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April 2014 Archives

Millennials either fearless or clueless about need for insurance p2

A column in Forbes this week offers some interesting insights about millennials -- well, interesting for baby boomers, maybe. This generation, born between 1980 and 2000, does not know a life without the Internet. The Internet and all the technology that has sprung from being more easily connected is just the way things are for millennials. There's nothing shiny and new about it, the columnist says, the way there's nothing new about electricity for boomers. As a result, selling to millennials takes a completely different mindset.

Millennials either fearless or clueless about need for insurance

While we often discuss homeowners insurance, we know that not everyone owns a home. Research shows that millennials -- the generation born between 1980 and 2000 -- tend to rent rather than to own. A recent poll shows, though, that millennials may not understanding some of the risks of renting or, perhaps, may not be worried about how to protect themselves.

All in a day's work: Struck iceberg, sank, yadda yadda yadda

The insurance claim form for the Titanic is going up for auction in the next week or so. It's an interesting document, and not just for insurance types. The four pages completed by Second Officer Charles Lightoller offer a surprisingly clinical description of the disaster. Lightoller may have had a reason for his ho-hum tone, or he may have simply had a "Just the facts, ma'am" moment.

All in a day's work: Titanic's insurance claim form up for sale

This week marks the 102nd anniversary of the sinking of the Titanic. We wrote about some of the insurance issues a couple of years ago, when the disaster's centennial prompted so much coverage. (See our April 2012, archive.) An auction house in England announced recently that it will be selling the original insurance claim form for Titanic at auction later in April. They expect to get about $20,000 for it.

Your home flooded in a sudden downpour? Who ya gonna call next?

There are times when a review of pending legislation about insurance makes us think of the '60s cartoon, "Underdog." Our hero saved people from perilous situations with a cry of, "There's no need to fear! Underdog is here!" The insurance industry has your back, Florida.

Your home flooded in a sudden downpour? Who ya gonna call?

In our last post, we were talking about a couple of bills that Citizens Property Insurance Corp. has been lobbying for at the Florida Legislature. One of the bills originally had a provision regarding assignment of benefits for emergency mitigation. The version approved by the Senate -- and scheduled for debate toward the end of April -- does not include the language, but it's worth talking about.

Note to Citizens: If you deny our claims, we will sue p2

We are still talking about litigation costs at Citizens Property Insurance Corp. The state-run insurance company is paying more than $2 million every month to defend itself in policyholder lawsuits, according to research conducted by a state legislator. The lawsuits are over claim denials, and critics are wondering why Citizens is choosing to litigate when paying the claims could cost less.

Note to Citizens: If you deny our claims, we will sue

Depopulation is the wave of the present at Florida’s Citizens Property Insurance Corp. Earlier this year, the state's insurer of last resort announced that it had shed enough policies to bring the total number of policyholders below the 1 million mark. Citizens hasn't seen numbers like this since 2006, according to Insurance Journal.