Citizens to Shed another 81,500 Homeowners Insurance Policies

Citizens is shedding more policies to new, private insurers. IF this happens to you, make sure you call your insurance agent and review the specifics about the new company and the coverage offered. Many of the "take out" companies offer enhanced coverage compared to the Citizens policy you previously had. Also, be aware that many of the new companies have a "right to repair" clause in their policy which means they can choose the contractor to repair damage. Stay informed about your options and call Boca Insurance Group- 954-596-0691.  

For more information please read this article that outlines Citizens plans- Click Here

Deal Reached to Delay Increases in Flood Insurance Premiums

Key House and Senate members have reached a bipartisan deal to delay changes to the federal flood insurance program that are raising premiums for many homeowners. The bill would require regulators to address affordability of the coverage before implementing rate hikes.

Here is a link to the entire article from the Insurance Journal

Hopefully, this signals a desire to reconsider the increases in flood insurance premiums that in some cases could increase flood insurance premiums as much as ten fold.  This article from today's Sarasota Herald-Tribune illustrates how the increases in flood premiums are hitting middle income families in the community.  Many lawmakers stated that these increases were only going to hit the rich, waterfront properties, but as you can see from the Sarasota Herald-Tribune article, the increases are hitting all income brackets.

There will be much more to some on this subject as this is only a four year delay of the proposed changes.  Part of the bipartisan deal calls for FEMA to do an affordability study which will hopefully point out the burden placed on homeowners. 

There are a number of groups in favor of the increased flood premiums as pointed out in this article  This promises to be a fight for many years. 

Please be aware that homeowners insurance policies do not cover flood damage.  Not having flood insurance in Florida is a serious gamble that could have disastrous consequences effecting your most valuable asset.  Protect your investment in your home by purchasing flood insurance.

Please call Boca Insurance Group with any questions about flood insurance or any of your insurance needs.  We are a full service insurance agency offering advise on all forms of insurance. 

Boca Insurance Group- 833 SE 9th Street, Deerfield Beach, FL 33441- 954-596-0691

www.bocainsgroup.com  pat@bocainsgroup.com

Are you covered for all that a hurricane can bring?

Many consumers erroneously believe their homeowners insurance policy will cover them for all damage caused by a hurricane.  Please be aware that Homeowners Insurance policies do not cover damage caused by flooding- this includes flooding from a hurricane, including storm surge.  Flood insurance is relatively inexpensive and is administered by FEMA and the Federal Government. 

These two articles, from the Wall Street Journal and the New York Times, give some good information about flood insurance and the need for this special coverage.

Did you know a policy that covers your home for $250,000 and $100,000 in contents can be as little as $365 annually in a non-high risk flood zone.

Not sure if you are in a high risk flood zone?  Call us at 954-596-0691 or e-mail us at pat@bocainsgroup.com and we will check for you. 

Please do not miss out on this affordable important coverage.  Flood insurance has a 30 day waiting period- meaning you will not be covered for thirty days once you purchase flood insurance.  Don't delay.

Boca Insurance Group is a full service independent insurance agency specializing in hurricane coverage.  Please call us today to see how we can help you.  954-596-0691.

Tropical Storm Sandy Should Miss Florida

Tropical Storm Sandy is forcast to miss Florida but it still bears watching.  Click Here for a link to the National Hurricane Center's updates on Tropical Storm Sandy.

Boca Insurance Group provides all forms of insurance with special expertise in hurricane insurance in Florida.  Please call us today at 954-596-0691 to find out how we can help you save on your hurricane insurance.

Citizens Rate Hike Approved

 
Citizens Property and Casualty gained approval for an average rate hike of 10.8% on homeowners insurance policies and 8.8% for dwelling fire policies.  Click Here for the full article.  The rate increas will take effect January 1. 

Depending on the age of your home, you should not be insured by Citizens if you can help it.  Boca Insurance Group has a number of companies insuring homes throughout Florida with reasonable rates and better coverage.  Call us today to find out how we can help 954-596-0691 or e-mail us at pat@bocainsgroup.com.

Citizens is Shedding More Policies

Citizens Property and Casualty is in the process of moving close to 300,000 policies to private insurers.  Click Here for more from the Sun Sentinel. 

