Last week the Florida Legislature passed major insurance reform legislation in a special session. It is too early to predict the long-term results of the law changes. Legal challenges have already been filed. We do not expect any immediate changes in the troubled Florida insurance market. Following is a summary of the significant items and Learn More “Florida Insurance Market: Legislation Update”
For two years we have been warning about the oncoming Homeowners Insurance Crisis. Today the crisis is here and it is getting worse every week. Four Homeowners Insurance companies have failed in the past few months. Many more have restricted new business, cancelled existing policies, or announced plans to do so. Citizens, our state-run market of Learn More “Important Notice Regarding Florida’s Homeowners Insurance Crisis”
Your home protects you from the elements, but heavy rain in South Florida can weaken that protection. With a little maintenance and a lot of vigilance, it’s not hard to stay safe and dry. Spring rainstorms are a fact of life, especially in South Florida, and they help keep things green, even if they keep Learn More “Heavy Rain in South Florida? Be on the Lookout for Heavy Damage”
As insurance premiums skyrocket, many people think about self-insuring. Following are some thoughts that should be considered. Insurance was created and is best used to protect against significant financial risks that have low frequency of occurrence, but a severe potential impact. Natural disasters are a good example. Small risk exposures should be self-insured on a Learn More “Managing the Risk of Self-Insurance”
For two years we have written about the worsening Homeowner Insurance Crisis in Florida. We advised that premiums would increase – they have exploded. We warned that underwriting standards would tighten – they are now onerous. We predicted insurance companies would fail – two domestic carriers were placed in receivership in the past ten Learn More “Florida Homeowners Insurance Crisis Worsens”
How They Target You You’re enjoying a sunny afternoon on your patio when your doorbell rings. Not expecting company, you head to the front door of your house and there stands a person with a tablet in his hand, dressed like a construction worker. You open the door, confused, and can see a van with Learn More “Avoiding Contractor Fraud Scams”
Homeowners Insurance policies can be confusing and have many different sections and coverages. We’ve explained some common types of coverages you can choose from when applying for homeowners insurance in Boca Raton. Personal Liability Coverage In a very litigious society, you can’t be too sure whether or not someone will sue. Let’s say your son Learn More “Homeowners Insurance Coverages”
Florida is experiencing its most severe Property Insurance crisis in the past 30 years. This is not just a crisis of exploding premiums. It is a crisis of INSURANCE AVAILABILITY. Rampant and systemic insurance claim fraud and abuse coupled with increased hurricanes have crippled the available insurance market. Today the problems are primarily Learn More “Florida’s Insurance Crisis of 2021: Risks and Opportunities”
Now that we have officially rolled into 2021, have you started preparing your important documents for updates? We recommend doing so to protect your assets and peace of mind. Turn the uncertainty of life into certainty. With the past year we’ve all experienced, we could all feel a bit more secure. So, what types Learn More “Updating Your Important Documents: Life, Health & Financial Documents”
Below is a reprint of a recent agent’s newsletter from Olympus Insurance Company. Olympus is a leading provider of Homeowners Insurance in Florida. The newsletter provides excellent insights into the current Homeowners Insurance crises. Olympus is a valued partner of our agency and we appreciate Olympus’s approval to share this confidential document. State of Florida Learn More “The State of Florida’s Insurance Market: Welcome to the Thunderdome”