Sink Holes

That will mean about 10% here in Fort Lauderdale and most of South Florida, but that seems to be the norm here of late. This was expected so no new news except prices continuing to be on the rise. Citizens Insurance led by Barry Gilway  is still loosing 10’s of millions in Sinkhole claims each year, but  that should begin to shrink each year and strongly to positively affect surplus.Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, and Life Insurance as well. PLease enjoy the full article below;



Julie Patel of the Fort Lauderdale Sun Sentinal gives a great list of all the changes to come. Increased premiums, loss of coverages, fees and surcharges and of course the customer Service is bad on a good day. Every change that can be done to make Citizens the worst policy you can purchase is what our Governor Rick Scott wants and it is already in motion. The goal is to cut Citizens Policy holders from 1.5 million to 1/2 of that amount. Why would you want to be with this company, so please read this carefully and call L & S to get your quotes for Home Insurance, Auto, flood, business and commercial, and Life Insurance as well. Please read the full article and see how all of us in Fort Lauderdale and all over Florida will be affected including sinkhole issues:

Public adjustors claim to get you more money, but many of them use Fraudulent practices(Sinkhole Claims have been the worst) to get that money and take 20% or more from your claim check. To control Fraud the State  wants to keep Public Adjustors out of the picture until a claim has been  made so  the Insurance company  reviews the problem first. Public adjustors try to come out first and this can cost the consumer a lot of money if the claim would have been  paid properly and the adjustor was never needed. This has caused a lot of issues and a Law suit as well by the Public adjustors.  This is a  5th amendment issue possibly so the case will be heard. The Legislators and court system will be dealing w/ this issue over the next few months so please watch for more info. This will affect people in Fort lauderdale, S. Florida and all over Florida as well. Please read the full article by Julie Patel of the Sun Sentinal and please remember to call L & S Insurance for all of your Home, Auto,Flood, Business & Commercial and even Life and health Insurance quotes as well.

This was not as bad as was thought and should have been much higher, but somehow the rates only increased 6-10% for 1/1/2012. This will be on top of the Sinkhole Inscrease which will not affect Fort Lauderdale and S. Florida as badly as other areas like Tampa. The requested rate hike was for more than 20% and the rates are supposed to now be actuarily sound which will not happen w/ this increase so who knows what is to come. There is still the surcharge which could be up to 45% so may be this is what they will do, but our Governor wanted the bigger rate hikes and Senator Fasano seems to have won with increases that will come over time.Please read both article’s  by Julie Patel from the Florida Sun Sentinal and see how this could affect you soon. Please call L & S Insurance for all of your Auto, Home, business and Commercial coverage and Life Insurance as well:

Sentor Mike Fasano brought 3 busloads of  people to show a sense of unity that the rate hike for sinkhole needs to be phased in over time instead of the 429% state wide averaged proposed.!!  The  Citizens board refers Senator Fasano  to the now passed and signed SB408 which Senator Fasano voted for because it was from his political party.Now the Senator does not like the repurcussions to the constituents from his territory which happens to be tampa and the biggest sinkhole issues in Florida.Fort lauderdale and S. Florida will not be affected as much for Sink Hole issues, but the rate hikes will be more severe here for other reasons. Rates need to be actuarily sound so they voted ,but  now he is singing the blues! I guess he simply does not understand Insurance and his Governor Rick Scott  seems to think this situation is ok. The outrage from all when the January bills are  received in Mid to late November will be heard even more than now and then what???  Where are all the  carriers our Governor talked about. I see State Farm prices going up 200-300% in some cases where clients call us to shop for them. This situation is bad and getting worse so please read the article and let us know at L & S Insurance if we can help you shop for Home, Auto, Flood, Business and Commercial and Life Insurance policies. Please read the full article below;

25% state wide average plus the sinkhole rate increase whatever it  may be. The news is not yet final, but should be by next month and the new rates will start 1/1/2012. The increases will be worse in Fort lauderdale, S. Florida w/ 30-40% increases here and the Tampa area will be hit w/ huge Sinkhole increases and the rate hikes as well. All of this is great news for the Insurance companies like our Governor Rick Scott wanted and not so good for the consumer who cannot afford the premiums today. Please read the article by Julie patel of the Sun Sentinal  and the final should be out in a few weeks. Please call L & S Insurance for all of your Home, Auto, Flood, Business & Commercial coverage and Life Insurance as well.

