November 21, 2018

Florida Picks Up the Pieces from Powerful Hurricane Michael. How will this affect Fort Lauderdale and all of Florida’s Home Insurance rates?

Posted by homeinsuranceguru under Auto Insurance, Citizens Insurance, FEMA, Flood Insurance, Florida, Fort Lauderdale, Fraud, Governor Rick Scott, Home Owners Insurance, Hurricane Updates, OIR, Public Ajustors, Tallahassee | Tags: , , , , , , , , , , , , , , , , |
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Please call Lee Gorodetsky at 954-270-7966 for Free Insurance information & consulting on Insurance. Home Insurance, Car, Flood, Private Flood, Auto, Business & Commercial & Life, Health, Annuity and all group health Benefits as well.

It has been just over a month since Hurricane Michael slammed the Florida Panhandle as a Category 4 hurricane with wind speeds reaching just shy of Category 5 status.

The devastation from the storm that killed at least 35 people in Florida is still impacting residents and insured losses continue to climb as recovery efforts are in full effect and will be for some time.

“Michael saw our worst fears realized, of rapid intensification just before landfall on a part of a coastline that has never experienced a Category 4 hurricane,” University of Miami hurricane researcher Brian McNoldy said after the storm hit, as reported by The Associated Press.

The massive storm made landfall in Mexico Beach, Fla., on Oct. 10 with maximum sustained winds of 155 mph, according to catastrophe modeling firm AIR Worldwide. The minimum central pressure at landfall — a key measure of hurricane strength — was 919 mb, the third lowest on record for a U.S. hurricane, AIR said.

Michael is the most powerful hurricane to have come ashore in the Florida Panhandle since the first records were kept in 1851, said Dr. Peter Sousounis, vice president and director of meteorology, AIR Worldwide.

“Fueled by unseasonably high 84-degree sea surface temperatures in the Gulf of Mexico and unhindered by any prior landfall, Hurricane Michael rapidly intensified shortly before making landfall at close to Category 5 intensity,” Sousounis said.

Mexico Beach was “virtually obliterated” AIR said, as it was in the right eyewall of Michael where storm surge is typically the highest. In addition, the high wind speeds leveled buildings in the area, as well as took down power lines and countless trees.

Please enjoy the full article with Pictures below;

https://www.insurancejournal.com/news/southeast/2018/11/20/509157.htm

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November 2, 2018

Florida Insured Losses from Hurricane Michael Top $2B, And Growing. Watch out for rate hikes Fort Lauderdale and all of Florida for several years to come.

Posted by homeinsuranceguru under Auto Insurance, CFO, FEMA, Flood Insurance, Florida, Fort Lauderdale, Fraud, Home Owners Insurance, OIR, Reinsurance, Tallahassee | Tags: , , , , , , , , , , , , , , , |
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Please call Lee at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial policies & Life, Health and all types of group & Financial products.

Total estimated insured losses from Hurricane Michael have reached more than $2.1 billion, according to the most recent data from the Florida Office of Insurance Regulation.

The current number of claims from Hurricane Michael, a Category 4 storm that hit the Florida Panhandle before continuing a path of destruction through several other Southeast states, had reached 110,183 with 26.1 percent of that total number of claims closed as of Oct. 30, 2018. OIR compiled aggregate information from claims data filed by insurers covering all claims based on filings received.

The lines of business included in the total number of claims are residential property, commercial property, private flood, business interruption and miscellaneous other lines.

Residential property losses account for the majority of the total claims at 78,045 – 57,088 of that number is homeowners claims. Only 20.7 percent of residential property claims were closed as of Oct. 30.

The percentage of commercial property claims closed was lower at 10.3 percent of the 4,471 claims received. Only 460 business interruption claims had been filed so far, with 9.1 percent of those closed to date.

Just 64 flood claims had been filed as of Oct. 30, with 37.5 percent of those claims already closed.

