Hurricane Updates


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

This is so Important to read as so many will be affected and the news will break un just 3 weeks .

The rating agency responsible for assigning financial stability ratings (FSR) to more than 40 Florida domestic insurers has warned that several carriers will receive downgrades due to deteriorating conditions in the state’s property insurance market, and more than a dozen more could be downgraded in the next few months.

In a letter dated Dec. 20, 2019 that was forwarded to Insurance Journal, Demotech President Joe Petrelli warned Barry Gilway, head of state-backed Citizens Property Insurance Corp., that Gilway’s hoped-for shrinking of Citizens’ policy count might be “more difficult than expected as Demotech would be downgrading several carriers in January, February and March 2020.”

Please enjoy the full article below and read it all!

https://www.insurancejournal.com/news/southeast/2020/01/09/554155.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

This carrier was famous for low down payments and then people cancel! Cheap ways to buy Insurance to get tags and then cancel. Options will be tough for all.

please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2020/01/07/553838.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

As a board member of the MAAC committee in Florida for Citizens Insurance, I can conform this for sure. On top of all of the other carriers also trying to reduce exposure and cut the middle markets, where will people go to get Insurance coverage especially here in S. Florida. I work with Chaisteli Insurance for Property Coverage and together we  can offer help and be sure you understand all options.

 

Florida’s insurer of last resort Citizens Property Insurance Corporation will make shrinking its policyholder count a priority next year, despite potential headwinds that may come from Florida domestic carriers raising rates and restricting coverage.

Prompted by a request from Florida State Senator Jeff Brandes, the company announced at its December Board of Governors meeting that it will again seek input from independent evaluators to determine if there are exposure reduction or depopulation opportunities that can be identified for Citizens to further reduce its overall exposure and financial impact on the state.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/12/20/552579.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

State Finds Florida Specialty Insurance Insolvent; 90K Homeowners Lose Coverage

Florida personal lines insurer Florida Specialty Insurance Co. (FSIC) has been ordered into receivership and will be liquidated after state regulators determined the company is insolvent and unable to establish a viable business plan moving forward.

The Florida Department of Financial Services has been appointed as the receiver and the insurer’s more than 90,000 policyholders have been notified to find a new insurance company immediately. DFS has also alerted agents to assist their policyholders with finding new coverage

Please enjoy the full article below;

 

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.

Catastrophe modeling firms Karen Clark & Co. and RMS have released insured loss estimates for Hurricane Dorian, ranging from $500 million to $1.5 billion.

According to KCC, Dorian reached peak intensity of 185 mph while over the Bahamas, one of only four storms in the Atlantic basin since 1900 to reach this intensity.

In the U.S., Dorian made landfall off the coast of Cape Hatteras, North Carolina, on Sept. 6 as a Category 1 hurricane with maximum sustained winds of 90 mph. It brought some heavy rains and storm surge to the coast of South Carolina, but nothing like what was originally anticipated when it began heading towards the Southeast coast as a Category 3.

It ultimately stayed mostly offshore, bringing some flooding and damage but mostly sparing the region – a dramatic difference than what Dorian did to the Bahamas where it hit several islands with 210 mph winds.

“While Dorian caused material damage in several states, the overall impact to the U.S. could have been much worse had the storm taken a different track,” said Jeff Waters, senior product manager, RMS North Atlantic Hurricane Models. “We were fortunate that the majority of Dorian’s damaging winds and storm surge remained offshore as it tracked along the U.S. coastline, before weakening, and eventually making landfall in North Carolina.”

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/09/17/540133.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

The climate is changing, and it has become abundantly clear that Florida is going to be badly damaged in the decades ahead.

With the state experiencing increasingly devastating effects of severe tropical weather and frequent flooding in some neighborhoods, there has never been a more important time for Floridians to have information that can inform their decisions, especially when it comes to purchasing or renting a home

cost to them.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/08/14/535443.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

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