The Home Insurance Guru

Once again FEMA and NFIP are trying to see if Flood Insurance can be removed from the government and privatized or keep it status quo and fix issues they have.  Please read the entire article and see what could be coming down the pike! Please call l & S Insurance for a flood quote or any type of Insurance including Home insurance here in Florida.

http://www.insurancejournal.com/news/national/2010/12/30/116030.htm

A win for the public adjustors and they say for the public, but what happens when public adjustors get more money for their clients??? Prices of  Home Insurance continue to rise because of additional claim work. We cannot have it both ways and some times  public adjustors are a  necessary function, but I think the solicitation issue will hurt the State of Florida and the Insurance issue we already have in Tallahassee.  Legislators in Tall and the Insurance comapnies are all agaist this scenario, but the courts have ruled and here we are?? Hurricane season is only 6  months away and I am sure they are all druelling for more claims. Please call the claim into the carrier(Like Citizens) 1st and have a General Contractor do the estimates first and have them with you when the adjustor shows up. If the claim is not settled properly then, that is a good time to call for help w/ the public adjustors. Giving them 10-15% of the entire claim makes no sense and never will in any scenario. Please call L & S Insurance for more info or quotes on Insurance. Please read the full story by Julie Patel below.

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/12/state_restriction_on_public_ad.html

Rate Hikes, loss of mitigation discounts,premiums going to MGA’s,Deregulation legislation,Sinkholes and Scrutiny over State run Citizens Insurance.Not even Hurricane season. This is the crux of what will be discussed in tall. as we go into the next sesion. Please read the article by Julie Patel on all of these issues. Please call L & S for all of your Insurance needs.

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/12/top_florida_home_insurance_tre_1.html

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.

http://www.insurancejournal.com/news/southeast/2010/12/28/115935.htm

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;

http://www.palmbeachpost.com/news/governor-elect-rick-scotts-transition-team-misused-my-1148747.html?cxtype=rss_news

Flood Insurance is now going to cost more for many, but FEMA is trying to make the transition easier in this economy. Please read about Flood Insurance issues and remember to call L & S Insurance for all of your Insurance needs.

http://www.property-casualty.com/News/2010/12/Pages/FEMA-Announces-Transition-Flood-Policy-Available-Jan-1.aspx

You would think that will all of the natural disasters throughout the world, they would have lost their shirts and then some. Earthquakes, oil spills, all over the world and the reinsurers are making BILLIONS!!!!!!!! Now we have to ask, if they are making so much w/ all of these claims, why are they charging so much? If reinsurer’s charge less for coverage, the consumer   can pay less!!!  Why is our government allowing this to happen to an econonmy that sucks at best? Please call your Legislator’s in Tallahassee, in Washington and call the President. This  is not just a  Florida issue for Home Insurance and commercial policies, but nationally as well. Our Government needs to look into this and stop taking the money from the Insurance lobbyists  so this can’t keep happening. Please call my agency for Home Insurance quotes or any type of Insurance and we will get you what you need at the best prices available. Please read the attatched article and start asking more questions!  Merry x-mas to all;

http://www.insurancejournal.com/news/international/2010/12/23/115906.htm

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;

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/12/insurers_profit_up_63_percent.html

State Farm execs are no dummies. When they negotiated w/ the State of Florida several years ago and said they were leaving, did they really mean it. They are dropping 125K people in Florida and the premiums they are now  charging are higher than the total before they started cancelling. As if this was not enough, they also invested in a  Re-Insurance company called DaVinci RE in the Bahamas, of course, and they invested 350 million dollars w/ other investors. They now charge very high premiums to other  Florida based Insurance carriers to protect them from Hurricane losses that have not occured to date since Hurricane Wilma. The price they charge dramatically affects what the consumer’s are being charged as premiums which are up 30-60% on average. How can the Legislators in Tall. let this happen and say how disappointed they are w/ State Farm while letting them rape the system. Our new Governor and people in Tallahassee should do something about this to protect Floridians form loosing homes because of Insurnce rates. I guess our New Governor Rick Scott is looking to protect the big Insurer’s and not the ones struggling to survive here in Florida. Please read the article by Paige St. John of the Bradenton herald in Central Florida;

http://www.heraldtribune.com/apps/pbcs.dll/article?AID=2010312069999

A Virginia Judge is looking to make life dificult for the President and now will likely tak this to the supreme Court?

Please read;

http://www.insurancejournal.com/news/national/2010/12/13/115615.htm