March 2016


Please call L & S Insurance at 1-888-244-7400 for free quotes on Home, Auto, Flood, Private Flood, Business & Commercial & life & Financial products as well. Look at this winter with more rain than ever before and 3-4  Tornados already this year which is also unprecedented. The rains in Boca flooded the town Center Mall & FAU, if you think you do not need Flood Insurance think again. Florida, no matter where you live is a flood zone! If you live 40 miles in you are on top of the Everglades or lake Okeechobee so you are always near water. It dopes not have to be tidal waters as water comes into the home quite easily from underground, that is called seepage and that is Flood. No policy,. no coverage and if you are in the low risk zone X, then the coverage is also very inexpensive. Not having the coverage when you need it most will be a shame. We can now also help you save money with Private flood so please call us to find out more. Please enjoy the full article below!

http://realestate.heraldtribune.com/2016/03/23/flood-insurance-is-getting-expensive-but-can-you-afford-to-be-without-it/

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You can save so much money on Flood and the policy is written on company paper. This means it is covered by FIGA and the Florida Cat Fund . HCI also has this product  reinsured with Berkshire Hathaway so we know it is very secure and safe!! Please call L & S Insurance at 1-888-244-7400 for free quotes on Home, Flood, Private Flood, Auto, Business & Commercial & Life & Financial products as well.

Florida Insurer Launches Company Offering Admitted, Standalone Flood Coverage

Paresh Patel, HCI Group chairman and CEO, said the timing is right to start the company, which he says is the first licensed flood insurer in Florida.

“As we are getting more expansive in our offering of flood policies it made sense to put it in a separate vehicle,” Patel said. “Because of the technology and the way TypTap works, it’s a different way of doing things than in the past.”

Patel said the coverage is sold through agents on the TypTap website. The online purchase process has been simplified through TypTap’s backend technology and only requires potential customers to answer three questions, then pick an agent from a dropdown menu to finish the policy purchasing process.

Please enjoy the full article below!!

http://www.insurancejournal.com/news/southeast/2016/03/23/402752.htm

In a nutshell, Citizens will reduce coverage for water loss claims among other things to curb claims! Private Insurer’s will raise rates next year significantly which will cause some to go back to Citizens when the rates go up! This will have a big counter affect for depopulation!!

Please call L & S Insurance at 1-888-244-7400 for free quotes on Home, Flood, Private Flood, Business & Commercial, & Life & Financial products as well. Please enjoy the full article below.

http://www.insurancejournal.com/news/southeast/2016/03/17/402197.htm

Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Private Flood,Business & Commercial, & Life & Financial products as well.

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Please be sure to call L & S Insurance at -1-888-244-7400 for quotes on Home, Auto, Flood, Private Flood, Business & Commercial & Life & Financial products as well. The new Maps are still Preliminary and could be updated again. The new changes will start in September if all goes as planned  and about 76,000 homes will need to start to have a new Flood Policy where one was not needed before. Most people do not understand the risk of Flood, but ask people in N.J. from Hurricane Sandy and they will tell you otherwise. Please be prepared and check your information now. You can call Lee at L & S at x-209 for a class at your office soon to review the maps with your agents.

http://maps.co.palm-beach.fl.us/gis/floodzones.aspx?

Please call L & S Insurance at 1-888-244-7400 for free quotes on Home, Auto, Flood, Private Flood, Business & Commercial & Life & Financial products as well.

New Updates!!! we have 2 carriers who will also now take Poly Pipes, but not provide coverage for water damage claims. Not a great scenario, but another option to help your closings happen.

Poly Pipes which are grey and look like White PVC, but are Grey have been a huge problem since 2012. No company would accept them and they are a problem for any homeowner. Buyers need to beware that they can and will burst with water damage claims and then they can be 2-3 in a  year once it starts. sellers need to know that a buyer will need to replace them at some point so prices should be adjusted when a home is sold or purchased.

Citizens Insurance will now write a policy on a home that is less than 30 years of age and no history of any water damage claims!!! The claim issue is a huge one since the computers called CLUE will verify a claim has occurred and will cause issues after the policy is issued and after closing. I know most of you do not want issues with your deals and clients so please be careful. The pipes were used in the years 1080-1994 and 30 years old is 1986 and newer which covers most of those years!! The pipes still need to be dealt with, but at least most closings can now happen as long as the pipes are fully disclosed and the cost of repairs is reflected in the sales price. I hope this helps most of you and please remember to give us a call. Please call L & S at 1-888-244-7400 for quotes on Home, Flood, Auto, Business & Commercial, & Life & Financial products as well. Please come to one of my Insurance lunch and learn classes soon or let me know if you have interest in having me do a class at your office.

Thank you and happy selling!!
Lee the HomeInsuranceGuru!!

Please call L & S Insurance at -1-888-244-7400 for Free quotes on Home, Auto, Flood, Private Flood, Business & Commercial & Life & Financial products as well.

South Florida property owners can expect property insurance rates to increase because the Florida Legislature failed to enact laws to curb abuses by contractors and trial attorneys, two insurance industry trade associations are saying.

In a statement released as the session drew to a close last week, the Florida Property & Casualty Association blamed Sen. Miguel Diaz de la Portilla, R-Miami, chairman of the Senate Judiciary Committee, for failing to bring up a bill that would have “prevented a handful of vendors and their lawyers from stealing homeowners’ insurance policy rights and using them to pad their own pockets.”

“Now, as a result, even without a hurricane making landfall, property insurance rates are set to skyrocket for all Floridians while a small group of greedy vendors and their lawyers get rich. Florida deserves better,” the association said.

Diaz de la Portilla, in an interview Monday, shot back at the insurance industry, saying he brokered a compromise bill intended to rein in abuses. But the industry “showed their true colors,” he said, by rejecting the compromise because it did not eliminate the ability of homeowners to assign benefits of their policies to third-party contractors.

Please read the full article below;

http://www.sun-sentinel.com/business/consumer/fl-aob-reforms-die-again-20160314-story.html

 

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