May 2011

Tornados, Floods, Earthquakes and now Hurricane season  is getting under way and expected to be a wild one. Losses this year could be as much as 10 billion or more compared to 2-4 billion avearge in prior years. Guess what this means to us, yes higher premiums!!!! No one really seems to care when the Insurance carriers loose money, but everyone cares when their rates go up 20-40% and will continue like this for 1-2 more years or more. There is no sympathy for Insurance companies when they lose money, but it is a fact and will have to be dealt with. Please call L & S Insurance for all of your Home, Auto,Life, Flood and business policies. Please read the full article below;

Predictions are not good and because this season is La Nina the predictions are worse and not very predeictable. El Nino  last year had a lot of wind shear so although we had 19 storms develop none were ever really a true concern for the United States as we were missed. This may not be the case this year and since Hurricane season is  almost under way, we can only wait and see. I believe all eyes in Tallahassee will also be on the season as the new bill signed into law by the Governor and passed by the Legislators in Tall coud live or die based on what happens. Home Insurance rates are already getting out of control, but what if a hurricane hits, who will be left to afford the Insurance here in Florida? Please enjoy the article by Pamela Rush and please call L & S for all your Home, auto Commercial, Flood and Life Insurance quotes.

The deadline for old claims has been 5 years and thousands of last minute claims from Hurricane Wilma came in very last minute by a lot of Public Adjustors! Now that the new bill has been signed into law and the new time frame is 3 years, all of these claims will now be reviewed to see if the claims will be settled or not.   Governor Rick Gcott  has tried to keep the fraudulent claims from getting paid in the future, but it seems like The Cat fund which is our tax payer fund now as well, is going to review these claims very carefully and soon. CFO Atwater will also be part of this investigation to determine Fraudulent claims and valid ones.Please be ready for Hurricane season as 6/1 is close and be sure your premiums are paid timely as there is no grace period on property Insurance. Please read the full article below and please call L & S Insurance for all of your Home, Auto, Flood and commercial quotes.

Well the bill  is now Law as Governor Rick Scott signed it in Tallahassee  on 5/17  days early of his  5/26 deadline.Even though Senator Fasano a fellow Republican  has been saying that this is not good for the  Home owner’s in Florida as it can increase rates 15% or more every year.He has also said this goes against the Governor’s promise not to raise taxes and he feels this is doing that through the back door of the Big Insurance companies. This is definitely  a win for big Insurance and the companies will definitely become healthier the real question are the current  rates from Citizens Insurance. Today, the rates are very competitive and people are choosing them and this will get worse if the rates for Citizens do not become much higher and very quickly.The Citizens bill did not pass yet so I believe there will be a special session over the summer for at least this reason. This will not help the people struggling to make ends meat while paying $100 or $200 more / month just for Insurance on their home.This bill will affect Public adjustors and their ability to help clients and also will dictate who will be able to file the claim first. The bill does focus a  lot on Claims and speifically sinkhole claims. It will be more dificult to get paid and to even file a claim and if you do have a sinkhole you may not be able to collect on Coverage B appertanent structures and other areas.  This will be better for Insurance agencies like L & S as higher premiums generate more revenue which has been tough over the last 3-5  years, but the Real estate world will have a huge negative impact and this could truly slow the Florida economy, but no one else seems to be talking about this like I have. Please read the full article as it is a big one and please call L & S for all of your Home, Auto, flood, business  and Life Insurance quotes.

Senator Fasano  who was part of this bill is now saying this goes against The Governor’s promise to not raise taxes.This bill is a mess that was passed by our Legislator’s in Tall and it was rushed as well because they assumed this would be signed into Law quickly. Now come the delay’s and isn’t this what Governor Christ also did last year and then finally vetoed the bill. Nothing is really resolved w/ this until the Citizens Insurance Bill is passed and signed as well. Citizens Insurance must become the Insurer of last resort w/ the highest prices or everyone will be in Citizens by next year. The goal is to reduce Citizens into the private marketplace because Insurer’s will have rates they can live with and come back to Florida. Citizens is a bargain this year in many cases and it will continue to grow from the nearly 1.4 Million and not decrease like our Governor really wants.Everyone else has raised rates 30% or more in S. Florida, the people are upset and Citizens  has some of the  lowest rates for so many people it is no wonder thay are choosing it already.On top of all this Re-insurance and the Japan crisis are also going to affect Florida insurance issues as well. Hurricane season is now only 3 weeks away or less and based on what the world has seen of late we all need some luck for this season. please read the fulla rticle by Julie Patel of the Sun Sentinal and please call L & S Insurance for all your Home, Auto, Flood, commercial and Life Insurance needs.

The Mighty Mississippi made this decision all to easy for all of our Legislators in Washington in relatioon to the 19 billion dollar deficit for FEMA. Guess what?? Prices will increase for some time till the shortfall is covered. Please call us at L & S Insurance for all your flood, Home and Auto Insurance and please read up on the new flood bill and what will be covered.

An article by Julie Patel of the Sun Sentinal on the reality of Home Insurance in Florida. 15% / year increase will allow Insurance to double in 5 years and who can afford that or why would people move to Florida knowing this. This is what Governor Rick Scott asked for in his campaign and this is what the Legislator’s in Tall approved last weekend. Now it will be passed into Law in a few weeks. Soon the Citizens Insurance bill will also pass and be signed and 2012 should have some of the highest Insurance rates ever in Florida. They say, that in time, competition will happen w/ higher premiums and some big Companies like State Farm, Allstate and other’s come back to the Florida marketplace. This may happen, but I am doubtfull and this will not be a good solution for Floridians, but great for the Big Insurance carriers. Please read the article by Julie Patel below and remember to contact us at L & S Insurance on this Blog page for Home, Auto and all Insurance quotes.

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