Propertyinsurance360.com


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 Acentria Insurance at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, Health & all group products.

“I think the number one thing the insurance industry can do is link AOB (assignment of benefits) to the impact that it’s having on the individual consumer and the huge impact it’s having on the premiums that the consumer’s paying,” Barry Gilway, president, CEO and executive director of Citizens Property Insurance Corp. told attendees in a recent Insurance Journal webinar on Florida AOB abuse

Education, education, education, Gilway said, will be critical to slowing the Florida AOB epidemic that is leading to higher insurance rates, reduced coverage and a potential insurance market crisis in the state.

Gilway was one of a panel of four experts participating in the “Florida AOB Crisis: Where Does the Industry Go from Here?” webinar conducted by Insurance Journal on June 26.

Logan McFaddin, regional representative for the Property Casualty Insurers Association (PCI), Paul Huszar, CEO of remediation contracting company VetCor, and Patrick Wraight, director of the Insurance Journal Academy of Insurance, joined Gilway in discussing the AOB situation in Florida and ways to rein in what they all agreed is runaway abuse.

The AOB problem in Florida stems from unlicensed water remediation and roofing contractors who have homeowners sign over their insurance policy rights in exchange for needed repairs to their homes. The contractors, typically working with an attorney, file inflated or fake claims, and then pursue lawsuits against insurers when those claims are disputed or denied. Because of Florida’s one-way attorney fee statute, insurers are left footing the bill for the inflated claims and the attorney fees if the insurer is found to have underpaid the claim by any amount.

Carriers across the state have seen an increase in litigation because of these inflated claims. According to the Florida Department of Financial Services, there were 405 AOB lawsuits across all 67 Florida counties in 2006, and by 2016 that number had risen to 28,200.

But Citizens, the state-run insurer of last resort, has borne the brunt of the abuse. It reported in its 2019 rate hearing in June that it would spend $70 million this year defending AOB-related litigation – equal to 17 percent of its total premium.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/07/19/495520.htm

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

Original post 11/2017

On September 27, we had a fire in our laundry area. The entire mobile home sustained fire damage. It took five days for the first adjustor to come out. He was at the house four hours then told us he couldn’t handle the claim because it was a large loss claim. So I don’t know why they sent him out and what he did for four hours if he wasn’t even qualified to be there. He also brought along an Origin of Fire expert who was also there four hours and said the fire started in my washing machine motor. Nothing at all for another week when they sent out a large claim adjustor. He spent about five hours in the home. He also brought along an engineer and the Origin of fire expert again. The two of them were there about five hours, moved the washer and dryer back into the house to take pictures then took them with them when they left. That was Monday and now here it is another week and still nothing.

Original review: Oct. 13, 2017

Had numerous policies for years with Foremost since they insure Mobile Homes. Finally had one claim, adjuster was brand new, her Supervisor finally took over due to incompetence but he was Swamped. Jumped through hoops, got a partial settlement and dropped all the insurance. That’s it in a Nutshell… It’s poor insurance, get rid of it as soon as you can. It’s only gonna Work for you if you have A DISASTER.

 

Please read all 24 below

https://www.consumeraffairs.com/insurance/foremost-homeowners.htm

Please call Lee from Acentria Insurance at 954-351-1960 or my cell at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial, & Life, group & financial products as well.

The 2018 Florida Legislative Session is underway, and lawmakers have wasted no time taking up legislation to address the assignment of benefits crisis plaguing the state.

While they debate which reform option to back, stakeholders say the Florida Legislature must do something this year to keep an already bad situation from getting worse.

The insurance industry, regulators, and consumer groups have tried unsuccessfully for five years to convince Florida lawmakers to reform the policyholder benefit known as AOB, which allows an insured to sign over their insurance policy rights to a third-party. The insurance industry has continued to call out what they call abuse of AOBs by vendors and attorneys who use an AOB contract to take control of a homeowner’s policy, inflate a claim, then sue an insurance company that disputes the bill.

Evidence of that abuse is mounting in the form of increased litigation and insurance rates.

According to the Consumer Protection Coalition, a group of business leaders, consumer advocates, real estate agents, construction contractors, insurance agents and insurance trade groups fighting for reforms to AOB abuse, the number of lawsuits involving an AOB grew from 405 in 2006 to more than 28,000 in 2016 – an increase of more than 6,800 percent. Last year, 20,000 lawsuits were filed as of July.

