The Home Insurance Guru

54.8% is what is needed for single family homes, but current State law only allows only 10.2%/ year. I guesss we will be seeing the max increses for many years to come From Citizens  unless the Florida Legislature, the Governor and The Board of Directors of Citizens end up deciding to change the law to allow for bigger rates and sooner. It is Not Likely Governor Christ will go along with this as he will not approve any rates, even though without it, Citizens will have no money to pay claims.The next Governor, no matter who it is should approve this so watch  out for 2012 rates.This rate Increase will take effect  January 1st,2011. Joseph Petrelli, the President of Demotech rating agency that rates the Florida companies for Home Insurance, says that most carriers still need some significant rate hikes as  well. Mitigation Inspections being done still help a lot and having lot’s of carriers  to choose from helps in the process as well, but please read the full article below.

http://www.insurancejournal.com/news/southeast/2010/07/28/111969.htm

Weddings today are very expensive! Your fiance may not show, but how about weather issues or illnesses and family issues that suddenly happen. If you or someone you know are getting married  and the wedding plans are under way, please refer them to L & S Insurance for a  wedding policy to protect from the cost of the wedding and lost monies and deposits.

https://www.protectmywedding.com/pls/wpp/app_wpp.wpp.Go?p_brokerid=579

http://www.insurancejournal.com/news/southeast/2010/07/23/111854.htm

Until a president publically supports this agenda, it can never happen because there are so many States that are not in  favor of it. Eventually this will happen, but until a President or a  presidential candidate stands up and supports the idea on National protection for Hurricanes and any natural disaster’s, it cannot come to fruition. Please read the full article below about the federal flood program and the proposed bill for nationalizing Hurricane protection. See how this would affect FEMA, NFIP and getting more competitive prices here in S. Florida.

http://www.insurancejournal.com/news/national/2010/07/22/111805.htm

FYI good info to have handy for Floods, Hurricanes and emergencies;

http://rismedia.com/lowes/8355/9373

If hurricanes hit this season, the Insuraance companies can handle up to 2  storms, but what if we hit 3 and what about next year? All Forida based Insurance companies have been forced to increase the reserve requirements and also add additional Reinsurance and so we are ready for this season if necessary! However, the rate increases will be so the Insrance companies can build up more reserves for  the long run. If this happens then  less reinsurance will be necessary and rates can be lowered eventually. This is a long range plan and will take many years  if nothing goes wrong???  This is not likely to go as planned  and much will happen to damper this situation, but we know for sure that rates will go up again by year end and the only question is how much. That will depend largely on what Citizens Insurance does as they are duscussing large increases themselves. Our Legislators in Tallahassee are fully aware of the situation and they will definitely play a role in this endeavor. Flood Insurance is finally not an issue so let’s see what happens and cross your finger’s for a mild Hurricane season. Call L & S Insurance for rate quuotes here in Florida and Please read the full article below about The likely rate increases to come again soon;

http://www.insurancejournal.com/news/southeast/2010/07/21/111586.htm

Our legislators did something worth speaking of. Now, FEMA, NFIP and everyone in the Real estate workls does not have to worry about Flood coverage for 5 more years. Finally good news during Hurricane season. Please read the full story below:

http://www.insurancejournal.com/news/national/2010/07/16/111646.htm