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

The climate is changing, and it has become abundantly clear that Florida is going to be badly damaged in the decades ahead.

With the state experiencing increasingly devastating effects of severe tropical weather and frequent flooding in some neighborhoods, there has never been a more important time for Floridians to have information that can inform their decisions, especially when it comes to purchasing or renting a home

cost to them.

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https://www.insurancejournal.com/news/southeast/2019/08/14/535443.htm

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Please call  Lee from L & S Insurance, Inc. 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,

The U.S. Treasury today issued final regulations and other guidance on a provision of the Tax Cuts and Jobs Act that allows owners of sole proprietorships, partnerships, trusts, and S corporations to deduct up to 20 percent of their qualified business income on their taxes.

Today’s final rules cleared up lingering doubts about whether insurance agents qualify for the full 20 percent deduction for their 2018 taxes and for years going forward until 2025 under President Donald Trump’s tax law. They do qualify.

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https://www.insurancejournal.com/news/national/2019/01/18/515313.htm

Please call Lee from Acentria Insurance at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life , Health and all group benefits.

Insurance industry losses from Hurricane Florence, which hit the Carolinas mid-September as a Category 1 storm, will be manageable and not have a severe impact on insurers, according to experts.

As the storm turned out to be less of a wind event and with flood excluded on most homeowners policies, it is expected insurers will not experience the significant losses that were initially feared. However uninsured flood losses could cost nearly $20 billion, by some estimates.

“All indications we have seen is [Florence] was more of a flood event than wind issue,” said Brian O’Neill, exectuive vice president for JLT Re’s National Catastrophe Practice.

According to Fitch Ratings, wind speeds from Florence diminished as the storm approached the U.S. coast and Florence was downgraded to a Category 1 hurricane before making landfall in North Carolina on Sept. 14. Fitch said the level of wind related damage to property is expected to be modest as a result of the significant decline in wind speeds, limiting losses to primary property insurance writers.

Catastrophe modeling firm AIR Worldwide estimated that industry insured losses from Florence’s winds and storm surge will range from $1.7 billion to $4.6 billion. Losses include downed trees that caused damages to homes and automobiles, downed utility poles, and shingle loss with isolated cases of more extensive roof damage.

Karen Clark & Co. said it expects insured losses from Hurricane Florence will reach $2.5 billion. That estimate includes insured losses to residential, commercial and industrial properties.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/09/25/502196.htm

Please call Lee from Acentria Insurance at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, Health Group and all financial products.

Flood insurance was far from Stephanie Walker’s mind in 2015 when she moved her family into a home in Fayetteville in central North Carolina, nearly 200 miles (320 km) from the coast.

The next year, a creek at the end of her street swelled during Hurricane Matthew, sending several feet of water into her living room. Without flood insurance, the family spent $70,000 on repairs. The U.S. Federal Emergency Management Agency covered $25,000 but the family had to borrow the rest for her home.

The houses on the street were built in 2005. Matthew was the first storm that caused flooding, but the fear of another flood is causing greater anxiety.

“This street should be demolished. Houses never should have been put here,” said Walker, 41.

After Matthew, the family bought flood insurance and felt protected when the waters touched their doorstep again during Hurricane Florence.

But they are a rarity. Only about 1 percent of homes in North Carolina’s inland counties are insured through the national floodinsurance program, according to federal data, compared with 25 percent to 50 percent of homeowners on the coast.

FEMA’s National Flood Insurance Program supplements regular homeowner policies, which do not generally include flood damage. For homeowners who do not buy the flood insurance, federal aid generally only partially covers repairs.

The average national flood insurance policy, which tops out at $250,000, costs about $700 per year, but varies depending on the elevation of the home, according to FEMA. Homeowners can buy supplemental insurance policies for more valuable homes through private insurers.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/09/19/501688.htm

Please call Lee from Acentria Insurance at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, Health Group and all financial products.

The number of Americans with flood insurance is on the rise, yet Hurricane Florence is likely to make it painfully clear that too many homeowners in the Carolinas and other vulnerable regions remain unprotected. .

An analysis of federal flood insurance records by The Associated Press found there were roughly 5.1 million active flood insurance policies in the U.S. as of July 31, up from 4.94 million a year earlier.

The Carolinas had modest gains – a 2.5 percent increase in South Carolina and a 3.5 percent increase in North Carolina.

But large gaps in coverage remain. South Carolina is the second-highest insured state for flooding, with roughly 65 percent of properties in flood hazard areas insured. But in North Carolina, where forecasters say the storm might bring the most destructive round of flooding in state history, flood coverage is less common, with only 35 percent of at-risk properties insured.

After blowing ashore as a hurricane with 90 mph winds, Florence virtually parked itself much of the weekend atop the Carolinas as it pulled warm water from the ocean and hurled it onshore. Storm surges, flash floods and winds scattered destruction widely.

