The Home Insurance Guru

Julie Patel of the Sun Sentinal cover’s this story well as the Sentinal itself grills the Governor on what his campaign promises were and why  nothing has happened, but higher prices and the same problems we have had. Governor Scott responds about the PIP problems w/ Car Insurance issues in Fort Lauderdale, S. Florida and all of Florida as Auto Insurance carriers adjust the rates upward to cover PIP fraud claims. On Home Insurance issues he warns that next year w/ new bills starting w/ renewals on 1/1/ 2012 you will have to sign a form that states you are aware of a  possible surcharge by Citizens Insurance if a Hurricane hits.I have blogged on this before and it could be as much as 45% of your total premium. Most will wait and hope for the best since citizens rates are still so competitive.The Citizens rate hike was only maxed at 10% and most companies are taking 30% or so. This is why we still have 1.4 Million people in Citizens and the number grows by 40K / month. No good news here, just the Governor and his Legislators in Tall. trying to explain why nothing is better or looking better. please call L & S Insurance for all of your quotes for Home, Auto, business and Commercial, Flood Insurance and Life Insurance as well.

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/09/gov_rick_scott_grilled_on_insu_1.html

Our Legislators do  not know how to solve problems, but only extend them because they refuse to agree on anything. The only Bi partisan thing they seem to be able to do is extension of existing and malfunctioning programs. For the people of Fort lauderdale, S. Florida and all of Florida, this means home  closings are not going to be delayed this time.The debts of our country are now affecting every part of it including Mortgages, Insurance and more, and no one seems to really have an answer. At least for the average Joe’s like us, we can still by homes and have FEMA handle things if needed. Please read the full article and please call L & S Insurance for all of your Flood, Home Insurance, Auto Insurance, business and Commercial and Life Insurance as well.

http://www.insurancejournal.com/news/national/2011/09/27/217543.htm

The Florida Legislators  would not Increase Citizens Insurance more than the 10% max, but they are allowing all other carriers to use this new controversial method. The re-Insurance companies use this already in some cases and since those costs can be passed along, I guess we will see this happen next year or sooner.Citizens Insurance does not have re-insurance so they will not be affected unless the cat fund passes it’s costs along as well. The rates In Fort Lauderdale, S. Florida and all over Florida will now be on the rise. Here is the problem, Citizens rates will not increase as much, but they are using a new Replacemnet Cost Estimator which does raise the amount of coverage needed and that does raise rates so we will see how this unfolds. No matter how you look at it, the only answer you can see is that rates are on the rise and we all hope that everyone in Florida does not end up in Citizens which the Governor promised to get rid of in 4 years. I believe that governor Rick Scott will soon find that Citizens Home Insurance will soon be at it’s highest level ever and will continue to grow until they raise rates enough to truly force people out to find private Insurance. Please read the full article by Julie Patel of the Sun Sentinal and please call L & S Insurance for all of your Home, Auto, Flood, Business and Commercial coverage as well as life Insurance.

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/09/insurers_can_now_use_hurricane.html

This was not as bad as was thought and should have been much higher, but somehow the rates only increased 6-10% for 1/1/2012. This will be on top of the Sinkhole Inscrease which will not affect Fort Lauderdale and S. Florida as badly as other areas like Tampa. The requested rate hike was for more than 20% and the rates are supposed to now be actuarily sound which will not happen w/ this increase so who knows what is to come. There is still the surcharge which could be up to 45% so may be this is what they will do, but our Governor wanted the bigger rate hikes and Senator Fasano seems to have won with increases that will come over time.Please read both article’s  by Julie Patel from the Florida Sun Sentinal and see how this could affect you soon. Please call L & S Insurance for all of your Auto, Home, business and Commercial coverage and Life Insurance as well:

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/09/_rebuilding_costs_at_the.html

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/09/how_the_citizens_insurance_rat.html

Our Government once again cannot make an easy decision!! This is quite simple, the Flood program needs to raise rates and it needs to be extended for 5 yers or more. Because once again party lines have come into play, there will likely be an extension till November 18! This will give them time to determine if a more complete overhaul is needed or not. They will not be able to decide by then so hopefully we will get the 5 year deal in November.Fort Lauderdale and all of Florida will all be affected, but we do not know how much, however 15-20% increases seem likely. Till then, the vote for the extension is set for Wed. 9/21 since the deadline is 9/30 for the flood program to be no good. What a nightmare of a scenario on a situation that is quite clear and easy for Legislators to see. The Flood program needs more money and if you cannot get more people to be in the program then you must raise rates! Please read the full article below and please call L & S Insurance for all of your Auto, Home, Flood, Business and Commercial Coverage and Life Insurance as well;

