Please call  Lee from  USAsurance  & Calle Financial. 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.

As hurricane season heats up, a growing number of properties located outside of FEMA-designated high-risk flood zones are already flooding. The problem is especially bad in the urban areas of America’s cities. A national survey shows nearly 85% report experiencing urban flooding. Insurance claims are on the rise, too.

“Urban flooding is kind of this hidden danger among all flood risks in the United States,” according to Dr. Sam Brody of Texas A&M University and Director of the Center for Texas Beaches and Shores.

It occurs mostly in high growth areas, where development brings rain impervious surfaces, such as roads, driveways, and parking lots, which change the natural drainage pattern of the land.

“It’s bringing flood impacts to unexpected areas, sometimes miles outside of the FEMA-designated 100-year flood plain.”

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2020/08/06/578090.htm

Advertisement

Please call  Lee from  USAsurance  & Calle Financial. 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.

Florida’s state-run insurer Citizens Property Insurance Corp. will extend its moratorium on cancellations and nonrenewals until the end of 2020 despite saying earlier this month it would resume processing them on Aug. 15.

The decision comes after Florida CFO Jimmy Patronis urged the insurer not to cancel customer policies during hurricane season and the ongoing COVID-19 pandemic.

“Hurricane season is just beginning to heat up and we are in the middle of an unprecedented health and economic crisis. This is not the time to cancel Citizens’ home insurance policies,” Patronis said in a public statement released by his office, the Florida Department of Financial Services, on July 24.

The insurer originally announced in an agent bulletin July 9 that it would resume the processing of cancellations and nonrenewals beginning Aug. 15, 2020, after imposing a moratorium in March to address a significant uptick in the percentage of premiums not paid by the due date.

Citizens reported that figure has since fallen to pre-COVID-19 levels, and now stands at 7.5%.

Patronis noted that what policyholders owe must still be paid, “but cancelling their policies during hurricane season should not be an option.”

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2020/07/28/577046.htm

Please call  Lee from  USAsurance  & Calle Financial. 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.

The Fla.-owned insurer wrote to customers who haven’t made payments due to COVID-19 that they must pay all money owed by Aug. 15 or face cancellation.

TALLAHASSEE, Fla. – Florida’s state-run insurer of last resort says it’s time to pay up.

Citizens Property Insurance Corp. customers who have been unable to make their homeowner insurance payments because of a COVID-19-related hardship will have to come up with a way to fulfill their obligations or face cancellation after Aug. 15, the company said in letters sent to agents and customers this month.

As of July 17, 13,063 Citizens customers – about 7.5% of the company’s 481,000 policies – were past due, according to the company. They include 8,107 whose policies were renewed with no down payment since March, leaving customers owing hundreds if not thousands of past-due dollars.

Some agents worry that continued high rates of unemployment will prevent many of those homeowners from resuming making payments next month, causing them to lose their insurance just as the worst part of the hurricane season approaches.

Homeowners with mortgages would then face having their lender force-place an insurance policy, a more costly option which would increase the debt and possibly lead to foreclosure. Homeowners without mortgages would bear the cost of their own repairs – if they could afford it.

Making matters worse, the resumption of cancellations and nonrenewals comes amid skyrocketing renewal rates – a result of heightened hurricane activity, claims fraud and rising costs for insurance that insurers must buy.

“Payments have been deferred and people are still not working. How are they going to pay?” asks Dulce Suarez-Resnick, vice president of NCF Insurance Associates in Miami. “We all thought this pandemic was going to last two or three months. But it’s been much longer and we don’t know when it’s going to end.”

Please enjoy the full article below:

https://www.floridarealtors.org/news-media/news-articles/2020/07/citizens-insurance-could-drop-75-its-policies-aug-15

Please call  Lee from  USAsurance  & Calle Financial. 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.

Citizens originally stopped these processes on March 27 “to ease the burden for policyholders” due to the impact of the COVID-19 health risk.

The insurer said direct-billed customers with past-due premium accounts must make a payment to avoid cancellation by August 15. For policyholders who are unable to pay their past-due amount, Citizens will allow them to make a payment arrangement. This option is available only to COVID-affected policyholders with past-due balances, and they must contact Citizens by August 15 to initiate the arrangement.

Payment arrangement options are not available for new business or current policyholders who have less than three months remaining in their policy term.

