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Please call Lee from Acentria Insurance at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, Group Benefits and business policies.

The 2018 hurricane season is officially underway, even as the dust continues to settle on the 2017 hurricane season — one of the costliest hurricane years on record — that brought devastation to Florida from Hurricane Irma.

Meanwhile, the Gulf Coast has already received a stark reminder to be prepared from a Memorial Day storm — Tropical Storm Alberto. The cost was at 50 Million per estimates so far!

Irma first hit the Florida Keys as a category 4 storm on Sunday, Sept. 10, with 130-mile per hour winds. It then worked its way north passing over the east and west coasts. Loss estimates from Hurricane Irma ranged between $25 billion to $65 billion by catastrophe modelers.

According to the Florida Office of Insurance Regulation, 90 percent of the 770,658 reported residential property claims had been closed as of April 6, 2018. Total estimated insured losses as of April 12 had reached $8.6 billion. The Florida Hurricane Catastrophe Fund is expected to pay out $2 billion in claims associated with Irma.

Citizens, the state-run insurer of last resort, said in March it had reopened about 37 percent of Hurricane Irma claims as part of ongoing efforts to assist policyholders affected by the storm. As of March 28, more than 24,500 of 66,400 Irma claims, about 37 percent, were reopened for supplemental payment and to allow policyholders or their representatives to provide additional information.

Overall, Citizens has closed nearly 90 percent of its Hurricane Irma-related claims. Open claims include extensively damaged properties, disputes and those waiting for a contractor to provide a repair estimate.

The National Hurricane Center updated the death toll from Irma in April to 44 fatalities directly caused by strong winds and heavy rains, plus 85 fatalities indirectly linked to the storm.

Still, Irma could have been worse, a fact the Florida insurance industry is aware and mindful of as it heads into the 2018 season

Mother Nature wasted no time starting off the 2018 hurricane season, kicking the Atlantic — and more specifically the Gulf Coast — into high gear several days ahead of the official June 1 start date.

Tropical Storm Alberto hit the Florida Panhandle on May 28, bringing winds, rains, and even the possibility of tornadoes. The National Hurricane Center in Miami said winds from the tropical storm reached up to 65 miles per hour.

There is undoubtedly more to come as the season progresses. The National Oceanic and Atmospheric (NOAA) released its forecast for the 2018 Atlantic hurricane season in May, estimating a total of 10 to 16 named storms, of which five to nine could become hurricanes and one to four expected to become major hurricanes with winds of 111 miles per hour or more. It noted a 75 percent chance that this year will be a near or above normal hurricane season.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/06/01/490890.htm

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Please call Lee from Acentria Insurance for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial and Life, health & group coverage as well.

A Florida man has been sentenced to more than a year in prison for his role in a $23 million auto insurance fraud involving chiropractors’ clinics.

The SunSentinel reports 55-year-old Jason Dalley wept in court April 16 as a judge sentenced him to spend a year and nine months in prison and pay more than $1.8 million in restitution

Dalley admitted he was part of a group of clinic owners, chiropractors and attorneys involved in the scheme. Court records show the fraud involving clinics in Broward, Palm Beach and Miami-Dade counties brought in at least $23 million from 10 insurance companies between 2010 and 2017.

Dalley ran a personal injury and criminal defense law firm in Boca Raton. He pleaded guilty to conspiring to commit health care, mail and wire fraud.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/04/20/486981.htm

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

 

Citizens Property Insurance Corporation’s Board of Governors on Wednesday approved a slate of policy changes to bolster oversight of water loss claims while continuing to protect policyholders who need immediate emergency repair to water loss claims, according to a statement from the state-backed insurer. The move was in response to what the company calls “skyrocketing” water loss claims, particularly in South Florida.

By unanimous vote, Citizens board agreed to modify policy language in response to a surge of questionable water loss claims by limiting initial payouts for emergency services and clarifying ambiguous policy language relating to coverages typically affected by water loss claims. The recommended changes will be forwarded to the Florida Office of Insurance Regulation for approval.

