Condo Insurance


Please call  Lee from Calles Financial at 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 head of Citizens Property Insurance Corp. says it is already seeing a difference in assignment of benefits (AOB) litigation since reforms passed by the Florida Legislature took effect in July. Meanwhile, many Citizens policyholders may see premium relief from the new law, as the insurer’s post-AOB reform rates will take effect next month.

Speaking at the Florida Chamber of Commerce’s Insurance Summit in Miami in early November, Citizens President, CEO and Executive Director Barry Gilway said thanks to AOB reform Citizens litigation has dropped from 2,000 to 1,750 suits a month over the last two months

Wow, so many claims monthly, please click on the attachment below to read the article;

https://www.insurancejournal.com/news/southeast/2019/11/20/548368.htm

Please call  Lee from Calles Financial at 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.insurancejournal.com/news/southeast/2019/10/02/544169.htm

 

Please call  Lee from Calle Financial at 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 them.

Hurricanes Irma and Michael served as a reminder that Florida, more than any other state, is at risk of one of the most intense natural perils, namely hurricanes. The existence of a stable insurance market providing its customers with a wide choice of affordable insurance is essential for the Florida economy to prosper.

Nonetheless, the Florida insurance market faces various challenges, the most critical from a reinsurance perspective being:

The litigious environment that is driving unprecedented social inflation threatening the affordability and availability of private insurance and impairing (re)insurers efforts to address existing insurance protection gaps with innovative products.

The need to enhance and consistently enforce building codes reflecting the latest scientific developments to create more resilient communities that will save lives and mitigate damage from catastrophes

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/07/30/534215.htm

Please call  Lee from L & S Insurance, Inc. 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 them.

Long-awaited reforms for Florida’s assignment of benefits (AOB) crisis that the insurance industry and consumer advocates say has led to less coverage and higher rates for Florida property owners will officially become law July 1.

Florida Governor Ron DeSantis signed House Bill 7065 on Thursday, marking the end to a seven-year battle by the industry and reform advo

The bill’s provisions:

  • Define “assignment agreement” and establishing requirements for the execution, validity, and effect of such an agreement
  • Prohibit certain fees and altering policy provisions related to managed repairs in an assignment agreement
  • Transfer certain pre-lawsuit duties under the insurance contract to the assignee and shifting the burden to the assignee to prove that any failure to carry out such duties has not limited the insurer’s ability to perform under the contract
  • Require each insurer to report specified data on claims paid in the prior year under assignment agreements by Jan. 30, 2022, and each year thereafter
  • Allow an insurer to make available a policy prohibiting assignment, in whole or in part, under certain conditions
  • Revise the state’s one-way attorney fee statute to incorporate an attorney fee structure in determining the fee amount awarded in suits by an assignee against an insurer
  • Require service providers to give an insurer and the consumer prior written notice of at least 10 business days before filing suit on a claim.

The bill also requires savings be passed along to Florida consumers who are covered by Citizens Property Insurance Corp., which has borne the brunt of AOB abuse.

In South Florida in particular, AOB lawsuits have exploded over the last 10 years and Citizens has filed for rate increases to offset litigation costs. It proposed rate increases for 97 percent of its homeowners policyholders for 2019.

cates seeking a solution to escalating abuse of the policyholder benefit.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/05/24/527402.htm

Please call Lee from Acentria Insurance at 954-351-1960 or my cell at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, group & Financial products as well.

Ross Hancock sold his four-bedroom house in Coral Gables, a city of pastel luxury at the edge of Miami, because he was worried that sea-level rise would eventually hurt his property’s value. He and his wife, Darlene, downsized to a small condo on Biscayne Bay, perched atop one of the highest coral ridges in the area. There, he presumed, they would be safer.

Then Hurricane Irma hit.

The September storm pushed water onshore with such force that it penetrated the seams of Hancock’s building, defeating stormproof windows and damaging a third of the units. It knocked out the elevators, ruined the generator, and flooded the parking lot. Months later the park next door remains strewn with mangled yachts hurled from from the ocean.

Hancock’s unit was spared, but he’s facing a potential $60,000 bill from the condo association for his share of what insurance won’t cover. Now, four years after leaving Coral Gables, he and his wife want to move again—this time, out of Florida. But more than two months after listing their property, they haven’t found a buyer.

“It’s not the greatest time to be showing it,” Hancock said, noting the damage to the building. Still, Irma convinced him that it doesn’t make sense to wait. “At some point, we won’t be able to sell.”

Decisions by people such as Hancock to sell their homes demonstrate that one of the great mysteries of climate change isn’t scientific but psychological: When will the growing risks associated with rising seas and more severe storms begin to affect home values in otherwise desirable coastal markets?

Nowhere is that question more pressing than South Florida, which has some of the country’s priciest properties—and some of the most vulnerable. A state built on real estate speculation, whose chief attribute was proximity to the water, now faces a whole new problem: There’s not enough land, high enough above the water, for its residents to pull back from the rising seas. By the end of the century, database company Zillow Group estimates, almost a half-million Miami homes could be—literally—underwater. That’s more than anywhere else in the country.

In a working paper posted this month on Social Science Research Network, an online repository of academic research, professors from the University of Colorado at Boulder and Pennsylvania State University found that homes exposed to sea-level rise sell at a 7 percent discount compared with equivalent but unexposed properties.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/01/02/475789.htm

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!!

The Florida Office of Insurance Regulation announced that it will conduct a public hearing later this month to discuss Citizens Property Insurance Corporation’s proposed 2016 rate changes for its business in the multi-peril and wind only Coastal Account (CA), Commercial Lines Account (CLA) and the Personal Lines Account (PLA).

The public hearing will be held on Aug. 25 at the Senate Office Building, at the Florida State Capitol located in Tallahassee, Florida. The hearing is scheduled to begin at 9:00 a.m.

Citizens has said its proposed rate package lowers rates for nearly half of Citizens’ personal lines policyholders while responding to increased water loss claims and continued inadequate rates for its remaining policyholders along the coast.

Listed in the chart below are the proposed rate changes as filed by Citizens. The Florida Office of Insurance Regulation is required, per statute, to render a decision on these filings within two weeks of the hearing.

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

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2015/08/14/378657.htm

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