Mitigation Inspections

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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.”

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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 Policies & Life, Health and group products for all sizes.

Policymakers need to find a way to get banks involved in property mitigation if Florida is to improve its hurricane resiliency, according to a former state insurance commissioner.

Banks are currently unmotivated to protect mortgages through mitigation because the government steps in and bails them out when there is a crisis, Kevin McCarty, who was insurance commissioner of the state for 13 years, told the audience of the Florida Association of Insurance Reform (FAIR) Foundation’s conference in Tampa on May 2.

McCarty spoke about resiliency and mitigation, emphasizing the need for both in the catastrophe prone state.

“We know we are going to have more storms; we also know there is a lot of uninsured property,” McCarty said. “We also know somebody is mysteriously not at the table.”

He was referring to banks, which he said continue to be bailed out by the government and therefore will continue to make money no matter what. He referenced the financial crisis as an example of how banks are not motivated to protect their financial assets.

“Until banks actually have skin in the game, they are not going to be at the table,” he said.

McCarty’s said it’s important to think about what strategies could work to hold banks accountable and bring them to the table.

“If I as a taxpayer have to pay for it, it should be part of the law that if you have a federally backed mortgage you have to have an all-perils policy – and that means all perils,” McCarty told the audience, which responded with big applause.

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In an article by Julie Patel just ask yourself 1 question and then maybe another. If you could spent $37 Million doing Mitigation Inspections on homes previously inspected, using new forms,  and receive annually more than $137 Million, how many inspections would you do?? Well, this is simple math and together with the Inspections being more dificult to qualify for credits, Citizens and now every other carrier are all willing to do a new Mitigation Inspection to increas the revenue they receive. This means that owning a home in Florida is that much more money now close to averging 4K per year in Fort Lauderdale and all of South Florida. Please read the full article blow  brought to us by our friends at First State Insurance and please call L & S Insurance  at 1-888-244-7400 to try to shop out your Home,Auto, Flood, Business & Commercial and even life Insurance.

The OIR in Tallahassee was trying to shut down Homewise Insurance company because of  the financial status of the company and thank god Homeowner’s Choice(HCI) came to save the day for the clients of Homewise and the agents that represent them like L & S.Our 250 clients with this carrier will now be relatively safe from the issues that come when a company normally shut down. Of course some people will still get non renewed and the rates will be adjusted at renewal time, but anything is better than searching for insurance in a rush and trying to get new inspections or whatever else is needed.Most would have ended up in Citizens which is not good for most and it is not what our governor wants either.  HCI is a fine company and this will double their size and financial stability without growing the expense side. This will be a win win scenario for Fort.  Lauderdale and all over S. Florida. Please read the full story below and remember to call L & S Insurance for all of your home, Auito, Flood, business & Commercial and even Life insurance quotes.

The  OIR has backed   All State Insurance saying  it was necessary and they were happy that All State still remains a viable carrier in Florida. The increase for those policy holder’s will be quite substantial in Fort laud, S. Florida and all of Florida, but the worst will be in S. Florida as the increases could truly mean 50% or more. This will be no differant then any other carrier and State Farm has already done this, but worse. We have seen some clients come from State Farm w/ increases that are nearly 300% form the prior year. What makes this worse is that most carriers are also re-inspecting homes for Wind mitigation Inspections and people are loosing doscounts and when that get’s compounded on top of an increase it feels even worse, consumer’s are very upset and I do not blame them. Governor Rick Scott and the Florida legislative body all seem to agreee this is what must be done and it is happening. New people buying Homes should be made aware of the increased cost since many are still trying to squeeze people in and that is a problem many times.Please remember to call L & S Insurance for all of your Home, Auto, Flood business and commercial Coverage’s as well as Lfe Insurance for Fort Lauderdale and all of Florida.


First Community(FCIC) is the next company doing a rate and file increase for a 23% increase on a statewide average which could mean 30-40% here in S. Florida. This company does not write to much, but they have taken a lot of people out of Citizens Insurance over the last several years. Now with this increase scheduled soon and Citizens Insurance going up as well, the people insured will most likely have little or no options. Even if they want to make a switch, they will have to pay for a new Mitigation inspection and possibly a 4 point as well and this is an expense many do not want so they are stuck w/ the increase and are happy not getting a cancellation which is worse!This will start 4/1/11  which is not much notice and only 2 months before the start of Hurricane season. Please enjoy the article below and remember to contact us at L & S Insurance for all your insurance needs and quotes;

Mitigation Inspections are back and very bad for most. Citizens as well as most carriers are re-inspecting thousands of homes and finding that more than 70% are now going to be charged more money  and only 8% will be charged less. This will bring in 5 million in additional premium from people already strapped by increased premiums next year. This venture is costing Citizens almost 900K on  the 14K  inspections that have already been done to get the 5 million on the back side.More than 44K inspections are still scheduled to be done this year and next and it will keep happening as well. This additional revenue for Citizens along w/ the rate hike that starts 1/1/2011 will be just what Citizens needs to help it’s financial crisis it has been in since the 2005 Hurricane season. If they have issues  financially then everyone in Florida  will feel the affects. We feel that if poeople choose to go to citizens then this is what will happen to them. Many people do not belong in Citizens and choose to go there because the agent put them there and told them it was a good deal. Let’s see what happens when Citizens needs to start charging 15% surcharges as they can  do to those in Citizens and other carriers as well. Our new Governor Scott wants to raise Insurance  rates as well by deregulating the State and making Citizens the Insurance carrier of last resort. When our legislator’s in Tallahassee pass this bill(And they will), Citizens rates will jump again and very significantly. Who can afford that?? This is a necessary evil because of the mess Governor Chiles has left us with, but this will be a big year for insurance in 2011. Please read the article byJulie Patel and plaease contact us at L & S Insurance for comparrison quotes;

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