The Florida Department of Financial Services said in a statement Wednesday that Citizens Property Insurance Corp., the state insurer of last resort, had 3,231 claims as of Oct. 29.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/11/01/506263.htm

 

October 22, 2018

Florida Residents Hit by Michael Return to Face Damage as Death Toll Climbs

Posted by homeinsuranceguru under Auto Insurance, Citizens Insurance, FEMA, Flood Insurance, Florida, Fort Lauderdale, Fraud, Governor, Governor Rick Scott, Home Owners Insurance, Hurricane Updates, Public Ajustors, Tallahassee | Tags: , , , , , , , , , , , , , , , |
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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 & Commercial policies and Life, health and all types of group policies as well for individuals or businesses large and small.

More than a week after Hurricane Michael slammed into the Florida Panhandle, authorities are reporting three more deaths from the Category 4 storm as residents returning to their homes try to piece together their lives from the rubble left by strong winds and storm surge.

Michael slammed into Florida’s Panhandle with 155 mph (250 kph) winds on Oct. 10, retained hurricane-force winds as far inland as southern Georgia, and also affected the Carolinas and Virginia. Six deaths were reported in Virginia, mostly from flash flooding. North Carolina had three deaths, and Georgia had one.

 

Florida’s death toll stood at 17 on Thursday, said Emergency Management Division spokesman Alberto Moscoso. The official number included an additional death from Liberty County, and others confirmed as storm-related by district medical examiners, including 12 from the hardest hit Bay County.

Additionally, three more deaths have been confirmed as storm-related to bring Bay County’s total to 15 deaths, according to Whit Majors, chief investigator for the district medical examiner’s office. Majors said those deaths were reported to state emergency management officials. It wasn’t immediately clear why they were not yet added to the statewide tally.

Across the region, stunned residents continued picking up the pieces on Thursday, as many remained without electricity.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/10/19/505137.htm

 

October 22, 2018

Regulators, Industry Seek to Keep Florida AOB Abuse In Check After Michael.

Posted by homeinsuranceguru under Auto Insurance, CFO, Citizens Insurance, FEMA, Flood Insurance, Florida, Fort Lauderdale, Fraud, Home Owners Insurance, Legislators, OIR, Public Ajustors, Tallahassee | Tags: , , , , , , , , , , , , , , , , |
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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 & Commercial policies and Life, health and all types of group policies as well for individuals or businesses large and small.

In an effort to keep the Florida assignment of benefits (AOB) crisis from further worsening in the state, Florida’s insurance industry, regulators and consumer advocates are on high alert for AOB activity in the wake of Hurricane Michael and working to educate consumers on the pitfalls of signing over their policy rights.

“Consumers need all the information they can get to help navigate making repairs to their homes and vehicles, and we’re working hard to provide resources to help prevent Floridians from becoming victims of AOB scams,” said Mark Wilson, president and CEO of the Florida Chamber of Commerce, which spearheads the Consumer Protection Coalition, formed in 2017 to tackle the state’s AOB epidemic.

pressuring some to sign an assignment of benefits contract. Check with your insurance agent, insurance company, or call my office before you sign anything,” Florida CFO Jimmy Patronis warned in an Oct. 15 press release from the Department of Financial Services. “Storms bring out the best in people, but unfortunately, they bring out the worst in some. If it sounds too good to be true, it probably is.”

Florida’s AOB problem has stemmed from unlicensed water remediation and roofing contractors who have homeowners sign over their insurance policy rights in exchange for needed repairs to their homes, and then file inflated or fake claims with the insurer. When those claims are disputed or denied, these contractors file a lawsuit that insurers are often left footing the bill for.

Carriers across the state have seen an increase in litigation because of inflated claims, which is leading to increased costs for policyholders. 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.

State officials have warned that the AOB issue could become even worse in the aftermath of a large-scale disaster, such as Hurricane Michael, due to a large number of claims triggering a contractor shortage, and people who are anxious to get repairs started on their homes assigning their insurance policy benefits to contractors.

