail of physical devastation in its wake. Entire neighborhoods vanished beneath water, cities were shredded by 150-mile-per-hour winds, and thousands of people lost their homes overnight.

Though the storm has since dissipated, it will bring even more turmoil to the Sunshine State in the coming months — but this damage will be financial rather than physical. Ratings agencies and real estate companies have estimated the storm’s damages at anywhere between $30 and $60 billion, which would make it one of the largest insured loss events in U.S. history.

Wind damage is covered by standard homeowner’s insurance, and the payouts necessitated by Hurricane Ian’s extensive wreckage are likely to accelerate the collapse of the state’s homeowner’s insurance industry, driving private companies into bankruptcy and forcing thousands more Floridians into a state-run program with questionable long-term prospects. The process offers an early view of the way that natural disasters fueled by climate change threaten to upend regional economies.

Home insurance costs are poised to skyrocket for all Floridians — not just those who live in the places most vulnerable to major storms. The state will be forced to impose new taxes and penalties as it tries to keep the market afloat. New burdens will fall largely on low- and middle-income homeowners. For many working class Floridians, homeownership may become impossible to afford as a result.

“We already have a housing affordability crisis, and now we’re adding this new pressure,” said Zac Taylor, a professor at the Delft University of Technology who has studied climate risk in Florida and grew up in the city of Tampa. “Insurance is potentially the thing that is destabilizing homeownership — ironically, because it’s the thing that’s supposed to protect [homeownership] and make it possible.”

While homeowner’s insurance nationwide averages around $1500 a year, Floridians already pay almost three times as much. The state’s insurance market has been struggling ever since Hurricane Andrew made landfall south of Miami in 1992 and damaged more than 150,000 buildings. After Andrew, large private insurers like Travelers and Allstate froze their business in the state rather than risk having to pay for future disasters. This led to the creation of a public option called Citizens, which functions as an “insurer of last resort” for people who can’t find private coverage. The state also subsidized small “specialty” insurers who would only offer homeowner’s coverage in Florida, shifting market share away from national companies.

But this local market has begun to teeter in recent years, even in the absence of any major hurricanes. One reason is that Florida has become a hotbed for sham roof-repair lawsuits. Shady contractors approach a homeowner and offer her a free new roof, then file a claim with her insurer on her behalf, even if her roof didn’t actually suffer any insurable damage. Then, the contractors litigate the claim until the insurer settles. This has gotten quite expensive for insurers in the state: Florida accounted for 8% of all homeowner’s insurance claims in the United States in 2019, but more than 75% of all insurance lawsuits.

At the same time, it has become much more expensive for insurance companies to purchase their own insurance. The companies buy this so-called “reinsurance” to guarantee that they have enough money to make large payouts after big disasters, but the large global companies that sell reinsurance have gotten cagey about offering it in Florida, considering that the state has built millions of additional homes in areas vulnerable to natural disasters even as climate change increases their risk. The reinsurance companies have raised prices to account for this, and many local insurers have struggled to keep up with the costs.

The high costs of litigation and reinsurance had already driven six local insurers bankrupt so far this year, even before Hurricane Ian. In the summer, a ratings firm called Demotech threatened to downgrade several other specialty insurers, saying they weren’t stable enough to deal with a big storm. That downgrade would have made them worthless in the eyes of major lenders and effectively removed them from the market. It caused a flurry of concern from state lawmakers, one of whom said the market was about to “collapse.”

Hurricane Ian is likely to hasten that collapse by driving at least a few more homeowner’s insurance companies into bankruptcy. If Ian’s damages are close to the estimated $30 to $50 billion, it would be especially catastrophic for Florida’s already-struggling specialty insurers. The companies that do survive will have to pay even more for reinsurance, which will force them to further raise prices.

“I would predict the price of insurance will go up in Florida, or, certainly insurers will be looking for price increases,” Alice Hill, a climate change and insurance expert at the Council on Foreign Relations, told Grist. “It’s proving to be risky, particularly with climate change, looking at these storms intensifying more quickly.… Homeowner’s insurance is written on a year-by-year basis, so if a big event comes through, there’s a change next year.”

