FEMA


Please be sure to call Lee Gorodetsky  at -1-954-351-1960 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  Acentria Insurance for a class at your office soon to review the maps with your agents. Private Flood can help, please ask me about it!!

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

Please call Lee at Acentria Insurance at 954-351-1960 for free quotes and information on Home Insurance, Flood, Private Flood, Auto, Business & Commercial and Life, Financial and group benefits  as well.

Florida’s efforts in establishing a private flood insurance market have been hailed as a model by many other states looking to buff up their flood insurance offerings, as well as the National Flood Insurance Program (NFIP) to follow as lawmakers hammer out its upcoming reauthorization.

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But some insurance companies are still standing on the sidelines of Florida’s flood market pool, saying it’s not a risk they are ready to write.

At a recent flood insurance conference put on by the Florida Association for Insurance Reform (FAIR) in St. Petersburg, a panel of executives from four Florida-based companies and one national broker discussed their reasons for writing — or for not writing — flood insurance.

“I have not seen a predictable flood model, and I have not seen predictable pricing in reinsurance coverage for that risk. If I don’t understand a peril — I can’t quantify it, know what my exposure is — I am just simply not going to write it,” said Bruce Lucas, CEO and chairman of Florida homeowners insurer Heritage Insurance. “I’ve got some fundamental principles I follow in the business world and I have to fully understand what I’m getting into to do it.”

Locke Burt, chairman and president of Security First Insurance, another Florida-based homeowners insurer that doesn’t write flood coverage, said lack of demand from customers and regulatory hurdles make it difficult to do anything in the flood insurance space.

“There is a reluctance to innovate in Florida. Most of the companies who have filed a product have simply copied the NFIP program,” he said.

Florida’s high risk of storm surge, he said, is another challenge with flood because it is incredibly difficult for the private market to model and accurately price. He said storm surge is an example of why there will always be a role for a federal flood market

Please read the full article below;

http://www.insurancejournal.com/news/southeast/2017/07/27/459034.htm

Please call Acentria Insurance and ask for Lee at 954-351-1961 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car Insurance, Business & Commercial & Life & Financial products as well.

A sinkhole that swallowed a boat and destroyed two homes had stopped growing as officials said Saturday they would monitor it over the weekend before determining when cleanup can begin.

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The hole stayed stagnant since Friday afternoon, said Kevin Guthrie, Pasco County’s assistant administrator for public safety. He confirmed that the hole, which is 250 feet (76 meters) wide and 50 feet (15 meters) deep, is the largest in three decades in the county, which has a history of sinkholes.

Dramatic video showed the home in Land O’ Lakes, north of Tampa, collapsing into the hole Friday morning. It quickly engulfed one home and a boat and then consumed about 80 percent of another home.

Guthrie said 11 homes in all have been affected. A third home lost about 45 feet of driveway and a septic tank.

Of the other nine evacuated homes, residents were allowed to return to four of them on Saturday afternoon

Please read the full article below

http://www.insurancejournal.com/news/southeast/2017/07/17/457741.htm

Please call Acentria Insurance at 1-800-609-8129 for free quotes on Home Insurance, Flood, Private Flood, Auto, Business & Commercial & life & Financial products as well.

The House Financial Services Committee on Thursday passed two bills to reform the National Flood Insurance Program (NFIP). One is a broad reform proposal that seeks to encourage more private insurance and move the program toward actuarial-based rates, while the other addresses premium credits for mitigation efforts and underwriting of urban properties.

Committee Chairman Rep. Jeb Hensarling (R-Tex.) said the committee will reconvene on June 21 to consider additional bills to reauthorize the NFIP

The NFIP will expire on September 30 of this year unless Congress acts to renew it.

The property/casualty insurance industry still has some qualms about the major bill advanced by the committee because it cuts the reimbursement allowance for private insurance carriers and agents participating in the program.

The major bill p;

assed is the 21st Century Flood Reform Act of 2017 (H.R. 2874), which was introduced by Rep. Sean Duffy (R-Wis.), chairman of the House Financial Services Subcommittee on Housing and Insurance. It passed by a vote of 30-26. It is a broad proposal that incorporates many of the ideas in individual bills. It aims to put the NFIP on stronger financial footing; improve flood mapping, mitigation efforts and claims handling; and encourage greater private insurer participation in the market

Please enjoy the full article below;

http://www.insurancejournal.com/news/national/2017/06/16/454822.htm#

Please call Gateway Insurance at 954-735-5500 for free quotes on Home Insurance, Auto, Flood, Private Flood, Business & Commercial, & Life & Financial products as well.

Some coastal residents always put off emergency preparations until storm clouds loom on the horizon. The National Hurricane Center is going to try giving those people a deadline this year, issuing experimental advisories showing when tropical-storm force winds may hit particular communities to help them understand when it’s too late to put up storm shutters or evacuate.

The forecasters’ advisories will be fueled by more data than ever, thanks to new weather satellites and an expanded network of underwater gliders.

New Advisory

To help people understand when storm preparations should be completed, the hurricane center will experiment with advisories showing the times when sustained tropical-storm force winds are estimated to hit land. If a tropical disturbance nears shore, forecasters also could post advisories or warnings before it develops into a tropical depression or named storm.

Florida’s emergency management director, Bryan Koon, said the new advisories could help validate evacuation orders for people who complain about “hype” around approaching storms.

“We can say, `Listen, this is when things are going to get bad in your area,”’ Koon said. “We can also use that to say, `A few hours ahead of that, stores are going to close, roads are going to get jam-packed with people, we might have to shut down power substations.”