If you are currently insured by Citizens you may receive, or may have already received, a notice that Citizens is transferring your policy to an admitted private insurer.  The new company is prohibited from raising your premium more than 10% per year for the first three years and must offer comparable coverage.  While, this sounds great, companies will almost certainly review your coverage and confirm you are receiving property wind mitigation discounts.  This can often increase your premium substantially.

I always advocate finding coverage with another insurer other than Citizens.  I would encourage consumers that receive this letter to take the time to explore your options, not just with the company that is taking over the policy, but with other companies.  As an independent insurance agent, Boca Insurance Group represents a number of quality companies that are issuing new policies.  As a tip, it is much easier to find coverage when it is not hurricane season or it is getting close to the close of hurricane season. 

Call us today at 954-596-0691 or e-mail us at pat@bocainsgroup.com  to learn how we can help you achieve BIG Insurance Savings! 

As always, visit our website www.bocainsgroup.com for more information and tips.

Citizens Rate Hikes

It looks like Floridians with homeowners insurance with Citizens Property and Casualty will get hit again with a rate increase. 


Hearings were held yesterday about the proposed rate increase of 12% overall.  This Miami Herald article lays out the specifics for the proposed rate increase. 

The State of Florida needs to make a decision as to whether they want Citizens to be the insurer of last resort- meaning their rates are higher than all other insurers or if they want Citizens to offer relief in these tough economic times with lower interest rates for consumers.  While many people in South Florida would like to see premiums with Citizens either remain the same or decrease, many in other areas of the Florida feel they are subsidizing South Floridians through higher rates of their own.

All Floridians are currently paying for claims that occurred with Citizens during the 2004 and 2005 hurricane seasons.  If you review your insurance bill for all insurance except workers compensation, you will see a surcharge Citizens Emergency Assessment which covers the shortfall Citizens had in covering the claims of 2004 and 2005. 

Please keep in mind if you have insurance with Citizens you are subject to an assessment if Citizens runs a shortfall again.

Insurance coverage from other companies is available throughout Florida but it often depends on the location and age of the property.  If you are currently insured with Citizens, call Boca Insurance Group to see how we can help you find a new insurer- 954-596-0691 or visit our website at www.bocainsgroup.com

Click Here for a link to Citizens website and find out more about the proposed rate increase.

Flood Insurance Very Important in South Florida

Flood Insurance Very Important in South Florida

Tropical Storm Isaac made land fall in Key West, yet Emergency Managers estimate Palm Beach County sustained $72 million dollars in damage from flooding.  Much of the flooding was in areas where homeowners are in "low risk" flood zones- often times flood insurance is not required by their mortgage company.  Most homeowners in the hardest hit areas did not have flood insurance and dodged a significant bullet if little to no damage occurred. 

FEMA says the average flood claim in the last five years was $34,000.  All homeowners in Florida should obtain flood insurance.  A policy that covers $250,000 for your dwelling costs only $365 annually in low risk flood zones. 

Many consumers do not know that flood insurance is not included as part of your homeowners insurance policy.  It is a separate policy that must be purchased.

Call Boca Insurance Group today to find out what flood zone you are in and see how much a policy will cost.  You may reach us at 954-596-0691 or e-mail us at Pat@bocainsgroup.com 

For more information on the flooding in Palm Beach County please click here for a link to the Palm Beach Post story.

www.bocainsgroup.com

Citizens Rates Rise

Linked is an article about the increases in premiums Citizens Property and Casualty has implemented.  Citizens Rates Cause "Sticker Shock"  It is important for potential home buyers to understand the insurance landscape in Florida.  Citizens Property and Casualty is the state run insurance company.  Citizens received a mandate from Governor Scott and the legislature to make premiums more actuarially sound and therefore rates are increasing in many areas. 

Often times Citizens is the only company willing to write homes.  Homeowners with older homes (built prior to 1995 depending on zip code) and homes east of 95 in Broward, Dade and Palm Beach counties are often left with Citizens as the only option.  Boca Insurance Group has companies that are willing to insure older homes and homes east of 95 including homes that are ocean front.Call us today at 954-596-0691 or e-mail us at Pat@bocainsgroup.com  to start to quote process.