But lawmakers have feuded with the industry over the right reforms to enact in previous years, and this year may not be any different.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/01/17/477337.htm

Please call Lee at Acentria Insurance at 954-351-1960 or my cell at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, group & Financial as well.

In the wake of Hurricanes Harvey, Irma, and Maria, the 2017 hurricane season is projected to be the most expensive in history, with total estimated economic losses exceeding $200 billion.

According to a new report from MacKinsey & Company, each of these three major hurricanes are expected to rank among the 10 most costly insured natural catastrophes on record globally.

Based on their research, McKinsey & Company anticipates that these record-breaking disasters will have a number of effects on the insurance industry.

Here are the key effects of 2017’s historic hurricane season, as outlined by McKinsey & Company researchers:

        • These disasters will, for most insurers and reinsurers, be a story of earnings volatility and not of capital due to the record-high surplus of the U.S. property and casualty industry.
        • Personal-auto and business-interruption insurance will be the biggest unexpected losses, given that flooding is typically not covered in homeowners’ contracts.
        • These consecutive disasters will stress insurance operations, including large-volume claim management and loss creeps, due to spikes in adjustment expense.
        • In the coming months, insurers will likely face a significant consumer experience and public relations risk. Insurers need to go into crisis-management mode and deliberately and proactively address the risk, starting now.
        • The long-term impact on premium rates will depend on the willingness of investors to recapitalize and continue to invest. If investors get scared by a new trend of increased losses in the wake of natural disasters, rate increases may be substantial and contribute to the ending of a prolonged soft cycle.
      • Please read the full article below;
      • http://www.propertycasualty360.com/2018/01/09/lessons-and-consequences-of-the-record-setting-201?eNL=5a5633b1140ba01a4996dd35&utm_source=PC360_PersonalLinesPro&utm_medium=EMC-Email_editorial&utm_campaign=01102018

Is this good or bad for Fort Lauderdale & S> Florida?? You decide! Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial & Life & Financial products as well.

 

Citizens Property Insurance Corp. officials in a public hearing before the state’s Office of Insurance Regulation (OIR) painted a picture of an insurer that has downsized significantly while financially improving over the last several years.

Citizens President Barry Gilway said that the insurer in the past two years has gone from an entity “out of control” when it came to growth to one that is returning to being the insurer of last resort.

“I think we are at a better place than we have been in a decade,” said Gilway.

Regulators have 45 days in which to make a decision on the rate filing.

Gilway said that several factors are driving the proposed rate changes including the lack of any hurricane losses over the past eight years and five years of rate increases under the glide-path regulation that caps annual proposed rate increases at 10 percent.

According to Citizens documents, those factors have allowed the insurer to reach rate adequacy throughout the state with the exception of a few coastal counties where the insurer provides wind-only coverage.

As a result the insurer is requesting an average 5.8 percent decrease for homeowners multi-peril policies and a 3.8 percent average increase in homeowners wind-only policies.

Citizens Chief Risk Officer John Rollins said that barring a major storm, these trends should continue.

“There is so much uncertainty, so many unknowns,” said Gilway.

Gilway also said the insurer has achieved a level of stability due to the insurer’s ability to depopulate and secure reinsurance and catastrophic bonds at favorable rates.

Two years ago, Citizens had more than 1.5 million policies in force, which according to A.M. Best made it the ninth largest insurer in the country. At that point, the insurer’s personal lines and coastal accounts represented 24 percent of the Florida market; now that number has dropped to 16 percent.

Looking forward, Citizens expects that its policy count could equal less than 900,000 by year’s end depending on the success of planned take-outs by private insurers in November and December.

As a result of Citizens downsizing, its exposure had dropped more than 40 percent from a high of $500 billion to $300 billion, which means that the potential assessment risk on all Floridian citizens has declined from $11.6 billion in 2011 to $2.3 billion.

“I see nothing but coming but good news coming when it comes to taking the assessment burden off the back of Florida citizens,” said Gilway.

Gilway attributed that decrease to a number of factors including Citizens depopulation programs that have seen private insurers take out hundreds of thousands of policies out of the insurer.

Please enjoy the full article below!

http://www.insurancejournal.com/news/southeast/2014/09/02/339189.htm

Next Page »