Storm surge watches and warnings will be issued this year when U.S. coastlines are at risk for life-threatening flooding.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/06/07/453709.htm

 

By Timothy J. Meenan, NAIFA-Florida Lobbyist

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

 

 

Today officially marks day 50 of the regularly scheduled 60-day legislative session. The 50th day marks the last day for regularly scheduled Senate committee hearings by rule; the House does not have the same rule, but has historically followed the same timeline. There has been much discussion regarding when the chambers would begin the budget process, but they have not entered budget conference at this point. The House and Senate seem to remain at odds regarding the budget, which could shape the timeline of the rest of session.

AOB Reform SB 1038 (Hukill); HB 1421 (Grant); SB 1218 (Farmer) The House Commerce committee approved a committee substitute for HB 1421 last week. The CS was heard on second reading this morning on the floor. Representative Jenne attempted to add on a rate rollback amendment, but was unsuccessful. We anticipate the bill will be heard on final passage in the House and be sent to the Senate this week. The CS does the following: A. Makes assignments invalid if they don’t comply with the new requirements. B. Requires assignments to be in writing and executed by an insured and the assignee. C. Allows a rescission of the AOB by the insured for any reason within 7 days of the insured having executed the assignment. D. Requires the assignment to be sent to the insurance company within 3 business days after the date the assignment is executed or work has begun, whichever is earlier. E. Requires assignments to include a written cost estimate for the work to be performed. Requires work done by water remediation companies to be certified in a class approved by the American National Standards Institute. F. Contain a notice to the consumer that the AOB might result in litigation, and explaining the right to rescind in 7 days. G. Assignments cannot contain mortgage or check processing fees, penalties for rescission, or other administrative fees. H. Requires the assignee to prove that the insurer is not prejudiced if the assignee fails to maintain records of all services, cooperate with the insurer in the investigation of the claim, and providing the insurer with all requested records, or failed to deliver the new assignment within 3 business days. I. Assignees must provide additional updates on supplemental repairs as they are required. J. Assignees must perform the work in conformance with accepted industry standards. K. Assignees cannot seek payment for amounts denied from the insurer from the insured. L. Assignees must submit to EUO’s, participate in insurer required appraisal or alternative dispute resolution methods required in the policy. M. Assignments do not interfere with any managed repair requirements in law or the policy. N. Assignees must provide a written notice of intent to initiate litigation 10 days before filing suit, and include a specific pre-suit settlement demand, including a detailed written invoice and estimate including all labor and materials, etc. O. Insurers must respond to the 10-day notice of intent to initiate litigation within 10 days by making a pre-suit settlement offer. P. If the difference between the judgment obtained and the difference between the pre-suit demand, and the pre-suit offer is less than 25%, the insurer is entitled to an award of reasonable attorney fees. If the difference is at least 25 percent, but less than 50 percent, no party gets attorney fees. If the difference is greater than 50 percent, the assignee gets attorney fees. In calculating this requirement, the judgment cannot include interest, attorney fees, or costs, and only includes the damages recovered. Q. If an insurer fails to inspect the property, or provide written or verbal authorization for the repairs within 7 days of the first notice of loss, the insurer waives the right to an award of attorney fees. This section is waived if a claim is the result of an event where the governor declares a state of emergency. R. Starting in January 2020, and each year thereafter, the OIR must do a data call requesting AOB claims. Data includes data about claims adjustment and settlement timeframes, procedures, trends, litigated versus non-litigated loss adjustment expenses, and amount and type of attorney fees incurred or paid. S. Policies may not prohibit the post loss assignment of benefits. Industry input, including Citizens Property Insurance Corporation and the major homeowners’ insurers are that this bill is a good faith attempt to fix the problem, and appears to have the support of the majority of insurers. The plaintiffs’ bar absolutely hates the bill and is attacking it, so that tells you something. The senate bill, which is SB 1218 filed by Senator Farmer, is extremely unfriendly to insurers, does not contain any attorney fee reform language, requires insurers to eliminate the costs of attorney fees on cases they lose from being a part of the base rate, and essentially ends the ability to utilize a managed repair program or to invoke the right to repair on a particular claim. The Senate bill supported by the industry, SB 1038 by Senators Hukill and Passidomo, was not given a hearing in Senate Banking and Insurance, its first committee of reference. We do not believe the Senate will take the house bill, but we are working with the Governor to see if we can get this bill heard on the full senate Floor, where we might have a chance, with the Governors help, to get 21 votes.

Flood Insurance SB 420 (Brandes); HB 813 (Lee) SB 420 and HB 813 mandate that the Florida Commission on Hurricane Loss Prevention Methodology to revise hurricane loss prevention models every four years. The House and Senate bills differ in two respects. First, the House bill requires a surplus lines insurer to be rated by A.M. Best in order to be eligible to write flood policies without a diligent effort and the Senate bill requires a rating from any rating agency acceptable to the OIR. Second, the House bill allows flood insurance policies to be exported to the surplus lines market without a diligent effort only until July 1, 2025 and the Senate bill allows this for an indefinite period. HB 813 has one remaining committee stop, Commerce, before it can head to the floor. The Senate bill was heard by the Senate Community Affairs Committee and passed with a committee substitute. Senator Brandes filed an amendment the night before the bill was to be heard by the Rules Committee. The amendment would require certain National Flood Insurance Program disclosures be provided to and acknowledged in writing by the applicant within 21 days after the NFIP policy expires, and eliminates the requirement altogether if Congress ends the practice of requiring a consumer be charged the full risk rate if they leave the NFIP, and thereafter attempt to re-enter the NFIP. SB 420 was passed out of the Rules Committee and placed on the calendar for second reading. The House bill is slated to be heard today on second reading by the full House.

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. Private Flood c an help, please ask me about it!!

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

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