http://www.insurancejournal.com/news/national/2011/09/19/216411.htm

In this article by Julie Patel of the Sun Sentinal  if your insurance company has been liquidated which 8 have since 2006 then claims will be slower in coming. There is more red tape to deal with and the money has to come from somewhere and the FIGA fund is not liquid itself!! Hurrricane season does not make this any easier either. There are still lot’s of unresolved claims in Fort lauderdale and all of Florida  because new adjustors get assigned and they are looking out for the state and not the consumer. Please stay in touch w/ your agent and GC as well. Only use a public adjustor if truly  needed since they take so much from the claim and the new bill signed by Governor Christ will make many of those adjustors leave the business as many of them are quite unethicle. Another carrier Home Wise Insurance has lost the A rating and I expect them to go under next year. We will contact our clients as best as we can to start to offer new policies to them now, but many will have to wait till the State makes i’s move in the spring of 2012. Please call L & S Insurance for all of your Home, Auto, Flood, business and commercial and Life Insurance as well and please enjoy the article below;

http://www.sun-sentinel.com/business/fl-insurance-claims-delays-figa-20110914,0,676166.story

Sentor Mike Fasano brought 3 busloads of  people to show a sense of unity that the rate hike for sinkhole needs to be phased in over time instead of the 429% state wide averaged proposed.!!  The  Citizens board refers Senator Fasano  to the now passed and signed SB408 which Senator Fasano voted for because it was from his political party.Now the Senator does not like the repurcussions to the constituents from his territory which happens to be tampa and the biggest sinkhole issues in Florida.Fort lauderdale and S. Florida will not be affected as much for Sink Hole issues, but the rate hikes will be more severe here for other reasons. Rates need to be actuarily sound so they voted ,but  now he is singing the blues! I guess he simply does not understand Insurance and his Governor Rick Scott  seems to think this situation is ok. The outrage from all when the January bills are  received in Mid to late November will be heard even more than now and then what???  Where are all the  carriers our Governor talked about. I see State Farm prices going up 200-300% in some cases where clients call us to shop for them. This situation is bad and getting worse so please read the article and let us know at L & S Insurance if we can help you shop for Home, Auto, Flood, Business and Commercial and Life Insurance policies. Please read the full article below;

25% state wide average plus the sinkhole rate increase whatever it  may be. The news is not yet final, but should be by next month and the new rates will start 1/1/2012. The increases will be worse in Fort lauderdale, S. Florida w/ 30-40% increases here and the Tampa area will be hit w/ huge Sinkhole increases and the rate hikes as well. All of this is great news for the Insurance companies like our Governor Rick Scott wanted and not so good for the consumer who cannot afford the premiums today. Please read the article by Julie patel of the Sun Sentinal  and the final should be out in a few weeks. Please call L & S Insurance for all of your Home, Auto, Flood, Business & Commercial coverage and Life Insurance as well.

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/09/citizens_property_insurance_of.html

The Citizens  board votes today on a 429% rate hike as a state wide average. This increase  could cost thousands/ year to sinkhole prone areas like Tampa and other areas, but only a few hundred/ year  in S. Florida and Fort lauderdale. This one is not a big deal for many of us, but other parts of the state could suffer big time. Even if the new bill just passed by the Legislator’s in Tall. and signed by Governor Rick Scott works at reducing claims by 60%, the sinkhole premium shortfall is almost 200 million and that still means rate hikes are likely. This will be on top of the rate hike already voted on to now be 25% on a State wide average(Starts 1/1/2012) which could mean as much as 40% to Fort lauderdale and all of S. Florida and that is also thousands of dollars / year /client. I guess Citizens will become the company of last resort again without the Citizens bill even being voted on or passed. This increase together will raise rates so much that all 1.4 million people will want to leave Citizens, but which carrier has the capacity to handle this problem and that answer is still nobody!!!  This is what the Governor never understood, no carrier wants the risk at any premium becuase it is proven that when a big Hurricane hit’s or Sinkhole claims get worse the cost of repairs cannot be measured properly and it is not affordable. The entire country is seeing this now especially with all of the Flood waters(Paid thru FEMA) rising all over the country. In any event we will see how the vote is handled today and I will report again tomorrow or when the news is out. Please call us at L & S Insurance for  all of you Home, Auto, Flood and business and commercial policies as well for Fort luderdale and all of Florida. Pleas eenjow the article on the Sink Hole vote today.

http://www.insurancejournal.com/news/southeast/2011/09/12/214975.htm

Please read the article and get informed here in Fort lauderdale and all of Florida. We discuss most of this w/ all of our clients, but the list is a good one and everyone should be informed about it. These are all claims that have happened a lot over the last 10-20 years  and Insurance companies are looking to not pay when they can get out of it. Please be an informed consumer as Julie Patel tells us from her article in The Sun Sentinal of Fort Lauderdale. Please call L & S Insurance for all of your Home Insurance needs like Home, Auto, Flood, Business and commercial and Life Insurance as well. PLease enjoy the article below;

http://www.sun-sentinel.com/business/fl-insurance-policy-exclusions-20110902,0,1282177.story