Please call Lee from Acentria Insurance at 954-351-1960 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life & Financial products as well.

The House of Representatives on Tuesday voted 237-189 to pass the 21st Century Flood Reform Act (H.R. 2874) – a package of seven bills that reauthorizes the National Flood Insurance Program (NFIP) until 2022 and introduces various reforms.

The fate of the NFIP now rests with the Senate, which may adopt the House bill or a version of it, advance its own bill, or do nothing

There are a lot of good reforms in this bill for both taxpayers and ratepayers,” said House Financial Services Committee Chairman Jeb Hensarling (R-Tex.). “It is an absolutely revolutionary reform that we can break open the government monopoly and bring in market competition, innovation, more affordable rates for so many.”

Democrats said the measure would raise costs on low and middle income homeowners through higher premiums and surcharges and mean fewer people would buy flood insurance. They also warned it could trigger foreclosures in some high-risk, low-income areas.

Some of the reforms in the House bill seek to encourage more private flood insurers to enter the market; reduce costs from repetitive loss properties, improve flood mapping; cap annual premium increases and surcharges; continue the current practice of grandfathering certain properties from risk-based rates; and require the Federal Emergency Management Agency (FEMA), which administers the flood program, to share historic flood loss data with private insurers. Another provision would permit WYO insurance companies to also sell their own private policies, a practice now prohibited.

Other provisions would reduce the reimbursements to the private insurers involved in the WYO program; limit the premium on any residential property to $10,000 a year regardless of the property value; allow businesses to opt out of the flood insurance requirement after one year; and permit localities to create their own flood maps,

Hensarling stressed the need to mitigate the costs of repetitive loss properties. “We have to realize if we’re going to make this program sustainable we cannot have one percent of the properties causing 25 percent of the losses. Ultimately, if all we do is rebuild the same properties in the same fashion in the same location, that is neither wise nor compassionate,” said the congressman, who has announce he will not run for re-election.

The final House measure does not go quite as far in some ways as the original seven measures passed by Hensarling’s committee. To assure passage, Hensarling withdrew or amended several provisions including one that would have blocked NFIP from selling policies to homes valued at $1 million or more.

Please enjoy the full article below;

https://www.insurancejournal.com/news/national/2017/11/15/471159.htm

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Please contact Lee at Acentria Insurance at 954-351-1960 for free quotes On Home Insurance, Flood Auto, Private Flood, Car Insurance, Business & Commercial policies and Life & Financial products as well.

Hurricane Irma’s damaging rampage through Florida may require the state fund that provides backing to private insurers to pay up to $5.1 billion in claims.

Anne Bert, chief operating officer for the Florida Hurricane Catastrophe Fund, said Thursday the fund will be able to pay claims with cash. That means the fund will

The financial health of the fund is important because the state can impose a surcharge on most insurance policies to replenish it if money runs out. Some critics have called the surcharge a “hurricane tax.”

The fund entered storm season in good financial shape and new estimates conclude the fund could borrow up to nearly $8 billion.

The $5.1 billion claims estimate is preliminary, but actuaries said they based it on experience from previous hurricanes.

not have to borrow any money.

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https://www.insurancejournal.com/news/southeast/2017/10/30/469653.htm

Please call Lee at 954-351-1960 for free quotes on Home Insurance, Flood, Private Flood, Auto and Car Insurance, Business & Commercial Policies as well as Group Benefits & Life & Financial products as well.

Home Insurance, what will be happening now since Hurricane season 2017?  Well Insurance rates were already on the rise because of assignment of Benefit issues or AOB. Public Adjustors and how they try to turn all claims into huge payouts and the promises they tell people should not be allowed as they will take 20% of all funds and then the consumer has less to cover the actual repairs from the  claim. I hear the phrase “we will get you more money, but no Insurance company ever pays more than 100% of a claim , in fact you get less as you have a deductible and something’s are simply  not covered like  if it would be considered  maintenance and repairs. That being said, if a claim is not paid well and you think you should deserve more then you should hire an attorney as those fees are billed to the Insurance company and does not take away from the consumer’s payout. In fact if an attorney needs to they can hire a public adjustor and those costs will be billed to the Insurance company and not the Claimant which is better for the consumer. The worst is now to come because if you did hire a Public adjustor and now still need to hire an attorney, your PA also still gets paid even though the attorney will handle he claim as PA’s do not read and understand contracts in most cases. This was happening all before Hurricane season and rates had been projected to go up in the next 5 years from 10-50%. Having an agent that can shop many carriers is your best way to keep your rates in check. I highly recommend this si a question to always ask the agent and the answer should be 15 or more to give you the best chance of shopping well for your rates. There are about 35 carriers doing business currently in S. Florida so 15 or more is the magic number.