Citizens said it would immediately email impacted agents and provide policy lists and details regarding payment options, as well as mail/e-mail eligible past-due policyholders with payment options and related information. It will also contact via mail or e-mail ineligible policyholders with information that their policy will cancel if payment is not received by August 15.

If a customer’s coverage is no longer is needed, agents should cancel it in PolicyCenter as soon as possible, Citizens said.

Additionally, Citizens has developed special payment arrangements for eligible policyholders affected by COVID-19. Specific details are available on its website. The special payment arrangement will divide the past-due amount evenly by the number of months left in the term. The option is available for its commercial and personal lines products, except for new business or for current policyholders who have less than three months remaining on their policy term.

Please enjoy the full article below!

https://www.insurancejournal.com/news/southeast/2020/07/14/575403.htm#

Please call  Lee from  USAsurance  & Calle Financial. 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.

At WeInsure, since we carry National General, we will soon also be able to sell Allstate policies!!!!!

U.S. Insurer Allstate Corp. said on Tuesday it will buy National General Holdings Corp. for about $4 billion in cash, scaling up its auto insurance business at a time when the coronavirus has crushed traffic on roads and reduced claims.

National General’s shareholders will receive $32 per share in cash and closing dividends of $2.50 per share for each share held. This would imply a total deal value of $3.92 billion and a premium of about 69% to National General’s Tuesday close, Reuters calculations showed.

Please enjoy the full article below;

https://www.insurancejournal.com/news/national/2020/07/08/574808.htm#

Please call  Lee from  USAsurance  & Calle Financial. 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.

Within the past few months, experts in all industries have analyzed the ways the coronavirus pandemic will affect their business environments. Insurance is no different.

As the pandemic’s impact on the insurance market gradually unravels, experts can turn to various indicators to determine how much the industry has been affected thus far.

Consider USI Insurance Services’ recently released “Q2-2020 Commercial Property & Casualty Insurance Market Outlook Report,” which highlights key industry trends amidst ongoing COVID-19 challenges.

“While it is too soon to determine the full impact of COVID-19 on the property & casualty insurance industry, markets are facing unique and interrelated challenges that industry insiders feel will continue through 2020 and well into 2021,” Robert Meyers, senior vice president, property & casualty leader at USI, said in the report. ”In fact, as rate increases, capacity reductions, and other negative trends continue to harden the market, the industry faces a number of challenges and uncertainties resulting from the ongoing COVID-19 pandemic. The property, umbrella/excess liability, casualty, and directors & officers (D&O) liability markets are currently dealing with the most significant issues.”

Among USI’s findings is the reveal that all segments of the property sector are experiencing higher rates, capacity restrictions/limitations, and other challenges resulting from excessive underwriting submissions, virus claims and lawsuits, and more.

Please enjoy the full article below;

https://www.propertycasualty360.com/2020/07/06/pc-insurance-market-outlook-q2-2020/?ref=insurancedailynews

Please call  Lee from  USAsurance  & Calle Financial. 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.

Consumer advocate calls for auto insurers to provide more premium relief

The Consumer Federation of America (CFA) has requested that auto insurers in Michigan further reduce premiums for their customers to account for reduced driving activity and accidents during the COVID-19 pandemic.

Earlier this month, Michigan Governor Gretchen Whitmer and the state’s Department of Insurance and Financial Services (DIFS) ordered all auto insurers to either issue refunds or premium waivers to consumers.

Read more: Governor, Department of Insurance mandate insurer rebates

But the CFA believes that insurers can do more to compensate drivers, especially since the pandemic-driven lockdowns have led to drastically reduced driving activity and less roadside collisions – while insurers continued to charge regular rates.

“They are sitting on this coronavirus windfall, and they need to give it back,” CFA national insurance expert Doug Heller told MLive.

Please enjoy the full article below:

https://www.insurancebusinessmag.com/us/news/breaking-news/consumer-advocate-calls-for-auto-insurers-to-provide-more-premium-relief-226272.aspx?ref=insurancedailynews

Please call  Lee from  USAsurance  & Calle Financial. 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.

Florida’s state-run Citizens Property Insurance Corp. has joined a chorus of insurance companies accusing the Strems Law Firm of lawsuit abuse. Citizens says it has lost millions of dollars due to an alleged scheme of “sham” claims by the law firm, a public adjusting company and restoration company.

