19 named storms, 12 became Hurricanes and 5 were cat 3 or better. Wow, we did not even get hit here in S. Florida, but our prices are still on the rise!! You have seen it happen and it will continue, but prices will continue to increase significantly and people are still being non renewed by their companies including State Farm, Federated, Home Wise,Sunshine State, Olympus and many other’s! We now look to Citizens Insurance and will it change to become the Insurance company of last resort. That means higher prices and since deregulation will pass over the next legislative session in Tallahassee, prices will head North and Citizens rate increases are a must for this to work! We will see how our New Governor R. Scott and his Insurance commissioner Choice will handle things this session after getting started in January. In the meantime, please call this office for quotes or do it through the blog page and please enjoy the end of Hurricane season article;
November 30, 2010
November 8, 2010
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This article about Home Insurance is a very valid point for consumer’s. Cost of rebuilding is not the same as resale or new construction prices, but sometimes coverage’s can be lowered. As an agency L & S Insurance has done this customer Service for it’s clients upon reviewing their coverage’s for renewal or if they have been non renewed as well. Companies like Home Wise, Olympus, Federated National, HCI, Southern Oak and many other’s are non renewing policies and raising prices as well.Don’t forget StateFarm cancelling 125K homes as well as all the other major carriers including Allstate. When we shop for our clients, we first shop for apples to apples comparisson’s. Once we determine the best company for a client by price and coverage’s we also do a RCE(Replacement Cost Estimator) to determine the correct amount of coverage. This is not an appraisal, but it is fairly accurate and can be used to determine the correct cost to rebuild. it does seem here in S. Florida that using about $125/sq foot under air is a good approximate, but each home by age and location is very differant. If your agency is not doing this for you then give us a call to do a complete shop rate request for you. With our 15 carriers of which 9 are currently writing new business here in S. Florida, we have the ability to shop well for any client. Please read the full article by Julie Patel and what does happen quite commonly;
October 19, 2010
Here we go again as this Banker’s Insurance subsidiary raises it’s rates like all the carriers have or will soon. This could mean up to 50% increases for people here in S. Florida. That means that your agent needs to have many companies for you to shop with and having a new current mitigation inspection is crucial for getting the best possible rates. Even in Hurricane season there are more carriers that have just opened there doors for business Like Olympus, Universal, St. John’s and others. Good quality carriers like Federated National and Ark Royal have been writing all season w/ limited agencies. Please give us a call here at L & S or go to the request a quote section and send us your info so we can try to help. Please enjoy the entire article by Julie Patel of the Sun sentinal;
September 21, 2010
This nightmare has cost so many clients undue expense because our legislators in tall do not know what to do and so they do little! This new form being abused by all Insurance companies(Citizens, Federated National, Universal, State farm and all the rest!) is now going to be reviewed and expanded. There has to be a better way and the people of Florida deserve a better system. We won’t get it and depending on who is on this board for review, things can still get worse! Please read this article and get your own opinion!
September 16, 2010
This is not so true for the Florida based carriers, but there are a few that are owned and backed by some National carriers so there is some hope for Florida. Shame on Allstate and State Farm for posting profits and still not writing Home Insurance here in Hurricane alley(Florida)!!! The Florida based carriers Federated National and Ark Royal are a few of the companies that are owned by A Rated AM best companies 21st Century and AIC respectfully. Florida Family is actually B+ rated on their own w/ AM best and there are a few other’s as well. Please read the full article below;
June 3, 2010
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If you need a quote w/ Universal, it had best be done today because no more can be done after midnight tonight. All quotes done tonight will be valid for up t 30 days and then no more. This will really hurt the market for getting people new quotes for Insurance as we get into Hurricane season. Thankk god we still represent many carriers including Federated National(21st Century), Ark Royal(ASI), Homewise, Prepared,and many other’s still available and with solid rates.This will allow us to try and not Use Citizens unless truly necessary.This is why you need an agent that represents as many carriers as we do so you can truly do 1 stop shopping?
Lee Gorodetsky, LUTCF,CLF
President L & S Insurance & Financial Service, Inc. 954-351-2250 x-209
May 12, 2010
Guess who will pay this bill? You guessed it, the Florida Homeowners in Cat fund surcharges to all policy holder’s. The good news is that the worst case scenarios will be people insured w/ Citizen’s as they could get hit up to 45% of the current premiums they pay to cover this bill. People in other companies could get hit as well, but not as much and people in Citizens are hit first and hardest.Bonds will be used to try and raise the capital first, but if they don’t sell, the consumer’s will be here to foot the bill. Please get out of citizens Insurance as you can save money in most cases. We have lot’s of companies still writing Home Insurance and flood as well and our service department is the best. We also represent top rated comapnies like Federated National which is owned by 21st century an A+ carrier w/ AM best as well as several other’s.Please read the full story below;
April 28, 2010
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This was a mutual decision of the 2 parties for whatever financial reasons they encountered. 21st century through Federated National does still intend to persue business here in Florida. Federated has also been approved for 2 differant rate increases one that took affect last November on the book of business it writes directly through agencies like L & S Insurance(us) and now the approval came through for business it absorbed from Citizens Insurance to help out the State pool of Insurance. This new increase will kick in on 7/1/10 for all of those policies. The timing of this is interesting since Hurricane season is just around the corner. I am quite sure 21st century through Federated national will look for other busines ventures here in Florida which will only help the troubled Florida Home Insurance marketplace. Neither company will end up like Northern Capotal, Magnolia and other’s.Please read the full article below;
April 6, 2010
Big news for people w/ Federated National and the financial stability of this company! More companies need this type of backing. Please read the full article about your Home Insurance policy. With Hurricane season almost here, this is good news in case of a claim.