July 2020


Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Florida’s state-run insurer Citizens Property Insurance Corp. will extend its moratorium on cancellations and nonrenewals until the end of 2020 despite saying earlier this month it would resume processing them on Aug. 15.

The decision comes after Florida CFO Jimmy Patronis urged the insurer not to cancel customer policies during hurricane season and the ongoing COVID-19 pandemic.

“Hurricane season is just beginning to heat up and we are in the middle of an unprecedented health and economic crisis. This is not the time to cancel Citizens’ home insurance policies,” Patronis said in a public statement released by his office, the Florida Department of Financial Services, on July 24.

The insurer originally announced in an agent bulletin July 9 that it would resume the processing of cancellations and nonrenewals beginning Aug. 15, 2020, after imposing a moratorium in March to address a significant uptick in the percentage of premiums not paid by the due date.

Citizens reported that figure has since fallen to pre-COVID-19 levels, and now stands at 7.5%.

Patronis noted that what policyholders owe must still be paid, “but cancelling their policies during hurricane season should not be an option.”

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2020/07/28/577046.htm

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

The Fla.-owned insurer wrote to customers who haven’t made payments due to COVID-19 that they must pay all money owed by Aug. 15 or face cancellation.

TALLAHASSEE, Fla. – Florida’s state-run insurer of last resort says it’s time to pay up.

Citizens Property Insurance Corp. customers who have been unable to make their homeowner insurance payments because of a COVID-19-related hardship will have to come up with a way to fulfill their obligations or face cancellation after Aug. 15, the company said in letters sent to agents and customers this month.

As of July 17, 13,063 Citizens customers – about 7.5% of the company’s 481,000 policies – were past due, according to the company. They include 8,107 whose policies were renewed with no down payment since March, leaving customers owing hundreds if not thousands of past-due dollars.

Some agents worry that continued high rates of unemployment will prevent many of those homeowners from resuming making payments next month, causing them to lose their insurance just as the worst part of the hurricane season approaches.

Homeowners with mortgages would then face having their lender force-place an insurance policy, a more costly option which would increase the debt and possibly lead to foreclosure. Homeowners without mortgages would bear the cost of their own repairs – if they could afford it.

Making matters worse, the resumption of cancellations and nonrenewals comes amid skyrocketing renewal rates – a result of heightened hurricane activity, claims fraud and rising costs for insurance that insurers must buy.

“Payments have been deferred and people are still not working. How are they going to pay?” asks Dulce Suarez-Resnick, vice president of NCF Insurance Associates in Miami. “We all thought this pandemic was going to last two or three months. But it’s been much longer and we don’t know when it’s going to end.”

Please enjoy the full article below:

https://www.floridarealtors.org/news-media/news-articles/2020/07/citizens-insurance-could-drop-75-its-policies-aug-15

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Citizens originally stopped these processes on March 27 “to ease the burden for policyholders” due to the impact of the COVID-19 health risk.

The insurer said direct-billed customers with past-due premium accounts must make a payment to avoid cancellation by August 15. For policyholders who are unable to pay their past-due amount, Citizens will allow them to make a payment arrangement. This option is available only to COVID-affected policyholders with past-due balances, and they must contact Citizens by August 15 to initiate the arrangement.

Payment arrangement options are not available for new business or current policyholders who have less than three months remaining in their policy term.

Citizens said it would immediately email impacted agents and provide policy lists and details regarding payment options, as well as mail/e-mail eligible past-due policyholders with payment options and related information. It will also contact via mail or e-mail ineligible policyholders with information that their policy will cancel if payment is not received by August 15.

If a customer’s coverage is no longer is needed, agents should cancel it in PolicyCenter as soon as possible, Citizens said.

Additionally, Citizens has developed special payment arrangements for eligible policyholders affected by COVID-19. Specific details are available on its website. The special payment arrangement will divide the past-due amount evenly by the number of months left in the term. The option is available for its commercial and personal lines products, except for new business or for current policyholders who have less than three months remaining on their policy term.

Please enjoy the full article below!

https://www.insurancejournal.com/news/southeast/2020/07/14/575403.htm#

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

At WeInsure, since we carry National General, we will soon also be able to sell Allstate policies!!!!!

U.S. Insurer Allstate Corp. said on Tuesday it will buy National General Holdings Corp. for about $4 billion in cash, scaling up its auto insurance business at a time when the coronavirus has crushed traffic on roads and reduced claims.

National General’s shareholders will receive $32 per share in cash and closing dividends of $2.50 per share for each share held. This would imply a total deal value of $3.92 billion and a premium of about 69% to National General’s Tuesday close, Reuters calculations showed.

Please enjoy the full article below;

https://www.insurancejournal.com/news/national/2020/07/08/574808.htm#

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Within the past few months, experts in all industries have analyzed the ways the coronavirus pandemic will affect their business environments. Insurance is no different.

As the pandemic’s impact on the insurance market gradually unravels, experts can turn to various indicators to determine how much the industry has been affected thus far.

Consider USI Insurance Services’ recently released “Q2-2020 Commercial Property & Casualty Insurance Market Outlook Report,” which highlights key industry trends amidst ongoing COVID-19 challenges.

“While it is too soon to determine the full impact of COVID-19 on the property & casualty insurance industry, markets are facing unique and interrelated challenges that industry insiders feel will continue through 2020 and well into 2021,” Robert Meyers, senior vice president, property & casualty leader at USI, said in the report. ”In fact, as rate increases, capacity reductions, and other negative trends continue to harden the market, the industry faces a number of challenges and uncertainties resulting from the ongoing COVID-19 pandemic. The property, umbrella/excess liability, casualty, and directors & officers (D&O) liability markets are currently dealing with the most significant issues.”

Among USI’s findings is the reveal that all segments of the property sector are experiencing higher rates, capacity restrictions/limitations, and other challenges resulting from excessive underwriting submissions, virus claims and lawsuits, and more.

Please enjoy the full article below;

https://www.propertycasualty360.com/2020/07/06/pc-insurance-market-outlook-q2-2020/?ref=insurancedailynews

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Please enjoy the full article below;

https://www.propertycasualty360.com/2020/06/30/the-average-cost-of-homeowners-insurance-by-home-value/?ref=insurancedailynews