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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

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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 Acentria Insurance at 954-3151960 to ask me about quotes for Home, Flood, Private Flood, Auto, Business & Commercial and Life & Financial products as well.

They say they have no choice after the Florida Legislature for the fifth year in a row failed to address the crisis in water damage claims abuse.

“We keep saying help us try to solve this problem,” said Michael Carlson, president of the Personal Insurance Federation of Florida.

AOB will ultimately be addressed by the marketplace if lawmakers don’t do anything

Since lawmakers reneged on enacting reforms, insurance carriers are now taking matters into their own hands and the state’s regulator is warning consumers to be prepared.

“We will continue to see homeowners’ insurance companies raise their rates for our consumers in a best-case scenario, and in a worst case scenario just simply stop offering their products in certain regions of the state,” Insurance Commissioner David Altmaier told the Florida Cabinet last month

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/07/19/457961.htm

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.

Please watch this video and read the story to see how much money Insurance could cost you.!

http://www.abcactionnews.com/money/consumer/taking-action-for-you/assignment-of-benefits-abuse-driving-up-cost-of-home-car-insurance-in-florida

 

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.

A bill backed by the insurance industry to curb the abuse of Florida’s one-way attorney fee statute in assignment of benefit claims has stalled as lawmakers opted to instead advance what the insurance industry and the state’s regulator feel is a less effective measure.

The legislative maneuver sparked criticism by the Wall Street Journal of the Senate chair of the key committee, who in turn has accused the industry of mounting a “smear” campaign against her.

The industry setback came on Monday when the Senate Banking and Insurance Committee, chaired by Senate President Pro Tempore Anitere Flores (R-Miami, Monroe), left Senate Bill 1038 off its agenda. This bill, drafted by the Florida Office of Insurance Regulation with support from the state-run insurer Citizens Property Insurance Corp. and other industry groups, seeks to keep AOB consumer protections in place, but take away the incentive – the one-way attorney fee – that the industry claims is driving abuse by unregulated water mitigation, remediation and roofing contractors typically working with attorney groups

The insurance industry had tempered its expectations of getting the legislation passed because of lobbying by trial attorneys and unlicensed contractors, who the industry says are inflating water damage claims and filing frivolous lawsuits. Under Florida’s current one-way attorney fee statute, policyholders suing their insurer over a claim dispute can recover their attorney’s fees if the insurer is shown to have underpaid the claim, by any amount.

“If you look at the trends of water claims over the last five years – it’s alarming,” Florida Insurance Commissioner David Altmaier told Insurance Journal in February. “Absent any kind of reforms to address those trends, we could be seeing rate increases of 10 percent a year just to keep up.”

Please enjoy the full article below.

http://www.insurancejournal.com/news/southeast/2017/04/05/446884.htm

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

Citizens Property Insurance Corp. will post a net loss for 2016, its first loss in more than a decade, as water loss claims, assignment of benefit (AOB) abuse and litigation costs increasingly impact the company’s bottom line, according to a statement from the Florida state-run insurer.

The Citizens Board of Governors was told Wednesday the state’s insurer of last resort will post a $27.1 million net loss for 2016, its first since 2005. The company said the loss comes despite minimal damage from H

Without significant statutory reforms, Citizens will be forced to pass those higher costs on to its customers in the form of higher rates for the foreseeable future, said Citizens Board of Governors Chairman Chris Gardner.

“Every year, we rely on standardized, accepted actuarial principles to set our rates,” Gardner said “Last year, the same principles that provided rate decreases to our customers in recent years translated into hikes for 84 percent of our policyholders. Without legislative changes, that trend will continue.”

hurricane Matthew, the first major hurricane to impact Florida in 11 years

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/03/29/446071.htm

 

This will affect Fort Lauderdale &  S. Florida and since we are in La Nina years, which is also very likely to occur for the next 3-5 years. Please call L & S Insurance at 1-888-244-7400 for free quotes on Home Insurance, Auto, Flood, Private Flood, Business & Commercial policies and Life & Financial products as well.

Ratings company Demotech is holding off on issuing large-scale ratings downgrades of Florida property insurers for now, after a number of insurers heeded its warning of last month about the effects of assignment of benefits abuse and state court rulings by boosting their claims reserves and policyholder surplus.

After warning in February that at least 10 to 15 Florida property/casualty carriers would face downgrades if they did not take immediate action to shore up their reserves in light of deteriorating conditions in the state, Demotech said March 16 that, after working with insurers to make adjustments, it slightly downgraded only one carrier

The ratings firm said it is also monitoring three insurers — Prepared, Mount Beacon and Elements— that have been or are in the process of being sold as a result of the situation in Florida.

Joseph Petrelli, president and CEO of Ohio-based Demotech, which rates 57 carriers in Florida and 397 nationwide, said his company worked individually with companies in Florida to analyze their financial standing, strengthen their claims reserves, and provide other guidance on what they could do to avoid a ratings downgrade. The result has been $355 million in additional reserves and policyholder surplus among the Florida carriers it rates, Petrelli said.

Demotech said last month that Florida’s property insurers are facing an “uncertain operating environment” as a result of the escalating AOB crisis that has caused the number of litigated water loss claims to skyrocket over the past few years, particularly for the state-run insurer Citizens.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/03/17/444778.htm

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