New bankruptcies and price hikes on the private market would drive thousands more Floridians to Citizens, the public insurance provider that the state established after Hurricane Andrew. The number of Floridians enrolled in Citizens has already surged over the past decade as other private insurers have collapsed, and this year the program surpassed 1 million policyholders for the first time, having doubled in size over two years. It controls around 15% of the insurance market — and more than twice that in especially vulnerable places like Miami.

“You’re going to see a big increase in the number of policies going to Citizens, and you could see a significant portion of the private market just go away,” said Charles Nyce, a professor of risk management at Florida State University and an expert on the state’s insurance market. “And the more of the market Citizens takes, the more at risk the state is.”

That’s because the state is on the hook to help Citizens pay out claims after big storms. Citizens has about $13 billion right now, and early estimates suggest that claims from Ian will only cost the program around $4 billion, so it’s not in any immediate financial jeopardy. But the program will balloon in size over the coming years as it absorbs all the people who lose coverage on the private market after Ian, and its expanding roster will leave it more vulnerable to the next big storm. If another Ian comes around, Citizens might find itself short on cash.

This would force Citizens to make what is called an assessment, or a “hurricane tax” in local lingo. When the program faces financial difficulties, it can impose a surcharge on every person in Florida who buys any kind of property insurance, from home insurance to auto insurance to business insurance. This surcharge acts as a kind of tax subsidy for people in vulnerable areas: Everyone in Florida ponies up to ensure the state can help storm victims rebuild.

“That’s the biggest concern I have,” said Nyce. “Say you’re a single mom working in Orlando living in an apartment, but yet you have to own a car. Now you’re paying an assessment on your auto insurance to subsidize someone who lives on the beach.”

Since Hurricane Ian is unlikely to stem the tide of new arrivals to Florida — and since the only insurance option for these new arrivals will be Citizens — Nyce said that these assessments could become much more common as the years go on. In the past they have never exceeded around 1.5% of annual insurance bills, but future storms could drive that number higher.

Citizens can also issue bonds to fund payouts, said Nyce. But because it would issue those bonds against the state’s credit rating, doing so could dampen the state’s own ability to borrow money, again leading to higher costs down the road. And the more tax revenue the state spends propping up Citizens, the less it has to fund other essential services like education and transportation.

The upshot is that Hurricane Ian could make life in Florida a lot more expensive for everyone in the state who owns a home or a car. Decades of rapid development and a new era of supercharged storms have created a risk burden that is impossible for the private insurance market to bear. Now, in the aftermath of Ian, the state’s 21 million residents will assume more and more of that risk, and their wallets will see its earliest effects.

For an example of how these costs might impact vulnerable Floridians, Taylor pointed to the community of Miami Gardens, a majority-Black community in the Miami metroplex that is one of the last places in the region where homes are affordable.

“How is this community supposed to reduce its risk?” they said. “How are homeowners going to deal with this? We’re talking potentially the equivalent of multiple monthly mortgage payments … and this is not poised to go [back] down. Fewer and fewer people are going to be able to afford their houses.”

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[kp777]

By Brett Wilkins

Common Dreams

Aug. 24, 2023

"This growing unseen and unacknowledged banking crisis is going to become visible soon as the climate-related disasters and losses pile up and insurance companies continue to go bankrupt."

Insurance companies bankrupted by climate disasters are the "canaries in the coal mine" portending "a much worse banking crisis," and regulators must act with urgency to avert financial crashes and costly bailouts, a report published Wednesday warned.

Amid increasingly frequent and severe fires, flooding, hurricanes, tornadoes, landslides, and hail storms across the U.S., "it's no surprise that there is a great deal of attention on the burgeoning crisis among insurance companies and their insured individuals and businesses," says the report, which was published by the financial reform advocacy group Better Markets.

"The U.S. property and casualty industry suffered losses of $5 billion in 2021, which ballooned to losses of $26.5 billion in 2022," Better Markets notes. "There have already been 15 confirmed weather/climate disaster events with losses exceeding $1 billion each in the U.S. as of August 8, 2023, with losses almost certain to exceed 2022."

