The Home Insurance Guru

Chilean Earthquakes and The gulf Oil spill are to blame, but who will pay for this really?? Not BP, but the consumer’s(us) as Insurance rates on all products including Home Insurance here in Florida that is reinsured  by Lloyd’s and other reinsurer’s as well will simply raise rates to cover their losses.Go figure, but we always have to pay  it is just a question of how the cost get’s to us and because we share it all equally(not), it is esasily shared this way. Sorry for the bad news, but this does mean that  Property Insurance rates will be on the rise next year significantly! The OIR  and the Insurance commissioner will have to approve the rates since they are just being passed on. Please read the article on Lloyds profit’s and losses;

http://www.insurancejournal.com/news/international/2010/09/29/113632.htm

Julie Patel is a reporter w/ the Sun sentinal that I follow on Twiter so please read her take on this soon to be reality! If you are in Citizens and want to get out and w/ some better prices as well, please call our office or request a quote on our Blog Page. What will our Insurance Commissioner and Governor do next to make life even tougher then it already is? Time will tell and some elections that put new people in office that can make a real change?? Please read Julie’s article below;

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/09/what_citizens_property_insuran.html

Kevin McCarty and the Florida OIR have approved a 10.3% rate hike that will begin 1/1/11 and is a state wide average which could mean as much as 20% here in S. Florida. The increase applied for was 9.7%, but our commissioner who seems to have finally  realized that this increase is not enough approved the increase at 10.3% and still abides by Florida Sate law for Home Insurance policies. This means that if you buy or have Citizens Insurance, you are guaranted another increase next year unless you know how to shop for normal carriers that are not run by the State of Florida and have A  ratings w/ AM best as well. Please call our office for a quote or click on getting a  quote on the Blog page and we will be happy to help you out. please read the full article below;

http://www.insurancejournal.com/news/southeast/2010/09/23/113500.htm

Wow!!! Legislators gave us a year reprive before they tell us next year, they still do not have it set in stone and finalized. At leats for 1  year flood insurance, FEMA and Insuarnce agents selling Home Insurance can sell flood with it and Realtors can close on homes!! Please read the full story!

http://www.insurancejournal.com/news/national/2010/09/24/113507.htm

Flood Insurance( through FEMA), will once again be gone in the peak of Hurricane season if our legislators in tall do not fix this issue. It is bad enough the time wasted to do these extensions, but what a waste of time and manpower.We can only hope for the best and pray. Please  ask for a Home, Auto or Flood Insurance policy on the Blog page!

http://www.insurancejournal.com/news/national/2010/09/22/113424.htm

One of my clients just had a 10% increase in his coverages in Weston Fla and the price went down about 15% overall. This was a package deal w/ multiple policies and now the price has dropped when other’s are rising. Now I see this article and it confirms that good markets are still available and we have them for our clients in Florida. Yes, even during hurricane season we can still get some great deals. You can ask for a quote on this blog page if interested! This article talks nationally  as well, which at least shows some progress and hope for Florida! Please read the article below and click for a Home and Auto quote;

http://www.insurancejournal.com/news/national/2010/09/21/113414.htm

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!

http://www.insurancejournal.com/news/southeast/2010/09/21/113392.htm

As if another storm is not enough of a worry, but the Federal Flood program w/ FEMA  will expire on 9/30 because the idiots in Washington do not care about us here in the field. No surprises there but keep posted on the storm and watch my blog for Flood Updates! they could not even pass the 5 year plan for flood which is so Important!

http://www.nhc.noaa.gov/gtwo_atl.shtml

Rick Scott GOP candidate for Governor is now saying what needs to be done and no one else seems to want to hear. This is that rate increases for Citizens is not only needed but very Criticle!!!! Alex Sink(CFO) is now saying that the 10%  statewide increase is enough and all the consumer can handle, but who is correct! If rates are raised to propor levels then the 15% surcharges that Citizens can and will do to the consumer is a joke so it is best to make the company solvent so the surcharges will not be necessary! No one likes to hear that rate increases are needed, but since we all make up Citizens Insurance beacuse we all support it(Like it or not). I know we all truly want a financially stable company, and this is not what we have here in  Florida. Just one storm hitting florida during hurricane season is all it will take to put Florida into bankruptcy so this needs to be addressed. This is not what the people who are in Citizens want to hear and many of them have no choice, but this is the best scenario. Governor christ and our legislators intall do not seem to think this is a problem, but wait till a Hurricane hits and see what happens if we do nothing!!Please read the full article below for your own opinion;

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/09/governor_candidates_clash_on_w.html

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;

http://www.insurancejournal.com/news/national/2010/09/16/113298.htm