One of the most crucial aspects of safeguarding a property is securing comprehensive insurance coverage. While standard homeowners’ insurance policies cover many types of damage, they often fall short in providing adequate protection against the destructive power of hurricanes and strong winds. This is where wind insurance coverage comes into play, offering homeowners a lifeline during the tumultuous times of…
Does it seem like it’s getting increasingly difficult to secure insurance coverage for your home? Rates continue to rise, coverage restrictions have become more increasingly common and in some cases, insurers have denied coverage entirely. These are symptoms of a hard market, and they may impact your insurance strategy. While our preference is to place our clients’ personal risk management…
Florida Gov. Ron DeSantis signed Senate Bill 418 into law on June 12, 2023. This bill, which was one of the last property insurance-related bills from the regular 2023 Florida Legislative session, takes effect on July 1, 2023, and addresses several property insurance issues. New Law Key Points The new Florida law introduces amendments to various insurance-related statutes. One significant…
With a storm surge of over 10 feet, homes destroyed, and many lives lost, Hurricane Ian was a powerful reminder of the devastation from such a powerful storm. With Ian’s impact still visible, it is an ongoing and important reminder on the need to be well prepared for flooding. Before a hurricane or flood it is essential to determine your…
Florida homeowners were already facing an expensive and difficult market for insurance before Hurricane Ian hit, with this devastating storm making that even worse. According to the Insurance Information Institute, homeowners in Florida pay the highest premiums in the country – nearly three times the national average. And Floridians’ premiums are rising much faster — about 33% or higher each…
With more than $109 billion in damage, Hurricane Ian is the costliest storm in Florida’s history and the third-most expensive to date. Hurricane Ian took two days to explode from a Category 2 hurricane to a monstrous Category 4 storm, and estimated to have caused more than $60 billion in private insured losses in Florida. In the wake of Ian,…
Senate Bill 2A (SB2A) is an important piece of property insurance reform that was passed in December 2022. The bill went into effect on January 1, 2023, impacting the state’s insurance marketplace in several critical areas. Below is a summary of several of the bill’s key provisions: No More Assignment of Benefits (AOB) Another sweeping change in the bill is…
With the start of the new year and the holiday season behind us, you don’t want to forget to insure expensive gifts so they can be enjoyed for years to come! To avoid the possibility of financial loss, consider purchasing a separate valuable items policy. Here’s what you need to know. Although a standard homeowners policy protects your home and…
Why are insurance carriers continuing to remain under a moratorium for placing new policies? While most insurance carriers remain under a moratorium and are not willing to place new insurance policies in Collier and Lee Counties, a few have reopened. Most carriers continue to uncover the extent of hurricane damage which occurred in our area and are not expected to…
While most insurance companies cater to the broader needs of the general market of consumers, for homeowners who maintain luxury homes, there are preferred insurance markets that offer policies with higher property coverage limits and better overall protection of assets. These preferred markets generally carry a financial stability rating of “A” or higher, meaning they perform at the top…
