After much debate and several votes, the bill will now go to the next level from the Legislative committee. People from all ove the State have gone to speak at these hearings and many of them have been turned away,WHY??? Who are the Legislators in Tall trying to help, the Homeowner’s who pay for the Home Insurance in Florida or the Insurance companies.You could ask Governor rick Scott about that and we know he wants to protect the Insurance carriers. Both have to be satisfied, but that is where this all becomes very complicated. The bill will cover many issues about SinkHole where State Farm has been very vocal, Premiums being deregulated, and how and when claims are paid and what the public adjustors can and can’t do. The amount of lobbying for this is huge on a slow day and must be horrific when the debates get intense and homes are on the line as well as the Florida budget. Please read the full article from Julie Patel of the Sun Sentinal and please call L & S Insurance for all of your Insurance quotes and Home Insurance is our specialty.
State Farm updates
February 23, 2011
February 18, 2011
Like all the other carriers State Farm is being hit hard w/ Sinkhole claims in the hundreds of millions in the last 4 years.According to the OIR in Tall. State Farm is also trying to only reduce premiums by $150 when most reductions from other carriers are double that amount. State Farm agents get a commission %age that is higher than any in the Florida marketplace which is great for the agents and not the consumer. All of this while State Farm makes hundreds of millions on the off shore re-insurance marketplace and all discounts for Home Insurance have already been removed as well. I guess thay are not such a good neighbor here in Florida. Please call L & S Insurance or ask for a quote on the Blog page as well. Please enjoy the latest update on Satte farm and the Sinkhole issues that face Florida Homeowner’s and the Public adjustors that have made this problem way out of control.
February 8, 2011
Sinkhole claims in Florida and landslides in Calif. have caused Mercury Insurance to say no more Home Insurance! They have incurred 19 million in Sinkhole claims in Florida with only 8k policy holder’s, but that will soon end as they will all be non renewed. They will all have about 6 months notice which is more than enough and then the sticker shock will hit them.Mercury is still a good car Insurance carrier so we can try to help w/ auto quotes any time. Hopefully Citizens Insurance will not be the only option for them.The only good news is that we at L & S do not have any clients with this carrier for Home Insurance so we can just try to help those in need so remember to call L & S for Home Insurance quotes for your policy being cancelled by Mercury, State Farm or any other carrier that is cancelling you for any reason. Please read the full article below;
February 2, 2011
Not only is this a 28% increase, but this is on top of the 47% increase last year and the 14% loss of discounts for all Home Insurance policies w/ State Farm. This means when all is said and done by the end of 2012, the rates would have increased nearly 100% in 2 years. This has all happened w/ our Legislators in Tall. who are now considering the bill for deregultion w/ Governor Rick Scott which will allow Insurance compaies to charge what they want for premiums. I will admit that Sinkhole claims are a huge problem for all Insurance companies here in Florida and could need to become a Cat Type claim so the reinsurance carriers can pay that bill.Please read the full article on the State Farm Increase and what this means to you. PPlease contact L & S for all of your Insurance needs at our Blog HomeInsurance Guru.com
January 26, 2011
Allstate, State Farm and Progressive are leading the way to protect the Insurance carriers in Florida and to try and spur growth of new carriers entering Florida’s marketplace so they say! This is part of the deregulation issues that are starting to affect us and we hope this will indeed bring new cariers w/ better pricing, but I have my doubts. Since these carriers take up 45% of the auto market in Florida and 25% of the Home Insurance market, I am quite sure this will be to protect their best interest in whatever matter that may be. We will see what happens as this progresses, but we all know in Tall. when lobby groups form it is to protect their own interests and not necessarily the public’s! Please read the article below and remember to contact us at L & S Insurance for all your Insurance needs and quotes. Please use the Blog page to send us your info;
January 13, 2011
Currently Citizens can only raise rates 10% per year, but that is now likely to change w/ Governor Rick Scott and the new Florida legislative body in Tall. This deficit is too great and needs to be repaired as well. Citizens needs to become the Insurer of last resort so his plan for deregulation will work. I said in a prior blog that 1/11 the meetings will start and start they did. It did not take too long to get this started and it does not look well for those who only write Citizens Insurance like some small independent agencies and State Farm agents who cannot sell any other product by Company policy. Now when the agent says this is the best place for you and the prices jump 55% from where they are let’s see what happens! Please call L & S Insurance or get a quote on this Blog page. We represent 16 independent carriers and can truly get the best price and product available in the Florida marketplace for Home Insurance as well as Flood, and Auto as well. Please read the full article on Citizens.
