Posted on 7/1/2019 12:00 AM By Florida Peninsula Insurance Company
Taking steps to avoid plumbing issues can be quite simple, consider a few of these tips.
Posted on 5/23/2016 4:59 AM By Florida Peninsula Insurance Company
Damages due to water losses continue to be the top source of claims in Florida. According to a report conducted by Insurance Journal, the severity and frequency of water loss claims in Florida have steadily increased every year since 2010. The Review of the 2015 Assignment of Benefits Data Call, conducted by Florida's Office of Insurance Regulation (OIR), investigated 259,742 water claims from the top 25 insurers in the state, including damages resulting from appliance leaks to water pipe bursts. Their findings show the frequency of water claims have increased by 46 percent since 2010, with an average annual increase in frequency of 8.3 percent each year.
Fraudulent water mitigation claims are also on the rise, becoming a major concern for many across the nation. Regions including South Florida, are seeing a large number of fraudulent claims, which pose a serious threat of increased homeowners insurance rates. According to the propertycasualty360.com article, Underwater: Cleaning up fraudulent water mitig ...