Florida Insurance Commissioner David Altmaier said before Michael hit that scenario was one of his biggest concerns, and noted the quick handling of claims would help ensure people are not taken advantage of

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/10/18/504876.htm

 

October 17, 2018

Florida Orders Insurers to Halt Rate Hikes; Sets Up Hurricane Michael Claims Village

Posted by homeinsuranceguru under Auto Insurance, CFO, Citizens Insurance, FEMA, Flood Insurance, Florida, Fort Lauderdale, Fraud, Governor, Governor Rick Scott, Home Owners Insurance, Legislators, OIR | Tags: , , , , , , , , , , , , , , , , |
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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 & Commercial policies and Life, health and all types of group policies as well for individuals or businesses large and small.

Florida’s insurance regulator has issued an emergency order that ensures “additional protections” to Florida policyholders – including freezing any rate hikes for 90 days – to support recovery efforts in areas impacted by Hurricane Michael.

The order by Florida Insurance Commissioner David Altmaier suspending and activating certain insurance rules was issued Oct. 15 in response to an executive order by Florida Gov. Rick Scott.

The order requires that insurers:

  1. Provide an additional 90 days to policyholders to supply required information to their insurance company. Many Floridians were displaced during this dangerous storm, and providing additional time to submit information to insurance companies gives them needed flexibility.
  2. Rescind for 90 days all non-renewals or cancellations issued to policyholders in the days leading up to Hurricane Michael. This gives policyholders 90 days to either renew their insurance policy, or find a new policy; and
  3. Freeze any and all efforts to increase rates on policyholders for 90 days.

“Governor Scott and Chief Financial Officer Jimmy Patronis have made it clear that the expectation for Florida’s insurance companies is to expeditiously respond to policyholders’ needs and to treat families fairly. The quick response of insurance companies is critical to the recovery of Florida families following Hurricane Michael,” according to a statement from the governor’s office.

Altmaier said the Florida Office of Insurance Regulation is working to “ensure every possible step that can be taken to assist those impacted by Hurricane Michael will be executed as soon as possible.”

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/10/16/504583.htm

 

 

October 15, 2018

Hurricane Michael’s Destruction in Photos. No one should have to go thru this. Fort Lauderdale and all of Florida are grieving with you all!

Posted by homeinsuranceguru under Auto Insurance, FEMA, Flood Insurance, Florida, Fort Lauderdale, Fraud, Governor Rick Scott, Home Owners Insurance, Legislators, OIR, Public Ajustors, Tallahassee | Tags: , , , , , , , , , , , , , , , |
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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 & Commercial Insurance as well as Life , Health and all group benefits large & small

Images compiled by Insurance Journal show the devastation to the Florida Panhandle caused by Hurricane Michael, which hit the region Oct. 10 as a Category 4 storm. Loss estimates range from $3 to $9 billion, according to catastrophe modelers, and some reports say the economic impact could be more than $25 billion.

Please watch this video and help all you can!

https://www.insurancejournal.com/news/southeast/2018/10/12/504423.htm

 

 

October 15, 2018

A.M. Best: Insurer Losses from Hurricane Michael Will Be ‘Significant’. More rate hikes to come for Fort Lauderdale & all of Florida!

Posted by homeinsuranceguru under Auto Insurance, FEMA, Flood Insurance, Florida, Florida Peninsula, Fort Lauderdale, Homeowner's Choice, Legislators, OIR, Public Ajustors, Tallahassee, Tower Hill Insurance | Tags: , , , , , , , , , , , , , , , , , |
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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 & Commercial Insurance as well as Life , Health and all group benefits large & small

Insurers, reinsurers and ILS investors could face significant losses from Hurricane Michael, a major Category 4 storm that began its assault on the Florida Panhandle Wednesday, according to a briefing from A.M. Best.

Best said although Florida’s insurance market-share leaders possess strong levels of risk-adjusted capitalization that should provide a buffer against Hurricane Michael losses, there will still be an impact for insurers writing in the state, according to a new A.M. Best briefing.

