Mark Deddens on LinkedIn: Florida’s Property Insurance Market Is Worse Than Reported—Shrinkflation… (2024)

This is the prefect explanation of what we have been preaching for the last three years! Quick caveat, this phenomenon is NOT limited to the State of Florida; it is happening all across the country!Two very important excerpts are:1. "Policyholders are now receiving less coverage for perils and risks while facing steep rate increases."2. "Many policyholders, upon renewing their policies at higher prices, find that essential coverages such as water damage, windstorm, and other natural disasters are either significantly limited or entirely excluded. These changes are often buried in the fine print, leaving policyholders unaware until they file a claim."While the article proposes a solution, I wouldn't count on the brokers or insurance companies to adopt these principles, especially since they have political support: "What Should Happen:1) Every insurance agent should have a conversation with their client explaining how they are losing coverage and are more at risk after a hurricane.2) This conversation should include mathematical examples of how much they’d have to pay out of pocket now vs. before given their home’s roof age.3) Homeowners should have to sign a document – in plain English – stating that they understood what their agent explained to them and are aware of the increased risk and don’t want to pay more for a policy with replacement cost."If you own multifamily or commercial properties we can help.We will begin with a thorough no cost + obligation policy review picking out these inadequacies in layman's terms. Because it is NOT IF BUT WHEN and if you wait until the shoe drops, it's too late. https://lnkd.in/eS5H9H59

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With the price of premiums doubling the past few years, some Florida homeowners are choosing to go without property insurance, figuring that the savings are worth the risk of going bare in a hurricane-prone state. Florida leads the rest of the nation homeowners shedding coverage. According to the Insurance Information Institute, 15% to 20% of Florida homeowners are forgoing coverage, more than the 12% national average.Read more: https://lnkd.in/gG7SUtBH

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https://lnkd.in/eJ-jXiD3Despite calm skies, Illinois faces a storm of soaring property insurance rates, bucking the trend of weather-prone states. Still relevant, and even increasing in some areas of today's market; here are some key 🔑 takeaways:▪ Property insurance rates in Illinois have surged despite the state not being prone to extreme weather like hurricanes or wildfires.▪ Analysis reveals Illinois ranks among the top states where homeowners' premiums have risen significantly.▪ Unlike many states, Illinois lacks stringent regulations, allowing insurers to implement rate hikes without oversight.▪ Major insurers such as Allstate and Farmers have notably increased rates in Illinois, impacting homeowners substantially.▪ Factors driving these increases include rising natural catastrophe losses, inflation, building repairs, and reinsurance costs.▪ Future impacts may include insurers considering not covering certain claims or implementing deductible changes due to climate-related losses.

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🔥 Brace Yourself: State Farm Seeks Unprecedented 30% Premium Increase.California homeowners, are you prepared for a potential 30% hike in your insurance premiums? Let's talk about the implications and your strategies to cope. 💬🏠State Farm, California's largest homeowners' insurance provider, is seeking to raise premiums by an average of 30%. This proposed hike follows earlier approvals for 7% and 20% increases, marking what could be the steepest rate hike in the state's history.The request aims to stabilize State Farm's finances after billions in losses from wildfires and other catastrophic events. This change could affect over 1.2 million homeowners if approved, potentially increasing premiums by hundreds or even thousands of dollars.Given that State Farm insures about one in five homes in California, this proposal underscores the increasing financial pressures from climate-related disasters. This is a crucial development for homeowners and industry professionals alike. 🌲🔥Allied Disaster Defense stands ready to assist homeowners with wildfire prevention services, especially during these challenging times. Contact us to learn more about how we can support you. 🏠🔧 #AlliedRestoration #RestorationServices #wildfire #wildfireprevention #insurance Amy Bach Michele Steinberg J. Lopez Seth Schalet Frank Frievalt Nancy Watkins Justice Jones Michael Thayer, CWMS Bill Gatewood Andrea Santy Heather Posner, CPRIA Kevin Sofen Carsten Brinkschulte Jacqueline Rivera April Schwartz Insurance Insider US Insurance Information Institute Ramiro Rodriguez https://lnkd.in/gu88HQJy

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Mastering Roof Insurance Claims for Homeowners!When disaster strikes your roof, are you fully prepared to navigate the insurance landscape?🏠🌩️ Understanding the intricacies of insurance claims for roof repairs or replacements is crucial, especially with the evolving policies in the industry.As a homeowner, knowing what insurance companies are looking for when you report damage can mean the difference between a denied claim and the relief of covered repairs. Here are some key insights:👉 Document the Damage and Cause AccuratelyWhen filing a claim, precise details about what happened and when are vital. Insurers need to know if the damage was caused by wind or hail and the exact date of the event.👉 Timing is EverythingDelaying the report of a roof leak can be detrimental to your claim. Insurance companies require timely reporting and evidence linking the damage to a specific storm with verifiable weather data.👉 Speak their LanguageThe terminology you use can greatly affect your claim. For example, "wind-driven rain" versus simply "rain" can carry weight in a claim assessment.👉 Keep It BriefDuring initial contact, stick to the essentials regarding the damage and avoid unnecessary details that might be misinterpreted.👉 Representation MattersConsider having a public adjuster or attorney on board from the start. With insurance companies increasingly scrutinizing roof claims, professional guidance can be pivotal in successfully navigating the claims process.👉 Prepare for the Adjuster’s VisitEnsure you have an experienced roofer inspect the damage prior. The roofer’s assessment and documentation may influence the insurance adjuster's evaluation.🔍 Know Your Roof's ValueUnderstand the cost of your roof type and factor in depreciation when evaluating if the insurance pursuit is worthwhile.Navigating insurance claims can feel like a maze, but the right strategy and professional advice can lead to a smoother restorative journey for your property. At All Dry Services of Miami, we aim to support and inform our community at every step.Have you had experiences with roof damage claims? Share your story, and let’s discuss how best to ensure you're not left out in the storm. For professional restoration services, contact us at 305-990-0102 or visit our website at alldrymiami.com.#WaterDamage #MoldRemediation #Restoration #InsuranceClaims #PropertyManagement #DisasterRecovery #CommunitySupport

