Citizens Property Insurance Corp.’s Board of Governors has approved the issuance of up to $1 billion in pre-event bonds to provide Citizens with readily available cash flow for the 2015 hurricane season and beyond.

By unanimous vote on Tuesday, board members approved a recommendation by Citizens Chief Financial Officer Jennifer Montero to continue Citizens’ ongoing liquidity financing program and replace coverage from similar bonds that begin to expire in June.

Citizens now has access to approximately $2.6 billion from such pre-event bonds, but most of that will mature over the next three years, with $490 million expiring in June 2015, and $1.7 billion expiring over the next two years.

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Speaking to the Citizens Board of Governors Wednesday in Maitland, Fla., Citizens President/CEO and Executive Director Barry Gilway said successful depopulation efforts, affordable reinsurance and a vibrant private market have combined to reduce Citizens policy count to 598,408, as of March 13.

Created by the Florida Legislature in 2002, Citizens handled about 602,000 policies in January 2003. Following an unprecedented string of storms in 2004-2005, that policy count peaked in November 2012 at nearly 1.5 million policies, about 26 percent of the Florida residential market.

Barring a major storm, Gilway told board members that Citizens could see its footprint shrink to as low as 450,000 policies as financially sound private companies assume policies that, even a year ago, were expected to remain with Citizens for years to come.

“The reality is that significant improvements in profitability and the increasing financial strength of private companies has been a major factor in our ability to return to our role as the state’s insurer of last resort,” Gilway said, following his presentation to the board.


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Lot’s of good talking points for Realtors and I cover all of this in my Classes I teach in Fort Lauderdale and anywhere in the State of Florida. Please contact me for a class at your location at 1-888-244-7400 and please call L & S for quotes for Home, Flood, Auto,Business & Commercial, & Life & Financial quotes as well!

A Florida court has ruled that one of the state’s largest automobile insurers must pay over $100,000 in attorney fees under the “additional payments” provision of its liability coverage

Typically, attorneys who represent automobile accident victims are paid on a contingency basis and receive a percentage of any damages paid to the victim. Payments to attorneys are characterized and considered as “fees.”

Such fees are differentiated from court “costs,” which a prevailing attorney receives from the insurer. Costs can include monies for filing documents, hiring expert witnesses, court transcription services and other expenditures.

There is only one exception to that compensation system. Under a Florida law, if a victim’s jury award exceeds an offer of settlement by more than 25 percent, the victim can request a payment for additional attorney fees.


Please read the full article below and please call L & S Insurance at 1-888-244-7400 for quotes on Home, Flood Auto, Business & Commercial, & life & Financial products as well.



Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well.

Florida Governor Rick Scott is looking for a replacement for the state’s top insurance regulator and has already contacted a potential candidate from Louisiana.

Scott’s office has confirmed that the governor contacted Ron Henderson, Louisiana deputy insurance commissioner for consumer advocacy, as a possible replacement for Florida’s current insurance commissioner, Kevin McCarty, who has headed the Office of Insurance Regulation (OIR) since 2003.

McCarty has reportedly been targeted for replacement as part a shake-up of top officials by Scott as he embarks on his second term.

In a letter to Chief Financial Officer Jeff Atwater, Scott called for new heads of the OIR, the Office of Financial Regulation and the Department of Revenue.

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Please call L & S Insurance at 1-888-244-7400  for High Value Home Insurance or any coverage like Home, Auto, Flood, Business & Commercial and Life & Financial products as well. Please enjoy the full article below with the link.


Florida’s state-backed property insurer is lowering the amount of coverage it provides for high-value properties from $1 million to $900,000, per a 2013 law change.

Citizens Property Insurance Corp. is implementing the change that will apply to all almost all new and renewal high-value business as of January 1.

Florida lawmakers in a 2013 property reform law included a provision calling for lower limits on Citizens policies. Supporters argued that that there is ample coverage for these policies in the private market and doing this would reduce Citizens overall exposure.

The 2013 law created a three-tier coverage reduction with the first scheduled to take effect this year.

Under the law, any property that has a dwelling replacement cost of $900,000 or more is no longer eligible for Citizens coverage. The law also applies to single condominium units that have a combined dwelling and contents coverage of more than $900,000.

Properties that fall between the $900,000 and $1 million level as of December 31, 2015 may retain their Citizens coverage until the expiration of their current policy.

In January 2016, the coverage limit amount is to likewise be reduced to $800,000. Finally, come January 2017, the coverage limit will be reduced to $700,000 where it will stay.



As Florida seeks to revive its private home insurance market after almost a decade without a hurricane, homeowners are pouring $6 billion a year in premiums into a new generation of small, in-state insurance companies with an unproven record of withstanding a major hurricane.

A consumer-oriented rating agency, Weiss Ratings, recently awarded the companies a median grade of C-minus, and even without a major storm to drive up claims, 11 of them have already failed in Florida since 2006, according to state records.

“This is an accident waiting to happen,” said Gavin Magor, senior financial analyst with Weiss, a national agency with a reputation for tough ratings based in Jupiter, Florida.

Responding to the Weiss ratings, Robert Hartwig, president of the Insurance Information Institute, a trade association, said all the companies meet state regulations, noting that other rating agencies gave higher grades.

“Things are moving in the right direction for Florida in attracting private capital. The risk has been diversified and there’s clearly an appetite for this new risk,” said Hartwig.

Almost 80 per cent of Florida’s insured residential and commercial property, valued at about $3 trillion, lies in coastal areas vulnerable to both wind damage and flooding, according to risk modeling experts.

State officials have encouraged the growth of the private market in recent years, seeking to downsize the overloaded state-run Citizens Property Insurance Co., which ballooned as it took on policies after the major companies withdrew.

The major insurers have stayed away from Florida, saying state regulators require rates that are too low to make the risk of doing business profitable.

Citizens remains the single largest carrier in the state, with 14.5 percent market share.

I think we all know that what we have here in Florida is not what we want, but it is all we have. Citizens is not a great place to be and the Private market provides better policies and coverage so we need these new smaller carriers. We need them because the big carriers like State Farm, All State, GEICO, Progressive, Traveler’s, Liberty Mutual, Nationwide and even USAA have all stopped writing new business here in Florida. I think the real question is why is this being allowed when they write business in other states? They should be told to write all lines of business at some price or leave the state!!! No one is willing to tell them this and stand up to them so this is what we have left to deal with. Lawmakers in Tallahassee do not want to do things that make waves because this will not get them re-elected!!!
Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well.

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