The recommended changes are the first steps, board members were told, to better control costs without jeopardizing customer service following a spike in the frequency, severity and litigation of water claims particularly in South Florida, which last year accounted for 72 percent of all water loss claims. Recent data shows that the claim activity is spreading to other regions of the state, according to Citizens.

The board action comes as lawmakers continue discussions to create a framework governing the use of post-loss assignment of benefits to ensure that customers remain in control of their own claims. Citizens’ contract changes would complement these legislative initiatives, the insurer said.

“The bottom line is these policy changes and clarifications are necessary first steps to keep premiums as low as possible while protecting our policyholders who have legitimate claims,” said Barry Gilway, Citizens president, CEO and executive director. “However, they in no way fix the assignment of benefits cost-driver that must be addressed by statute.”

“Without these changes, Citizens would be forced either to take more draconian measures to curb costs or continue to raise rates,” Gilway continued.

Citizens said water loss claims now account for more than half of every premium dollar collected in Miami-Dade County. The issue, though concentrated in South Florida, appears to be spreading throughout the state.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2015/12/09/391379.htm

A common theme found in our most recent blog posts pertains to a property owners’ post-loss obligations under an insurance policy.  Likewise, we have discussed and advised that failure to comply with these policy conditions may prejudice an insured’s claim and even result in a coverage denial.  This week we will be discussing another post-loss obligation imposed on an insured referred to as an Examination Under Oath, or “EUO.”  No, this type of examination does not involve needles, but it does involve some poking and prodding (i.e., questioning) by the insurance company

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

http://www.flabusinesslaw.com/litigation/5-i-am-not-letting-the-insurance-company-examine-me-im-afraid-of-needles/

Please call L & S Insurance at 1-888-244-7400 for information and/or quotes for Home, Auto, Flood, Life & Financial &  Business & Commercial coverage as well.

 

http://www.flabusinesslaw.com/litigation/10-what-do-you-mean-i-have-to-tell-the-insurance-company/

 

At this time, you are receiving 1099’s, w-2’s which means you can start to do your taxes by the end of the month or earlier. If you are unhappy with your current CPA or just simply now need one because it is difficult with the new laws including the Health Insurance mess. Your accountant is an extension  of your overall Financial plan and should be working with you. Planning is important on a year round basis and not just tax time, but if you need a referral then Ray Cahill CPA is the guy for you. Ray’s office is in Beautiful Central Davie  On University just south of Griffin road. I am also able to refer you to a solid Health Insurance agent to help you with your ACA health questions. Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial questions. For Tax questions please call Ray Cahill at 954-862-1466 or e-mail him at rcahill@cahillcpa.com . You will appreciate the help, advice, prices and service. Ray is also an expert on  IRS issues so please call him and let him know you were referred by the Home Insurance Guru at L & S Insurance.

 

Thank you,

 

Lee

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

 

Faced with a rising number of consumer complaints, Florida’s state-backed property insurer has announced a series of changes to its takeout program. The news comes as the insurer said it is highly unlikely to need policyholder assessments next year.

Citizens Property Insurance Corp. has been focusing on its depopulation program under which private insurers are allowed to try to assume Citizens policyholders.

Citizens officials said the takeout program has reduced the size of the insurer from its high of 1.5 million policyholders in November 2007 to its current level of 727,000 policies. Those takeouts have sent Citizens exposure down from $511 billion to $229 billion.

All told, this year alone private insurers have assumed 300,000 Citizens policyholders. State regulators just announced that it has cleared the way for five private insurers to assume 132,440 additional policies.

The takeout program, however, is not without its flaws.

Citizens policyholders are being inundated with offers of coverage as multiple private insurers are competing for the same policy. And there is little uniformity with regard to information provided by insurers, some of which neither the agent nor homeowners have previously heard of.

Although an agent or homeowner has the ability to reject the offers of coverage, in cases where multiple insurers make offers of coverage each offer must be responded to.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2014/12/11/349765.htm

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