Furthermore, while nearly all A.M. Best-rated Florida property companies have substantial property catastrophe premium, some have strategically limited their exposures in the panhandle, and therefore are not significantly exposed to this hurricane.

“However, the question of how the state’s relatively new, Florida-specific insurers might withstand the impact of substantial insurable losses caused by Hurricane Michael remains,” Best noted. “In addition, depending on the storm’s intensity after making landfall, the potential for insurable losses could put some pressure on reinsurers. The actual impact of the hurricane will depend on a number of yet undetermined factors, but A.M. Best believes that most of the affected rated carriers have sufficient capital and appropriate reinsurance programs to withstand this event effectively.”

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June 4, 2018

What the Florida Industry Needs to Know for the 2018 Hurricane Season! Watch out Fort Lauderdale and S. Florida!!

Posted by homeinsuranceguru under Auto Insurance, Barry Gilway, Citizens Insurance, Customer service, FEMA, Flood Insurance, Florida, Fort Lauderdale, Fraud, Home Owners Insurance, Hurricane Updates, Legislators, OIR, Public Ajustors, Tallahassee | Tags: , , , , , , , , , , , , , , , |
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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 & Commercial & Life, Group Benefits and business policies.

The 2018 hurricane season is officially underway, even as the dust continues to settle on the 2017 hurricane season — one of the costliest hurricane years on record — that brought devastation to Florida from Hurricane Irma.

Meanwhile, the Gulf Coast has already received a stark reminder to be prepared from a Memorial Day storm — Tropical Storm Alberto. The cost was at 50 Million per estimates so far!

Irma first hit the Florida Keys as a category 4 storm on Sunday, Sept. 10, with 130-mile per hour winds. It then worked its way north passing over the east and west coasts. Loss estimates from Hurricane Irma ranged between $25 billion to $65 billion by catastrophe modelers.

According to the Florida Office of Insurance Regulation, 90 percent of the 770,658 reported residential property claims had been closed as of April 6, 2018. Total estimated insured losses as of April 12 had reached $8.6 billion. The Florida Hurricane Catastrophe Fund is expected to pay out $2 billion in claims associated with Irma.

Citizens, the state-run insurer of last resort, said in March it had reopened about 37 percent of Hurricane Irma claims as part of ongoing efforts to assist policyholders affected by the storm. As of March 28, more than 24,500 of 66,400 Irma claims, about 37 percent, were reopened for supplemental payment and to allow policyholders or their representatives to provide additional information.

Overall, Citizens has closed nearly 90 percent of its Hurricane Irma-related claims. Open claims include extensively damaged properties, disputes and those waiting for a contractor to provide a repair estimate.

The National Hurricane Center updated the death toll from Irma in April to 44 fatalities directly caused by strong winds and heavy rains, plus 85 fatalities indirectly linked to the storm.

Still, Irma could have been worse, a fact the Florida insurance industry is aware and mindful of as it heads into the 2018 season

Mother Nature wasted no time starting off the 2018 hurricane season, kicking the Atlantic — and more specifically the Gulf Coast — into high gear several days ahead of the official June 1 start date.

Tropical Storm Alberto hit the Florida Panhandle on May 28, bringing winds, rains, and even the possibility of tornadoes. The National Hurricane Center in Miami said winds from the tropical storm reached up to 65 miles per hour.

There is undoubtedly more to come as the season progresses. The National Oceanic and Atmospheric (NOAA) released its forecast for the 2018 Atlantic hurricane season in May, estimating a total of 10 to 16 named storms, of which five to nine could become hurricanes and one to four expected to become major hurricanes with winds of 111 miles per hour or more. It noted a 75 percent chance that this year will be a near or above normal hurricane season.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/06/01/490890.htm

 

May 30, 2018

Florida Activates Anti-Fraud Teams in Wake of Tropical Storm Alberto! Really in Fort Lauderdale and the State of Florida???

