The Home Insurance Guru

Please call Lee at 954-351-1960 for free quotes on Home Insurance, Flood, Private Flood, Auto and Car Insurance, Business & Commercial Policies as well as Group Benefits & Life & Financial products as well.

Home Insurance, what will be happening now since Hurricane season 2017?  Well Insurance rates were already on the rise because of assignment of Benefit issues or AOB. Public Adjustors and how they try to turn all claims into huge payouts and the promises they tell people should not be allowed as they will take 20% of all funds and then the consumer has less to cover the actual repairs from the  claim. I hear the phrase “we will get you more money, but no Insurance company ever pays more than 100% of a claim , in fact you get less as you have a deductible and something’s are simply  not covered like  if it would be considered  maintenance and repairs. That being said, if a claim is not paid well and you think you should deserve more then you should hire an attorney as those fees are billed to the Insurance company and does not take away from the consumer’s payout. In fact if an attorney needs to they can hire a public adjustor and those costs will be billed to the Insurance company and not the Claimant which is better for the consumer. The worst is now to come because if you did hire a Public adjustor and now still need to hire an attorney, your PA also still gets paid even though the attorney will handle he claim as PA’s do not read and understand contracts in most cases. This was happening all before Hurricane season and rates had been projected to go up in the next 5 years from 10-50%. Having an agent that can shop many carriers is your best way to keep your rates in check. I highly recommend this si a question to always ask the agent and the answer should be 15 or more to give you the best chance of shopping well for your rates. There are about 35 carriers doing business currently in S. Florida so 15 or more is the magic number.

Well, this was happening and now in Florida we had Hurricanes Irma and Maria to a lesser degree. The effects of that are not yet known, but if we remember what happened after Hurricanes season 2004 and 2005 with Wilma, we did see a lot happen and some of that could be happening again as history tends to repeat itself. First, carriers , because of the reinsurance they have will likely be non-renewing people in specific zip codes to reduce the exposure they now carry in Florida. Many thousands of people will receive notices of non-renewal for what is called exposure management and have to get a new policy somewhere. That can mean new inspections and if the home has current damage, they will not be able  to get coverage till all repairs are made. As if rate hikes and non-renewals,  while having to pay for new inspections, is not enough, it could get worse. Although we fared well and many claims were below the deductibles and many claims were flood and not Home Insurance claims, some carriers will start to feel the pinch in their reserves that the state of Florida  requires them to have based on size. It is possible that many carriers will not be able to meet the increased requirements imposed next year and then the company will be put out of business and all policies from that carrier will also have to be rewritten. Either way, the consumer will be reminded about the after effects of Wilma as this begins to unwind next spring or so. To make it not quite as simple, the wind Mitigation Inspection now required to receive discounts on your Home Insurance policy, will again be revised from a 5 page form to a 6 page form which will make discounts harder to receive and raise prices without actually raising them. Remember that losing a discount is not a rate hike, but the consumer still feels the rate hike because of the loss of a discount.

My last item is on Flood Insurance in Broward County and Florida. Remember , because we live on a Peninsula surrounded by water , we are all in a flood zone and to not be in a flood zone in Florida is quite Impossible. If you are told you are not in a flood zone, that is incorrect, you are in Flood zone x which does not require flood Insurance because you are low risk. The prices are also low about $400 per year depending on a few items that need to be discussed. We saw what happened here in June with the floods in West Broward and we saw Texas and Florida as well as the Caribbean suffer so many flood claims, why should that be you. Seepage is a huge claim in Florida and it occurs in all flood zones including zone x which is now 70% of Broward county since August 2014. If prices are an issue, please remember that if you cannot afford the premium, you certainly cannot afford the claim. FEMA does not give money to you. What you receive from them, if anything will be a low interest or possibly no interest loan which will carry a lien on your property so be aware please. If anyone would like to discuss this or anything on Property Insurance please call me at 954-351-1960   at work or my cell is 954-270-7966.

Thank you,

Please call Lee at Acentria Insurance at 954-351-1960 for free quotes on Home, Insurance, Flood, Private Flood, Car and Auto Insurance, Business & Commercial polices & Life & financial as well as group benefits. I will refer to our best agents around the state of Florida.

New NFIP Re-authorization Deadline Holds:   December 8, 2017

Despite the recent flood events, it seems that the NFIP re-authorization will likely not occur in time for the Dec. 8 deadline with another short term extension likely.  The good news is that the Disaster Relief proposed by the Administration has forgiven $16 B in NFIP debt and the focus would indicate that it is unlikely that a lapse of the NFIP will occur.

NFIP Debt Forgiveness & the Trump Administration

The NFIP’s debt will drop to approximately $14.5B and offer enough available borrowing authority to pay all outstanding claims due to yesterday’s passage of a Disaster Relief Spending bill proposed by the Trump Administration and sent to the President for signature.

The Administration’s disaster spending proposal, including 16 B in NFIP debt forgiveness, came with 15 proposed NFIP reforms which could complicate any future NFIP re-authorization discussions.

While Wright Flood continues to work to oppose eliminating access to the NFIP for any property unable to find coverage in the private market, we do support proposed reforms that strengthen the development of a private flood insurance market.

What Does it All Mean for NFIP Re-authorization

While Congress remains engaged with NFIP re-authorization and reform

issues, Wright Flood looks to take advantage of the additional time afforded by the short term re-authorization to continue the push for our combined priorities including:

• Long term, prompt NFIP re-authorization;
• Fair, business driven compensation for WYO insurers and our insurance producer partners;
• An even playing field to allow private insurers the opportunity to further develop a private market for flood insurance;
• The ongoing financial stability of a robust NFIP

Please keep in touch and be on call should we need your political action and support during this process.  In the coming weeks, Members of Congress will be visiting areas impacted by Harvey and Irma.  If you see or gain access to any Member of Congress, make certain they understand the importance of long term NFIP re-authorization for the communities you serve and for you as a business in those communities. 

Please call  Lee at 954-351-1960 for free quotes on Home Insurance Car, Flood, Private Flood, Auto, Business & Commercial & Life, Health and group products.

For the first time in over thirty years, Palm Beach County will receive an update to the FEMA flood maps. The maps for the county have not been altered since 1989. This change comes three years after Broward County and eight years after Miami-Dade received updates to their flood maps. The changes to the flood maps will be in effect beginning on October 5th.

Please call Lee at Acentria Insurance at 954-351-1960 for free quotes on Home Insurance, Car, Flood, Private Flood, Auto, Business & Commercial & Life, group & financial products as well.

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