The Citizens  board votes today on a 429% rate hike as a state wide average. This increase  could cost thousands/ year to sinkhole prone areas like Tampa and other areas, but only a few hundred/ year  in S. Florida and Fort lauderdale. This one is not a big deal for many of us, but other parts of the state could suffer big time. Even if the new bill just passed by the Legislator’s in Tall. and signed by Governor Rick Scott works at reducing claims by 60%, the sinkhole premium shortfall is almost 200 million and that still means rate hikes are likely. This will be on top of the rate hike already voted on to now be 25% on a State wide average(Starts 1/1/2012) which could mean as much as 40% to Fort lauderdale and all of S. Florida and that is also thousands of dollars / year /client. I guess Citizens will become the company of last resort again without the Citizens bill even being voted on or passed. This increase together will raise rates so much that all 1.4 million people will want to leave Citizens, but which carrier has the capacity to handle this problem and that answer is still nobody!!!  This is what the Governor never understood, no carrier wants the risk at any premium becuase it is proven that when a big Hurricane hit’s or Sinkhole claims get worse the cost of repairs cannot be measured properly and it is not affordable. The entire country is seeing this now especially with all of the Flood waters(Paid thru FEMA) rising all over the country. In any event we will see how the vote is handled today and I will report again tomorrow or when the news is out. Please call us at L & S Insurance for  all of you Home, Auto, Flood and business and commercial policies as well for Fort luderdale and all of Florida. Pleas eenjow the article on the Sink Hole vote today.

This article  given by Jeff Grady of the FAIA   about this topic is very timely. Since  Governor Rick Scott  just signed a Bill that will prevent some fraudulent claims that public adjustors  have been accused of is now  out in the public. Citizens Insurance will no longer allow Public Adjustors to submit claims first for clients to avaoid this issue and all companies should go this route to help the consumer.Here in Fort Lauderdale and all of Florida Public adjustors have hurt the Insurance industry and are a key element to all of the recent rate hikes. They say they get you more money and in some cases this is true, but when they take 20% of that money they are really getting for themselves. Since claims are paid and you can get most of this money on your own if you work w/ your agent, the need for a  Public adjustor is usually not necessary. With all of the sinkhole claims and many being Fraudulent, public adjustors should all be ashamed of  what has happened and they should correct and moniter their own industry. The message from Jeff grady is simply exhaust all options first before you hire one and please remember to call L & S Insurance for all of your Insurance needs like Home Insurance, Auto, Flood, business and commercial and Life Insurance as well. Please enjoy the article and we are always  here to help w/ your claim needs as well.

9/15/2011  is the date and it will be in Tampa at the Convention Center and not in Tall. this time. Since Tampa and it’s 3  counties(Hillsboro, Pasco and Pinellas) in the area are all very much affected this is a good place to have the meetings. Senator Mike Fasano is very outspoken that this increase cannnot be handled by the consumer’s, but the fact that claims for sinkhole are 10 times what is coming in does not help the situation. All of this is occuring during hurricane season when Home Insurance is the most dificult to shop for and of couse the Citizens Rate hike suggested on top of all of this is now a 25% state wide average increase(No one is talking about this change????). The 25% is what will affect Fort lauderdale  and S. Florida the most as that could mean as much as 40% or more on the 1/1/2012  renewals.Several groups will be holding public protests and the more that show up, the better the chance of having this huge increase spread out over several years instead of all at once. Please call us at  L & S Insurance for all of your Home, Auto, Business and Commercial coverage’s as well as Flood and Life Insurance. PLease read the article and ask other’s to visit my Blog page for more info and quotes;

We have the SinkHole issue going on w/ the 429%average rate hike which is huge for the Tampa area, but will not affect Fort lauderdale and S. Florida as much.Senator M. Fasano is having his rally today even though he has no real say in the matter, but he seems to want to be in the news. Senator Fasano is talking to Governor Rick Scott, Our CFO and the OIR to try to get the point across that our Florida economy cannot handle the  huge rate hike all at one time and it should be phased in! Now of course comes the  normal Citizens  rate increase which should be 25%, but State Law currently only allows a max 10% and this must also be deadly with as Homeowners struggle w/ all the new Insurance rate hikes and lack of Jobs in our Florida Economy. Please call L & S Insurance for all of your Insurance quotes including Auto, Commercial and business, Flood and Life Insurance as well.Please enjoy the article below from the Florida Insurance Journal;

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