January 11, 2011
The final month of non renewing 125K people is coming. people are upset and too many are being put into Citizens Property Insurance which will soon become the Insurer of last resort again. When our Legislators meet in Tall. later this year things will change and prices are on the rise. Please call L & S to get the best rates for your Florida Home. The best time to shop for Insurance is now when we are not in Hurricane season and we have nearly 15 carriers to choose from even though rates are up. Please read the full article on State Farm.
December 28, 2010
Are they loosing money or is this a play on the State of Florida to get the rate hikes they want. 2 carriers stated thy made money to share holders (32 million), but told the State of Florida they lost 16 million.This is a pre tax profit and net after owner’s and investors are paid millions in salaries and perks which bring on losses and now require rate hikes.Universal P & C asked for an 88 million dollar rate hike by charging a 14% state wide average rate hike that was approved.State farm increses even with the 125K clients they are dropping will amount to 73 million with a 29% rate hike. According to Insurance commissioner Kevin McCarty 58% of all Insurance carriers are stating they have large losses and need to raise rates to cover losses and try to turn a profit. All Insurance companies are stating that after years of trying to surpress rate increases w/ regulation has caused this problem, but it seems like it will happen the same either way, so you decide. This will be a huge battle in the Spring in Tall. when all the legislators are back in full session. Our new Governor Rick Scott is in favor of deregulation so it will happen and then we will see if rates come down, but I do not think so. Please call L & S Insurance for all your insurance needs and have us quote your home to try and save you money if we can. Please enjoy the full article and decide for yourself.
December 27, 2010
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It appears that Governor Rick Scott and his transition team want to overhaul the unemployment problem here in Florida, but can’t even quote a study correctly as to part of the problem. How will he fix our Insurance issues here in Florida if this is so dificult. All we can do is pray for a miracle as prices are on the rise and so are non renewal notices from many carriers including State Farm. As if that is not bad enough the new Hurricane season predictions are out and another crazy year will be expected. Please see my past blog on the issue and also call our office for new Insurance quotes for Home, Auto or Life insurance.Please read the article on Governor Rick Scott;
December 22, 2010
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What does this mean for all of us?? Governor Christ vetoed the Deregulation Bill,but New Governor Rick Scott supports it and it will likely pass soon and be signed into law. This means that the 10% cap on premium incresas for Citizens Insurance will be up for discussion in Tall. w/ our new legislators and it will most likely be removed. When this occurs, Citizens could take an increase equal to the 50% they were told they needed earlier this year to get financially healthy. This also means that other carriers will be able to raise rates without any regulation and they are likely to raise rates to match Citizens so more money can be brought in. This does help the Insuarnce carriers get financially healthy, which is needed, but at what end?? This is supposed to bring back the large carriers like State Farm, Allstate, Nationwide and many other’s. Even if they do come back to Florida, what price will they charge for Floridians to get coverage with carriers like them?? What will happen to the renewals of policies when the rates go up that high?? What will this do to the efforts to help the Real Estate Industry start the recovery it so desperately needs and we need here in Florida?? My guess is as good as yours, but I see no real help for several years and lot’s of people not being able to insure the home s they live in?? Please read the entire article by Julie patel of the Sun Sentinal;