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Why Are Homeowners Rates Going Up?

When you receive your renewal offer, most of you will probably notice a 10-35%+ rate increase.

Lets review the reasons why:

REINSURANCE rates that are charged to insurance companies by worldwide insurance underwriters such as Lloyds of London, Swiss Re have gone up significantly.  Reinsurance is an insurance policy that our Florida carriers take out on themselves to give them protection in the event of a catastrophe.  Even though we have experienced no major storms in 5 years, catastrophes have occurred all over the world (ex Northeast storms, Missouri Tornados, Worldwide Earthquakes) which require massive Read the rest of this entry »

Tags: allstate, flood insurance, homeowners coverage, homeowners insurance, homeowners policy, seth friedman, umbrella policy, weston agency

Homeowners Insurance Crisis

The Long Awaited Update

It has been over four years without any storms and Florida insurance policy cancellations are continuing this year.  Florida’s largest private property insurance company is moving forward with an approved plan to cancel 125,000 policies on homes, condominiums, and mobile homes. While this is good news compared to the estimated 700,000 policies it was originally planning on non-renewing, this is still a significant number of Florida homeowners who are going to be scrambling to find new coverage.

Cancellations Uptick In Florida

Another large national company announced plans late last year to cancel another 60,000 policies as it continues to cut back its Read the rest of this entry »

Tags: allstate, flood insurance, homeowners coverage, hurricane, Insurance, seth friedman