The Home Insurance Guru

Go figure 2  republican Governors of the same state Governing us for nearly 12 years so far and they still disagree on Property Insurance issues. That shows me how bad the situation really is and we should all be concearned about the future of Insurance here in Florida. In my opinion, the Property Insurance bill must get passed as the Insurance companies are financially strapped and cannot afford a major Hurricane. The real question is where is the money they have collected?? I have been learning myself that much of the surplus is being taken out and put into other companies like banks to make the investors feel more comftorable about their Investment dollars. That is all well and good, but not at the expense of the Florida consumer especially when the Investors in the company are quite often the CEO, CFO and other principles of each company. They know the risk and should not have started the company if they did not want the risk overall. Isn’t this the premise of  insurance anyway, risk & reward. Large amounts of risk, like the Florida home Insurance marketplace will eventually yield large returns when the companies truly turn profits. Taking money from a  public company that protects the people of Florida should not be touched until such time as they can do so and the controls should be there.Hurricane season is getting close, we need capacity to write more policies and the reserves and profits of companies can secure this, but it seems that this summer, Citizens Insurance may be all we have. This willbe true  until we get through the season and see what happens. Several companies like Federated nationa, St. Johns, Olympus have already closed for the season. Other’s like Magnolia, State farm and many other’s are non renewing all or a large portion of the population they control. Please rad about the differneces w/ our 2  Governor’s;

http://www.insurancejournal.com/news/southeast/2010/03/31/108610.htm

This article talks about all of the troubles here in Florida and S. Florida. If you have an Insurance company in Florida and want to know the risk factor, you can research it here. Even if there is a problem, what can be done?To go to another insurer will cost a lot more and most cannot afford what they have now. Even with Mitigation inspections, how much can everyone afford here in Florida w/ nearly 12% unemployment and the Real Estate Market where it is? The best rated companies like State Farm and other’s are either not writing or priced way out of the market. with Hurricane season just a few weeks away, we are all in for a rocky ride. Please read  the info and contact me if you have any questions at 1-888-244-7400 x-209

http://www.heraldtribune.com/article/20100301/ARTICLE/303019999?appSession=845233303228776&RecordID=&PageID=2&PrevPageID=1&cpipage=3&CPISortType=&CPIorderBy=

Please read the full article below.Oh how politics are so complicated when it should be simple;

http://thehill.com/blogs/on-the-money/budget/89423-congress-looks-to-retroactively-fund-flood-insurance

Finally someone is actually trying to help the consumer’s here in Florida. If you read one of my past and recent blogs on how Insurance Companies try to make millions and take it from policyholder money which could help pay claims or reduce premiums. This what Hillcrest was trying to do and our Insurance commissioner actually tried to help in this scenario. Events like these have been going on with many  Florida  Home Insurance companies and this is part of the reason Florida Home Insurance is so bad. Also, if you have not seen, the Federal Flood Insurance program was not extended by our Federal Government  as they went on recess till 4/12/2110. If you need a new flood policy or are trying to close on a home, good luck! Please read the full article below on Hillcrest Insurance and how they wanted to take money from us Floridians;

http://www.insurancejournal.com/news/southeast/2010/03/29/108551.htm

The bill passed the Insurance committee and with the bill that passed last week it  looks  like Insurance rates are on the rise big time in Florida for the next 3 years at a minimum. The statewide average is scheduled to be not much next year at 5% and then go to 10% and 15% respectively, but this is an avaerage. Those averages are usually double or more for South Florida and less  for areas like Ocala, Tallahassee  and Jacksonville.This means that mitigation inspections, and any discount you can get will be so valuable. Hurricane season is now 8 weeks away so the pressure is on in Tallahassee to get things done and they are moving quickly.This will help the Insurance markets  because of the higher premiums and this should also help w/ the issue of capacity, but who will be able to afford the Insurance they must carry for the mortgage company?There is hope that this will allow more companies like State Farm and other’s to re enter the market because of the higher premiums, but that is yet to be seen.Citizens will also be increasing their premiums as well. Please read the full article below;

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/03/senate_panel_passes_bill_allow.html

This is great news for all as it keeps another Insurance company solvent and allows 21st century to get bigger and stronger here in Florida. The Home Insurance company Federated National is another of the 21st century Holdings. This transaction should be complete by June First and in time for Hurricane Season. As a preferred agent of 21st century we are proud of this scenario and hope all good things come from it and for the Home insurance industry here in  Florida.

http://www.insurancejournal.com/news/southeast/2010/03/23/108405.htm

This is an age old scheme from Wall Street done many times in the past and will continue to be done. This is  how money is made by the rich and leaves us to wonder why! Then, when the company has no money and we realize this is just business for them and it is our homes and lives. Home Insurance here in Florida is in a terrible scenario and this just makes us all feel terrible.All of this info just 7  weeks before Hurricane season is about to start. We do all we can to service and do our best to offer the best products  we can, but this is not in anyone’s control. Please read the full story  and then call your legislator  in Tallahassee and ask why am I paying so much money in Florida for Home Insurance even when we have all of the mitigation discounts: How could you allow  this to happen?

http://www.heraldtribune.com/article/20100315/ARTICLE/3141081/2416/NEWS

Please read the full story below;

http://www.insurancejournal.com/news/southeast/2010/03/18/108260.htm

Here is the problem w/ this scenario? This would only apply to Insurance companies that are able to qualify as non regulated companies. This would not be most of them and the goal is to try and bring back the large companies like State Farm. These companies do not seem to want to be here and most do not believe this will really bring them back. That is why Govornor Christ veto’d the bill last year and has threatened to do so again this year. The fact is, the companies we need to help, are the ones, that have been here since Hurricane Andrew or even Hurricane Wilma and are trying to stay in business. These companies are so over regulated that they do not even control what business they are allowed to accept.Florida is not a Friendly state to Insurance companies and all Tall. wants to do is cut commissions to the agents that deal w/ the public. Hurricane season is close and if this is the best that they can do then we are all in trouble. Agents will  not be able to service the customer’s soon because of these cuts and where will we be then?Please read the full article below;

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/03/should_florida_scale_back_home.html?utm_source=twitterfeed&utm_medium=twitter

There are over 2500 homes in Florida of which over 1100 are in Lee county. According to FEMA, this does not qualify as a disaster and they are without help??? With prices of home Insurance and Flood insurance on the rise even with the mitigation discounts,this is just another problem with no help in sight.Please read the full article below;

http://www.insurancejournal.com/news/southeast/2010/03/17/108217.htm