Citizens also alleges a “pattern of racketeering activity in violation of [the Racketeer Influenced and Corrupt Organizations Act] RICO.”

The allegations came in a civil complaint filed against Fort Lauderdale-based The Strems Law Firm; attorney Scot Strems; public adjuster Guillermo Saavedra and his public adjusting firm Contender Claims Consultants (CCC) of South Miami; and All Insurance Restoration Services (AIRS) of Miami, its president Cesar I. Guerrero, and its operations manager Derek Parsons.

“This lawsuit is about what we contend are concerted actions by the defendants to abuse the claims process for their own gain, and to the detriment of both Citizens and our policyholders,” Citizens Spokesperson Michael Peltier told Insurance Journal. “These abuses have made it virtually impossible for Citizens to handle claims efficiently and effectively. We believe we had no choice but to file this suit to address the costs of these abuses that are shouldered by all Citizens policyholders through higher premiums.”

Citizens filed the complaint in the Second Judicial Circuit Court for Leon County, Fla., on June 16. The 26-page document details Citizens’ allegations of how Strems, his firm, CCC and AIRS acted individually and in concert to defraud the insurer into paying for “sham first-party property insurance claims.”

Representatives for Strems, CCC and AIRS did not return Insurance Journal’s request for comment on Citizens’ allegations.

Please enjoy the full article below

https://www.insurancejournal.com/news/southeast/2020/06/22/572946.htm

Please call  Lee from  USAsurance  & Calle Financial. 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.

Most Fla. property owners will likely pay more when their policies renew, as insurers pass along increasing costs of coverage they need to pay claims after a disaster.

FORT LAUDERDALE, Fla. – Florida homeowners, already paying nearly the highest home insurance rates in the nation, should get ready for more sticker shock if and when their policies next renew.

Premiums for most Florida property owners are poised to jump again – sharply – as insurers pass along skyrocketing costs of coverage they need to pay claims after a catastrophic hurricane or other weather event.

That coverage is called reinsurance. It’s insurance that insurers must buy to prevent them from going broke – and to make sure you get paid – after a disaster.

By the June 1 start of every year’s hurricane season, insurers negotiate new reinsurance contracts for the upcoming year. Global capital firms provide the coverage, financed by investors who hope their outlay brings them a higher percentage of profit than if they had left the money in stocks, bonds or other investments.

This year, reinsurance prices increased 20% to 30% in Florida, and averaged 26.1% for companies that cover the most vulnerable catastrophe zones in the U.S., according to a report from artemis.bm, a reinsurance-focused news website.

The increases are the steepest in Florida in more than a decade and are similar to increases that drove up rates for policyholders after the 2005 hurricane season, the report stated, adding that companies hit hardest by claims and lawsuits in recent years faced increases of more than 45%.

Big hikes coming for policyholders

Industry experts say the increases soon will trickle down to Florida property owners who already pay $3,643 on average a year to insure their homes. That’s nearly $1,338 more than the national average

Please enjoy the full article below;

https://www.floridarealtors.org/news-media/news-articles/2020/06/insurance-firms-ready-charge-more-money-storm-season

Please call  Lee from  USAsurance  & Calle Financial. 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.

Retroactive business interruption measures could bankrupt US insurers in two months

Global pandemics like COVID-19 have been deemed uninsurable by private insurers. The sheer size and unpredictability of pandemic events makes them nigh on impossible for the industry to apply a standard underwriting practice to. For that reason, most standard insurance contracts around the world include clear policy wording that excludes coverage for pandemic and communicable diseases.

Despite common virus and bacteria exclusions, a significant number of lawsuits and class actions have been filed against US insurers for denying business interruption claims resulting from coronavirus-related losses. The industry has taken a united stance in that they cannot pay claims on insurance policies for which they collected no premiums due to the virus and bacteria exclusions, but that has not stopped some policymakers from suggesting retroactive measures that would essentially force insurers to rewrite contracts and pay out business interruption losses.

The suggestion of retroactive measures has caused major concern in the industry, with executives like Chubb CEO Evan Greenberg suggesting it would “bankrupt the industry”.

Please enjoy the full article below:

https://www.insurancebusinessmag.com/us/news/breaking-news/retroactive-business-interruption-measures-could-bankrupt-us-insurers-in-two-months-225240.aspx?ref=insurancedailynews