Posted on 2/27/2017 3:00 AM By Florida Peninsula Insurance Company
According to the National Information Crime Bureau (NICB), Florida is among the top 5 states, next to California, Michigan, and New York, with the highest rate of questionable insurance claims (QCs). QCs are claims which NICB member insurance companies refer for closer review and investigation based on one or several indicators in which the claim may be fraudulent.
Water damage claims made by homeowners can, at times, be a major red flag. This type of claim is easy to create, fabricate and allege repairs. When there is a long period of time between loss and report, or when the claim is reported within the first 90 days of the policy's inception, can be cause for concern.
A red flag could also be raised if there are inflated/exaggerated invoices, invoices for excessive equipment to repair the damage, disposing of the damaged materials before inspection, etc.
Florida Peninsula Insurance Company strives to keep our rates low and takes insurance fraud extremely seriously. One way we ...
Posted on 2/24/2017 3:00 AM By Florida Peninsula Insurance Company
As spring approaches, don't be a victim of home repair and contractor fraud. Reduce the risk of being scammed by making yourself aware of the following red flags:
1. Contractors who appear at your doorstep: If someone knocks at your door to ask you if you need their services, or offer to give you a consultation, it is okay to simply take their business card, listen to what they have to say, and shut the door. One thing you should do is research their company online to see if it is legitimate. Often times, there are people who will take your money and run.
2. Your contractor is pressuring you: If you feel extremely pressured to make a decision because your contractor is pushing you to sign the agreement based on a "special deal" or "today only" offer, it may be in your best interest to decline the offer. AOB (Assignment of Benefit) fraud is also very common and some contractors who require an AOB are known for their high pressure tactics. Signing an Assignment of Benefits form transfers the rights ...
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 ...
Posted on 12/9/2015 5:00 AM By Florida Peninsula Insurance Company
According to new findings in a public opinion study conducted by the Insurance Research Council (IRC), 24 percent of respondents believe it is reasonable to increase an insurance claim by a small amount in order to cover a deductible. This is also known as "soft" or "opportunistic" fraud, referring to the claim embellishment. Soft fraud is incredibly difficult to detect and investigate. Perpetrators are often hard to distinguish from honest policyholders, and as the study shows, many consider their exaggerations to be morally acceptable.
Insurance fraud is not a victimless crime. It affects innocent and honest policyholders who are left with higher premiums. Florida Peninsula takes insurance fraud extremely serious, and we encourage anyone with information on those committing insurance fraud to report it to us immediately by calling 866-923-2920, or by email at firstname.lastname@example.org.
To learn more about the study, click here.
Florida Peninsula is one of Florida's top homeowners insurance com ...
Posted on 9/16/2015 10:31 AM By Florida Peninsula Insurance Company
Florida Peninsula takes insurance fraud extremely seriously, and with the help of our Special Investigation Unit (SIU), another insurance fraud arrest has been made.
Posted on 2/18/2015 3:45 AM By Florida Peninsula Insurance Company
Personal Injury Protection (PIP) fraud is one of the most prevalent in the insurance industry. When insurance carriers, regardless of the type of insurance, take in large financial losses because of fraud, all their policyholders pay in the form of higher premiums. Florida's Chief Financial Officer, Jeff Atwater, announced nine arrests were made for PIP fraud in Miami. After seven staged accidents, these individuals filed more than $242,000 in fraudulent billings to eleven different insurance carriers. This case is still ongoing, and more arrests are expected to be made. Insurance fraud, regardless of the type, is inexcusable. If you suspect someone of committing insurance fraud, report it at the "REPORT FRAUD" page, under our "CONTACT US" tab on our website.
Florida Peninsula Insurance Company's top priority is the safety of our customers, policyholders, and the citizens we service. Visit our website at www.floridapeninsula.com to find out more information on how we can provide you with peace of mind ...
Posted on 1/22/2015 7:12 AM By Florida Peninsula Insurance Company
Two bad apples in the insurance industry are arrested for insurance fraud.