That tally notably does not include the Hawaiian island of Maui, where a wildfire spread by hurricane-force winds leveled Lahaina, killing at least 115 people and causing an estimated $5.52 billion in damage.

"The number of insurance companies going bankrupt, withdrawing from states, limiting coverage, and significantly raising premiums is increasing by the day," the publication continues. "In addition, the reinsurance market, which is key for insuring major climate events, is facing a reduced investor demand, which is going to decrease coverage while increasing costs even more."

"However, this isn't just a crisis for insurance companies and their customers," Better Markets stresses. "The ongoing and worsening insurance crisis is the leading edge of a coming banking and financial crisis."

According to the report:

While climate risk is tragic for homeowners and problematic for insurance companies, it is exponentially worse for banks and the financial system. That's because insurance companies limiting their losses do not eliminate the losses entirely; they merely shift losses to other entities like banks which have large and increasingly concentrated portfolios of loans and other credit instruments to those now uninsured or underinsured real estate properties and businesses. When the inevitable climate disasters occur, those exposures will quickly become realized losses, potentially at levels that will cause banks to collapse, and possibly ignite a credit contraction, precipitate contagion, and result in a banking crisis if not a financial crash.

"There's a major untold story behind the unprecedented climate disasters pummeling the country and capturing the headlines: Today's climate crisis is tomorrow's banking crisis," said report author and Better Markets CEO Dennis Kelleher, who criticized federal regulators' lack of action.

"The Financial Stability Oversight Council (FSOC) and banking regulators' response thus far have been grossly inadequate and inconsistent with the material climate risks bearing down on banks and the financial system," he argued. "For example, the FSOC member agencies were called on just two years ago to bolster the financial system's resilience to climate-related financial risks. Yet, since then, the actions have been slow and half-hearted."

"This growing unseen and unacknowledged banking crisis is going to become visible soon as the climate-related disasters and losses pile up and insurance companies continue to go bankrupt and stop insuring homes, businesses, cars, and other bank assets in state after state," Kelleher warned.

"Just as insurance companies are acting to limit their losses, the FSOC and other banking and financial regulators must require banks and financial firms to assess their exposure to those losses and have an action plan to mitigate them before they materialize and cause banking crisis," he added. "Climate disasters are bad enough; a banking disaster on top of that will make everything much worse."

Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

[iamemeraldfox]

Please, for your sake, if you cause a traffic accident, STAT RIGHT THERE.

DO NOT LEAVE!

Any penalty you get will be dwarfed by a penalty waiting for you if you escape the site of the crime

As far as your insurance company is concerned, they will pay for damages of the injured party, then get ALL the money back from YOU

Do you want to fix YOUR damaged car from your insurance? Your escape makes you ineligible. You get NOTHING.

Also, the police MUST give you an alcohol test within a specific timeframe, or you will be ineligible under suspicion of drunk driving

Please make your life easier for yourself and don't do anything stupid

Thanks

[henry-123s-stuff]

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[homeinsuranceclaims]

Home Insurance Claim Rejected

The importance of home insurance is something that many people are unaware of. With home insurance, you can protect your family from financial ruin. Home insurance is also important because it offers peace of mind and protection.

Also, home insurance is something that is important for people to have in their lives. Whether it is for their apartment, house or the contents inside their home, home insurance can help people feel more at ease and safer in the world. Not only does it protect you from financial losses, but it also helps you if you have to file a claim. With that being said, home insurance is an extremely important aspect of owning a home.

Rejected Home Insurance Claim

Insurance claims can be rejected for multiple reasons. They could be rejected because the claim wasn't filed within the correct time frame, it was filed in the  incorrect geographical area or the claim was filed after the policy had expired. There are also some cases where an insurance company might not provide coverage for certain types of damages. If your claim is rejected, you should contact your insurance company for a review, and if you are still not satisfied, you can file a complaint with your state insurance regulator.

What to do if a Home Insurance Claim is Rejected

Here are the things you can do if your home insurance claim is denied by the insurance company:

Know why your claim is denied

There are a few different things that could happen if your claim is rejected. It may be that something in your application was incorrect, or the insurance company have denied your claim because they do not insure the damage or repairs.

