Please call  Lee from Calles Financial and Chaisteli Insurance  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.

34 Florida carriers have 100% or more claims to revenue last year in 2019. Some are as high as 120% of revenue. AOB has caused this problem with no end in sight for rate hikes. Carriers will start to non renew their books of business, older homes, homes with water damage claims. This will hit the housing market & 1st time Homebuyers chances to buy homes will be even more less likely. There was supposed to be a special session about just Insurance in Tallassee in mId March, but now w/ the COVID-19 break out, that session may never happen this year. Everyone needs to understand their Home Insurance policies, coverages or lack their of.

If you want this full e-mail, please contact me at lee.gorodetsky@gmail.com

Here is the beginning of 12 pages of information and charts & graphs,

 

Demotech set to reveal downgrades as
full-year results show Florida pain
Demotech has affirmed the majority of the 46 Florida homeowners specialists it rates with the
remaining carriers awaiting their fate as the agency completes its review of 2019 financials
that reveal widespread operating losses and actions to shore up balance sheets, The Insurer
can Demotech is the only firm that rates most of the Florida specialists and its financial strength
ratings are critical to them because lenders typically require insurance policies bought by
homeowners in the state to be from A rated carriers.
As previously reported, in January this year the ratings agency warned of a potential slew of
downgrades in response to a range of macroeconomic and unique state specific issues faced
by Florida-focused carriers.
And analysis by this publication reveals 36 out of 46 companies we compiled data on from
2019 statutory annual statements fell to an operating loss in 2019. A total of 34 of the carriers
reported combined ratios of over 100, with 14 at over 120 percent.reveal.

 

 

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Please call  Lee from Calles Financial and Chaisteli Insurance  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.

Here are the ones still in question. The bad ones. Will they be bought out or go out of business by the State Mandate next week. With Hurricane season coming and all the Covid 19 stuff happening, please don’t wait.

The companies that are still in discussions and will either be affirmed or downgraded, as of March 26, include: Avatar Property & Casualty Insurance Co., Centauri Specialty Insurance Co., Cypress Property & Casualty, Omega Insurance Co., Safepoint Insurance Co., Tower Hill Select Insurance Co., and Tower Hill Signature Insurance Co

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2020/03/27/562512.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

Please enjoy the full link below.

https://myemail.constantcontact.com/NAIFA-Florida-Session-Dispatch-Week-3.html?soid=1118019259448&aid=52_cvHub5XU

Please call  Lee from Calle 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 them.

Hurricanes Irma and Michael served as a reminder that Florida, more than any other state, is at risk of one of the most intense natural perils, namely hurricanes. The existence of a stable insurance market providing its customers with a wide choice of affordable insurance is essential for the Florida economy to prosper.

Nonetheless, the Florida insurance market faces various challenges, the most critical from a reinsurance perspective being:

The litigious environment that is driving unprecedented social inflation threatening the affordability and availability of private insurance and impairing (re)insurers efforts to address existing insurance protection gaps with innovative products.

The need to enhance and consistently enforce building codes reflecting the latest scientific developments to create more resilient communities that will save lives and mitigate damage from catastrophes

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/07/30/534215.htm

HB 803 and SB 408 are about ready to go to a full vote in Tallahassee and be signed by the Governor. This is part of the sweping Insurance reform bills going through this legislative sesion and to be signed by our new Governor Rick Scott. This will allow claims to get paid after the work is completed and it shortens the amount of time you have to file a claim and get paid. There are also parts of the bill that will not allow you to use a Public Adjustor for claims against Citizens Insurance and other carriers are following that lead as well. I am no fan of Public adjustors, but there is a need for many, but they have caused   hundreds of millions of dollars  of Fraudulent claims that have been paid and have contributed to this problem. Please read the full article by Julie  Patel of the Sun Sentinal and please contact us here at L & S Insurance for all  your Insurance quotes and needs;

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/04/final_stretch_for_sweeping_pro.html

During this year 140 carriers have had rate hikes ranging from 1% to 29% on a state wide average. Whatever the rate hike is, South Florida get’s double the average. Although this is necessary and I agree w/the Ins. Commissioner, why so late????  Why did he agree w/ Governor Christ before and why did he not start pushing the property bill till it was late in the game! My personal feeling is that he is looking to keep his job and no more.  He is a politician and like everyone else, he does not want to get fired. Over the last 3 years rates have fallen by 30-50% across the board and now we head back up, what is wrong w/ this picture. Home owner’s in Florida are upset and the entire system for Home Insurance is in turmoil now and for several years to come. Why did it have to come to this? As if this was not enough, it appeears that Citizens Insurance also needs major rate hikes so when will our Legislature in Tall. get wise and fix the problem before disaster strikes. I guess I ask to many questions, but please read th full artucle below:

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/08/florida_insurance_commissioner_6.html

The bill passed the Insurance committee and with the bill that passed last week it  looks  like Insurance rates are on the rise big time in Florida for the next 3 years at a minimum. The statewide average is scheduled to be not much next year at 5% and then go to 10% and 15% respectively, but this is an avaerage. Those averages are usually double or more for South Florida and less  for areas like Ocala, Tallahassee  and Jacksonville.This means that mitigation inspections, and any discount you can get will be so valuable. Hurricane season is now 8 weeks away so the pressure is on in Tallahassee to get things done and they are moving quickly.This will help the Insurance markets  because of the higher premiums and this should also help w/ the issue of capacity, but who will be able to afford the Insurance they must carry for the mortgage company?There is hope that this will allow more companies like State Farm and other’s to re enter the market because of the higher premiums, but that is yet to be seen.Citizens will also be increasing their premiums as well. Please read the full article below;

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/03/senate_panel_passes_bill_allow.html

Losses in North Georgia will exceed  250 million over the last several days and 80% do not even have Flood Insurance. Your Home Insurance policy  and Flood policy work together to be sure you are paid  for a claim and not will the claim get paid???  Please read the full arrticle below;

http://www.insurancejournal.com/news/southeast/2009/09/23/103979.htm

I have been thrilled yet nervous about this quiet Hurricane seson we have had so far. Hurricane Andrew was the first of that season and hit late  August. Hurricane Wilma was the only main storm for Florida that year, but did not hit until late October. Please review your Home Insurance, Flood Insurance, and Auto Insurance coverage’s with your agent to be sure you are protected properly. Also, if you have a new roof,new garage door, new front  door, hurricane shutter’s or window’s covering all opening’s, please do the mitigation inspection. The savings will be good for 5 years and you will be able to use it for 5 years.The cost is minimal and you could save thousand’s over that time period.

Tropical storm Fred is off the coast of Africa, but does not appear to be a  threat for Florida.  It appears Fred will turn to the North as early as today or tomorrow and head into the open Atlantic. This is always a good time to check your coverage’s  with your home insurance policy to be sure you have what you need when the time comes.Do not wait until Murphey’s law takes hold and  you do not have propor coverage.