Posted by homeinsuranceguru under Auto Insurance, CFO, FEMA, Flood Insurance, Florida, Fort Lauderdale, Fraud, Governor, Home Owners Insurance, Hurricane Updates, Public Ajustors, Tallahassee | Tags: , , , , , , , , , , , , , , , , |
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Please call Lee from Acentria Insurance for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, group benefits and Commercial policies as well.

The Florida Department of Financial Services’ Disaster Fraud Action Strike Team (DFSAT) have been deployed across the state to protect Floridians from post-storm fraud that could occur in the aftermath of Tropical Storm Alberto, according to a statement from Florida CFO and State Fire Marshal Jimmy Patronis.

With a state of emergency now declared in all 67 counties, Patronis activated the team to be on alert for fraud in the event of major flooding and damage.

“Unfortunately, storms can bring out the worst in people,” said Patronis. “To get ahead of any attempt to take advantage of those who may need repairs done to their property, we’re activating now so we can quickly ward off fraud. With the 2018 Hurricane Season less than a week away, it’s important consumers are alert and aware of the potential for post-storm scams.”

Patronis issued the following indicators of post-storm fraud that policyholders should be aware of:

  • A contractor or restoration professional who offered to waive or discount an insurance deductible.
  • A contractor or restoration professional that has received payment and has failed to provide any repairs to a home.
  • A contractor or restoration professional who offered to provide repairs at a cash-only discounted rate and has failed to provide repairs to a home.
  • A contractor or restoration professional who pressured a policyholder to sign an assignment of benefit (AOB) and has failed to provide any repairs to the home or stopped responding to contact attempts.

Anyone who experiences or witnesses these types of activity are encouraged to reach out to Patronis’ Fraud Tip Hotline by calling 1-800-378-0445. Callers can choose to remain anonymous

We are the most Fraudulent state in the country! Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/05/30/490562.htm

 

February 28, 2017

First Florida Bill Addressing AOB Introduced for 2017 Session, How will this affect Fort Lauderdale and S. Florida Home Insurance rates?

Posted by homeinsuranceguru under Auto Insurance, Barry Gilway, Citizens Insurance, Flood Insurance, Florida, Fort Lauderdale, Fraud, Governor Rick Scott, Home Owners Insurance, Insurance commissioner, Legislators, OIR, Public Ajustors, Tallahassee | Tags: , , , , , , , , , , , , , , , |
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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.

Florida now has legislation backed by the top Florida insurance regulator and the industry that promises to curtail homeowners insurance abuse under the assignment of benefits (AOB) feature.

Senate Bill 1038, filed Feb. 17 by State Sen. Dorothy Hukill and co-sponsored by Sen. Kathleen Passidomo, seeks to clarify the intent of the assignment of benefits provision for policyholders and limit the scope of benefits provided to those other than the named insured on the policy

The assignment of benefits bill would also instill specified conditions for assignment agreements to be valid. The bill stipulates that an assignment agreement will not be valid unless it meets the following conditions:

  • Agreement is in writing and is executed by all named insureds
  • Allows insureds to rescind the assignment agreement within seven business days without penalty
  • Requires the assignee to provide a copy of the assigned agreement to the insured no later than three business days after the agreement is executed;
  • And includes a written, itemized, per-unit cost estimate of the work to be performed by the assignee.

Other stipulations of the bill include: prohibiting certain provisions in an assignment agreement; specifying requirements for an assignee or transferee; and requiring an assignee to meet certain requirements as a condition precedent to filing suit under a policy.

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. The goal of the bill is to keep the assignment of benefits consumer protection in place, but take away the incentive – the one-way attorney fee – that the industry claims is driving abuse by assignees, who have included unregulated water mitigation, remediation and roofing contractors typically working with attorney groups.

If passed by the Legislature and signed into law, the bill would become effective July 1, 2017

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/02/28/443010.htm

 

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