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Are you tired of seeing DOUBLE the FEES deducted from YOUR insurance claim(s)? Are you constantly fighting to keep every nickel in your pocket after your property was damaged in a storm? 😫🌪️ Another Hurricane has hit Florida. 🌪️If you're considering your next steps in making YOUR storm claim, READ THIS FIRST:While some public adjusters are great and can try to help you close your insurance claim quickly (albeit not usually for the highest amount), other adjusters can be downright sinister and impact your ability to recover anything at all.Nearly 45% of Florida insurers closed homeowner claims with no payment in 2023. See https://lnkd.in/djxY-6qK. This means homeowners either gained nothing by a frustrating process, despite paying their premiums years after year, or were forced to file a lawsuit for their just compensation.That means almost half the time, Florida homeowners end up paying DOUBLE in fees and costs just because of the nature of the insurance industry: one set to their public adjuster (and some homeowners regret working with theirs for other reasons altogether) and ANOTHER set to their attorneys. BUT WHY?!?!? 🤔 IT DOES NOT HAVE TO BE THIS WAY!!!!IT IS TIME TO STOP THE MADNESS. 🛑With MAC Legal, P.A., you pay ONE set of fees and costs, one time, and ONLY if you recover.Experience the difference. Save your money and frustration.Let us handle your storm claim from Day 1 and, together with G-D's Help, we can strive to recover the compensation you deserve!📞 CALL 877-HIRE-MAC or 877-447-3622 today!#InsuranceClaims #HurricaneRelief #Florida #LegalHelp #MACLegal #Insurance #ClaimRecovery #NoDoubleFees

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Sadly climate change and Florida's misguided political leadership has created an impossible insurance situation that has created enormous burdens for citizens: "Beset by hurricanes made more severe and more frequent by climate change, as well asrampant fraud and tides of frivolous lawsuits, dozens of insurers in the state have closed up shop or stopped selling new home insurance policies in the state in recent years. (Farmers became the most recent big insurer topull outof the state last month)."https://lnkd.in/gp2yCN_F).#climatechange #floridarealestate #policy #hurricanepreparedness #homeownership

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Tips To Lower Insurance CostsIf you own a home, you know that you probably already maintain a homeowner’s insurance policy. Over the past few years, the cost of this insurance has soared. Wildfires, hurricanes, floods, and other natural disasters have caused insurance companies to dramatically increase premiums. But there are ways to try and mitigate these increases. Here are a few tips to employ in an effort to lower your costs.Pacific Sotheby's International Realty I Maria Woods #02037792 Let's connect ☎️ 619.496.1250https://lnkd.in/dnbZTpaE

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Recently, a growing trend in Florida has emerged where residents are contemplating whether to obtain property insurance or go without it, a practice commonly referred to as "going naked."This decision comes with significant risks, as individuals who do not have insurance coverage are solely responsible for covering the costs related to damages resulting from natural disasters, fires, theft, or vandalism. These unforeseen expenses can crush the financial stability of homeowners who opt out of insurance coverage.Homeowners are strongly advised to take proactive measures instead of considering a temporary cost-cutting measure. To navigate the complexities of insurance coverage, homeowners should seek guidance from insurance professionals. These experts can provide valuable insights and advice, helping homeowners understand the intricacies of insurance policies and select the best option. By consulting with professionals, homeowners can make informed decisions that offer comprehensive protection while safeguarding their financial security.https://lnkd.in/eXsXGfX2

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Water damage (including damage from freezing) is one of the most common and most costly types of homeowners insurance claims. According to the Insurance Information Institute, every year, about one in 50 homeowners files a water damage or freezing claim, accounting for 29% of all homeowners insurance claims. The averagecost of a water damageor freezing claim is $11,098.And from my own clients' water damage claims, the cost of repair can much higher than this $11K figure - especially now since construction, labor, and material costs are higher than they were before. Water damage is hard to control and can lead to costly repairs. To prevent damage to your home and belongings, be mindful of these five common sources of water damage in this video. And I am always surprised when reviewing homeowners, co-op and condo policies where there is no coverage for Water Back Up of Sewers and Drains (Water Damage coverage) or very minimal coverage of $1,000 or $5,000. Sewer and Drain Backups Can Cause Devastating Household Damage. Homeowners can purchase an endorsem*nt that provides water and sewer backup coverage. It’s essential to check with your insurance broker to ensure that you have water backup coverage before a damage-causing incident. The cost of water backup endorsem*nts varies based on the level of coverage and your specific policy.Make sure to review your homeowners policy with a licensed insurance professional like myself so that you know you are adequately covered for water damage before you need to file a claim - (646) 494-1450 monicaliangallen@worldinsurance.com Monica Liang-Allen 梁藝瑩 | World Insurance Associates LLC#WaterDamage #Homeowners #Cooperative #Condominium #ivegotyoucovered

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