Flood Insurance


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.

These changes can potentially disrupt sale of homes and business within Palm Beach County in areas where flooding is more likely to occur.

The newly released flood maps show an increase of more than 50,000 properties in Palm Beach County will now be considered in or touching flood zones, with most of these changes being in the western and central parts of the county.

According to Doug Wise, County Floodplain Administrator, 50,839 Palm Beach County parcels are moving to higher-risk flood zones and 36,983 are staying in.

A majority of these properties were not developed when the current flood maps were created in 1989 so they did not have any flood-risk classifications and insurance was not required by the property owners.

The change to the flood maps will result in an increase of individuals needing to purchase flood insurance who may have not had to in the past. Homeowners will only be required to buy flood insurance if they are located in what is considered a high risk area. A majority of the newly classified high-risk properties are located in the western part of Palm Beach County, including Royal Palm Beach, Wellington, Greenacres and Westgate.

Please enjoy the full article below;

http://www.palmbeachpost.com/marketing/palm-beach-county-gets-revisions-fema-flood-maps/PY1fUp4nOC8Ij6eWe7IIPM/

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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.

http://maps.co.palm-beach.fl.us/cwgis/mygeonav.html

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

 

Nearly 17,000 flood insurance claims connected with Hurricane Irma have been filed, and more are expected in the coming weeks.

The Sun-Sentinel reports that of 16,786 flood claims filed through Thursday, 3,969 were filed in Monroe County.

FEMA data shows that Miami-Dade residents have filed 1,870 claims, 829 have been filed in Broward County and 199 have come from Palm Beach County.

Other counties with large numbers of flood insurance claims are Duval, with 1,514, Lee, with1,426 and Collier with 1,364.

Fewer than 200 claims have been filed in Hillsborough, Pinellas and Charlotte counties – an example of how the Tampa Bay region was spared the severe impact feared by forecasters.

http://www.insurancejournal.com/news/southeast/2017/09/27/465727.htm

Please call Lee at 954-351-1960 for free quotes on Home Insurance, Flood, Private Flood, Auto, Business & Commercial policies as well as Life, Disability and all group products.

With two Florida landfalls in the same day, Hurricane Irma‘s destructive wind and flood damage could cost up to $65 billion for both insured and uninsured losses, according to a recent estimate by CoreLogic.

Residential property flood loss is estimated at up to $38 billion, CoreLogic reported, noting that includes storm surge, inland and flash flooding in five states – Florida, Alabama, Georgia, North Carolina and South Carolina

80 percent of the flood damage is uninsured, the company said.

Reported insured flood loss for commercial properties could top out at $8 billion.

AIR Worldwide estimated insured losses for the U.S. States resulting from Irma will range between $25 billion – $35 billion.

The catastrophe modeling firm noted the hurricane-force winds extended 80 miles from the eye and tropical storm–force winds extended more than 400 miles, covering the entire state and driving storm surge into both the Atlantic and Gulf coasts.

Downed trees, signs and utility poles and flooded or debris-strewn streets could be seen in the southern regions of the state, AIR Worldwide reported.

Karen Clark & Company estimated losses in the U.S and Caribbean at $25 billion. Of the $18 billion insured loss in the U.S., the majority is in Florida, followed by Georgia, South Carolina and Alabama, KCC reported.

As of Thursday, Sept. 21, the Florida Office of Insurance Regulation reported more than 397,000 residential property claims and just over 17,000 commercial property claims had been filed. Including all types of losses, total estimated insured losses thus far had passed the $3 billion mark. OIR has been updating claims data daily.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/09/22/465115.htm

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

Florida policyholders so far have filed nearly $2 billion in claims to insurers for damage from Hurricane Irma, the state’s insurance regulator said on Monday.

The estimate of insured losses is based on preliminary statewide data that insurers filed with the Florida Office of Insurance Regulation as of 4 p.m. ET on Sunday for nearly 335,347 claims, the regulator said. About 88 percent of the total number of claims are from residential property owners, of which only 3.8 percent have been closed, the filing said.

Of the claims, commercial property comprised 3 percent, while private flood insurance made up 0.2 percent.

Irma was ranked as one of the most powerful Atlantic storms on record before striking the U.S. mainland as a Category 4 hurricane on Sept. 10. The storm killed at least 33 in Florida.

Shares of Florida-based insurers Heritage Insurance and Universal Insurance fell 3.4 percent and 3.8 percent, respectively.

HCI Inc’s shares dropped 2.2 percent, while Federated National fell 2.6 percent and United Insurance edged 1.7 percent lower.

Please enjoy the full article below

http://www.insurancejournal.com/news/southeast/2017/09/19/464730.htm

 

The ads were out before the storm hit so be careful. Please remember to call me at The Acentria office at 954-351-1960. We also provide free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial and Life, group and Health Insurance  products.

As Florida residents return home after being evacuated by Hurricane Irma, the pressure is on the insurance industry to keep a bad situation regarding assignment of benefits abuse in the state from getting worse.

Florida regulators, carriers, industry trade groups and lawmakers are all echoing the same advice to policyholders: now’s the time to contact your agent or insurer and file claims.

“CFO Jimmy Patronis and Insurance Commissioner David Altmaier encourage Floridians to be prompt in notifying their insurance companies and cautious of repair deals that sound too good to be true,” the Florida Office of Insurance Regulation alerted consumers in a statement released Tuesday.

While Florida was spared the worst-case scenario by Hurricane Irma in terms of the storm’s strength, the state still suffered significant damage from wind and coastal flooding. Agents and carriers are just starting to deploy resources to affected areas, and stakeholders say timing will be of the essence as “bad actors” will be on the prowl for homeowners willing to assign to them the right to obtain insurance benefits to deal with damage to their homes.

“All consumers need to be on alert as they recover from Irma for fraudulent schemes and assignment of benefit scams so they don’t unknowingly sign away their rights,” said Chris Gardner, chairman of Citizens board of governors. “If unsure, agents are prepared to advise you and guide you through the claims process.”

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/09/13/464047.htm

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

Thousands of property owners in one Florida County will be in newly created flood hazard zones later this year, and that means they’ll be required to buy flood insurance for the first time.

The Palm Beach Post reports the Federal Emergency Management Agency has finalized Palm Beach County’s new flood hazard zone maps.

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Many won’t like what they find.

Up to 50,839 properties will be newly designated in high-risk flood zones when the maps become official in two months, according to figures compiled by the county. Many homeowners in those zones who have federally backed mortgages will be required to buy flood insurance.

Many properties weren’t developed when the county’s current flood map was created in 1989, so they didn’t have flood-risk classification and owners didn’t have to buy insurance.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/08/08/460444.htm

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