Most of the gains observed in the federal flood insurance data over the past 12 months occurred in Texas, with about 145,000 new policies. Insurance experts say that Hurricane Harvey, which brought tremendous flood damage to Texas and Louisiana late last summer, helped increase public awareness that homeowners need flood insurance.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/09/17/501489.htm

Please call lee from Acentria Insurance at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial and life, Health and group benefits of all kinds.

I know our agency received about 100 calls in just our Fort Lauderdale location on the Day after Labor day before Irma was coming looking for flood Insurance. The fact is we have waiting periods of 10-30 days so last minute is way to lets for the storm so please be prepared.

Last year’s intense hurricane season has motivated most Florida residents to prepare for hurricanes that could hit the state this year, according to a recent survey by the Property Casualty Insurers Association of America (PCI). The results showed a higher percentage of preparedness among Floridians than other hurricane-prone states, but more than 60 percent still say they have not purchased flood insurance.

Nearly two-thirds (64 percent) of residents in Florida say they have taken precautions in advance of the 2018 hurricane season, according to a new poll conducted online by SurveyMonkey on behalf of PCI. More than half of the 654 Florida respondents of the poll, taken between July 9-23, said last year’s hurricanes prompted them to take precautions. Nearly 38 percent reported that their property suffered damage due to last year’s storms.

Among the other hurricane-prone states surveyed in this poll, including Texas, North Carolina, and Louisiana, Floridians reported being the most prepared. Overall poll results of 1,831 residents across Texas, North Carolina, Louisiana, and Florida found 56 percent have not taken any precautions this year in advance of hurricane season. Only 35 percent said that last year’s storms prompted them to take any precautions this year.

Florida is the most hurricane-prone state in the United States, with 40 percent of all United States hurricanes hitting the state, according to the National Oceanic Atomospheric Administration (NOAA). Since 1851, there have been 118 direct hurricane hits in Florida.

“While we’ve not had much activity this hurricane season in the Atlantic basin, the threat of a storm quickly developing is still a possibility. Historically, August and September are active months for hurricanes and as we saw last year with Hurricane Irma it only takes one storm to cause massive amounts of property damage,” said Logan McFaddin, PCI’s Florida regional manager.

The poll included various categories to gauge hurricane readiness, including:

Flood Insurance

  • 63 percent of Floridians do not have flood insurance despite 71 percent saying it’s necessary to help in recovery efforts following a natural disaster
  • 13 percent of residents do not know if their existing homeowners or renters insurance policy covers flood damage

Emergency Plans

  • 68 percent of Florida residents are familiar with their local municipality, county, or state evacuation plan, with the same percentage saying they have developed an emergency plan and shared it with their household
  • 54 percent in Florida have an emergency bag, which includes necessities such as medication, non-perishable food, and water
  • More than half (51 percent) have not conducted a home inventory in the event that property and/or possessions are destroyed, damaged, or lost in a disaster

Financial Preparations

  • 71 percent of Floridians have readily available cash or savings to meet short term expenses that may arise following a natural disaster
  • 69 percent report that they have stored important financial papers and documents in a safe deposit box or online for easy access

Contractor Fraud & Abuse

PCI said following a severe storm it is common for “crooked” contractors to try and take advantage of consumers needing repairs. In Florida, abuse related to water damage and assignment of benefits claims has been a particular problem and the insurance industry and regulators are working to educate policyholders on this escalating abuse.

  • 80 percent are at least somewhat familiar with the signs of contractor fraud and abuse
  • Yet, 14 percent said they would pay upfront for the rebuilding or repair costs if it meant getting their property fixed more quickly and 18 percent aren’t sure if they would
  • 8 percent of residents said they would accept an unsolicited offer from someone to make repairs to their home

Please call lee from Acentria Insurance at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial, & life, Health group and financial products as well.

While Congress works on various reforms to the National Flood Insurance Program (NFIP), the time is ripe for the private insurance market to step up and play a greater role in providing Americans needed flood coverage.

Last month in Salt Lake City, the National Conference of Insurance Legislators (NCOIL), a group of state lawmakers from around the nation, began taking a closer look at Florida’s model flood insurance regulation to see if it can be used successfully to encourage a vibrant private market in all 50 states

Those of us from Florida know the success it’s had here: The number of private companies offering flood insurance has more than doubled in the past two years (from 10 companies in 2016 to 25 companies as of the end of July, according to the Florida Office of Insurance Regulation).

Companies are also offering better pricing. Consumers are saving significant money through these private market alternatives.

The concept behind the Florida legislation is the old adage, “if you build it, they will come.”

Earlier this summer, a team of us worked with Florida Rep. David Santiago (R-Deltona) and Senator Jeff Brandes (R-Pinellas County) in crafting simple and permissive language to create and nurture a flexible and transparent private flood insurance regulatory framework in every state in the country. The result is a draft flood insurance narrative that was presented at the NCOIL meeting as a proposed Part V to NCOIL’s national model flood disaster relief bill. It’s based on Florida’s private flood insurance law, first enacted in 2015.

Florida’s flood insurance laws are simple and flexible, with the goal to provide consumer choices and alternatives to the debt-ridden, outdated, and increasingly expensive NFIP.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/08/01/496595.htm