 

Well, this was happening and now in Florida we had Hurricanes Irma and Maria to a lesser degree. The effects of that are not yet known, but if we remember what happened after Hurricanes season 2004 and 2005 with Wilma, we did see a lot happen and some of that could be happening again as history tends to repeat itself. First, carriers , because of the reinsurance they have will likely be non-renewing people in specific zip codes to reduce the exposure they now carry in Florida. Many thousands of people will receive notices of non-renewal for what is called exposure management and have to get a new policy somewhere. That can mean new inspections and if the home has current damage, they will not be able  to get coverage till all repairs are made. As if rate hikes and non-renewals,  while having to pay for new inspections, is not enough, it could get worse. Although we fared well and many claims were below the deductibles and many claims were flood and not Home Insurance claims, some carriers will start to feel the pinch in their reserves that the state of Florida  requires them to have based on size. It is possible that many carriers will not be able to meet the increased requirements imposed next year and then the company will be put out of business and all policies from that carrier will also have to be rewritten. Either way, the consumer will be reminded about the after effects of Wilma as this begins to unwind next spring or so. To make it not quite as simple, the wind Mitigation Inspection now required to receive discounts on your Home Insurance policy, will again be revised from a 5 page form to a 6 page form which will make discounts harder to receive and raise prices without actually raising them. Remember that losing a discount is not a rate hike, but the consumer still feels the rate hike because of the loss of a discount.

 

My last item is on Flood Insurance in Broward County and Florida. Remember , because we live on a Peninsula surrounded by water , we are all in a flood zone and to not be in a flood zone in Florida is quite Impossible. If you are told you are not in a flood zone, that is incorrect, you are in Flood zone x which does not require flood Insurance because you are low risk. The prices are also low about $400 per year depending on a few items that need to be discussed. We saw what happened here in June with the floods in West Broward and we saw Texas and Florida as well as the Caribbean suffer so many flood claims, why should that be you. Seepage is a huge claim in Florida and it occurs in all flood zones including zone x which is now 70% of Broward county since August 2014. If prices are an issue, please remember that if you cannot afford the premium, you certainly cannot afford the claim. FEMA does not give money to you. What you receive from them, if anything will be a low interest or possibly no interest loan which will carry a lien on your property so be aware please. If anyone would like to discuss this or anything on Property Insurance please call me at 954-351-1960   at work or my cell is 954-270-7966.

 

Thank you,

 

Please call Lee at Acentria Insurance at 954-351-1960 for free quotes on Home, Insurance, Flood, Private Flood, Car and Auto Insurance, Business & Commercial polices & Life & financial as well as group benefits. I will refer to our best agents around the state of Florida.

 

New NFIP Re-authorization Deadline Holds:   December 8, 2017

 

Despite the recent flood events, it seems that the NFIP re-authorization will likely not occur in time for the Dec. 8 deadline with another short term extension likely.  The good news is that the Disaster Relief proposed by the Administration has forgiven $16 B in NFIP debt and the focus would indicate that it is unlikely that a lapse of the NFIP will occur.

NFIP Debt Forgiveness & the Trump Administration

 

The NFIP’s debt will drop to approximately $14.5B and offer enough available borrowing authority to pay all outstanding claims due to yesterday’s passage of a Disaster Relief Spending bill proposed by the Trump Administration and sent to the President for signature.

 

The Administration’s disaster spending proposal, including 16 B in NFIP debt forgiveness, came with 15 proposed NFIP reforms which could complicate any future NFIP re-authorization discussions.

 

While Wright Flood continues to work to oppose eliminating access to the NFIP for any property unable to find coverage in the private market, we do support proposed reforms that strengthen the development of a private flood insurance market.

What Does it All Mean for NFIP Re-authorization

 

While Congress remains engaged with NFIP re-authorization and reform

issues, Wright Flood looks to take advantage of the additional time afforded by the short term re-authorization to continue the push for our combined priorities including:

  • Long term, prompt NFIP re-authorization;
  • Fair, business driven compensation for WYO insurers and our insurance producer partners;
  • An even playing field to allow private insurers the opportunity to further develop a private market for flood insurance;
  • The ongoing financial stability of a robust NFIP

Please keep in touch and be on call should we need your political action and support during this process.  In the coming weeks, Members of Congress will be visiting areas impacted by Harvey and Irma.  If you see or gain access to any Member of Congress, make certain they understand the importance of long term NFIP re-authorization for the communities you serve and for you as a business in those communities. 

 

Please call Lee at 954-351-1960 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life & Health Insurance and Group financial products as well.

 

Nearly 17,000 flood insurance claims connected with Hurricane Irma have been filed, and more are expected in the coming weeks.

The Sun-Sentinel reports that of 16,786 flood claims filed through Thursday, 3,969 were filed in Monroe County.

FEMA data shows that Miami-Dade residents have filed 1,870 claims, 829 have been filed in Broward County and 199 have come from Palm Beach County.

Other counties with large numbers of flood insurance claims are Duval, with 1,514, Lee, with1,426 and Collier with 1,364.

Fewer than 200 claims have been filed in Hillsborough, Pinellas and Charlotte counties – an example of how the Tampa Bay region was spared the severe impact feared by forecasters.

http://www.insurancejournal.com/news/southeast/2017/09/27/465727.htm

Please call Lee at 954-351-1960 for free quotes on Home Insurance, Flood, Private Flood, Auto, Business & Commercial policies as well as Life, Disability and all group products.

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

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