File an appeal

Some insurance companies will reject a claim for their mistake, for no apparent reason. If you feel that your claim was denied unjustly, you can appeal the decision and try to get a better decision.

Confer with a property insurance claims professional

If you have a home insurance claim that was rejected, you may want to consult with a professional insurance claims assessment company. You should not ignore and not let claims rejections hold you back from protecting you and your family. If you have a home insurance claim that was rejected, you should get an insurance claims assessment report to help you right away.

Project Plus Services is an insurance claims assessment professional, they believe in simplifying home insurance claims. They understand the importance of maintaining a sound and efficient property insurance claims process and are committed to finding faultless and cost effective solutions to any issues you may encounter. 

Project Plus have completed 50,000 + specialist reports and are leaders in the Insurance Claims Assessment in New South Wales, Victoria and Queensland.

File a formal complaint to your state’s insurance commissioner

If you are denied a claim or feel that your insurance company is acting in bad faith, you can file a formal complaint with your state’s insurance commissioner.  You can file a formal complaint for denial of benefits, bad faith behaviour, or discrimination. In order to file a formal complaint with the state insurance commissioner, you first need to contact the company. If you don’t hear back from them within 10 to 30 business days, you can file your complaint with the state insurance commissioner.

[brisbane-injury-lawyer]

Understanding the intricacies of Total and Permanent Disability (TPD) claims can be daunting, especially when paired with the complexities of tax laws in Brisbane. This guide aims to shed light on these challenges, providing valuable insights for insurers, legal advisors, and policyholders. Whether you are filing a claim, providing legal counsel, or managing insurance policies, this comprehensive guide will help you navigate the maze of TPD claims and taxation.

[rickanderson123]

Tips for Reducing Your Multirisk Home Insurance Premiums

Multirisk home insurance protects your house, but it can be costly. Many homeowners don't know they can lower their premiums without losing coverage. This guide shares some easy ways to reduce your insurance costs while keeping your home safe.

Enhancing Home Security

Good home security can lead to lower insurance rates. Many companies offer discounts for homes with strong locks and alarm systems. Smart doorbells and monitored alarms can make a big difference. These devices make your home safer and can save you money on insurance.

Higher Deductibles

Your deductible is what you pay before insurance helps. A higher deductible often means lower monthly costs. For example, moving from a $500 to a $1,000 deductible could save you up to 25% on your multirisk home insurance. Just make sure you can afford the higher amount if you need to make a claim.

Benefits of Policy Bundling

Insurance companies like it when you buy more than one policy from them. You might save money by getting your home and car insurance from the same company. This is called bundling. It's easier to manage and can lead to big savings on your multirisk home insurance.

Impact of Good Credit Scores

Your credit score can affect your insurance rates. Insurance companies often think people with good credit are less risky. Paying bills on time and keeping credit card balances low can help. A good credit score might mean better rates for your home insurance.

Value of Home Improvements

Updating your house can lower your insurance costs. New wiring, better plumbing, or a new roof make your house to be safer. These changes mean your house is less likely to have problems. For these upgrades, insurance companies might offer you discounts. And always inform them when you improve on your house.

Multirisk home insurance rates differ from one company to another. It’s advisable to compare them after every few years. Ask several insurers for quotes. This will help you find the best offer for your house and budget.

If you follow these tips, you can protect your home without spending much money at all. Always remember that the goal is to have comprehensive coverage at an affordable price. Consider discussing these ideas with your insurance agent. They can guide you on how to save on your home insurance expenditure.

[mlsiding]

M&L Siding And Services - Expert Insurance Claims Assistance For Siding

M&L Siding And Services specializes in high-quality siding and roofing solutions. We assist homeowners with expert guidance on roofing insurance and insurance claims, ensuring a smooth process from start to finish. Our experienced team is committed to delivering top-notch service and support, helping you navigate roofing projects with confidence and ease.

[asuryachoudharyblr]

Cloud-based CRM systems enhance insurance claims and policy management with real-time data access, streamlined workflows, and improved collaboration. These platforms boost accuracy, speed, and adaptability, leading to higher customer satisfaction and reduced costs.