The following article from InsuranceJournal.com details more information regarding the ongoing State Farm withdrawal from the Florida Homeowner’s Insurance market.
State Farm Appeals Conditions Placed on Florida Withdrawal
March 9th, 2009Florida Insurance Specialists, LLC Launches Dropped By the Farm Ad Campaign
March 9th, 2009FIS has worked with several local media stations to launch an extensive campaign promoting our website, www.DroppedBytheFarm.com. DroppedByTheFarm.com was designed to assist those affected by State Farm’s recent decision to non-renew homeowner’s insurance policies in the State of Florida. The Dropped by The Farm Radio Ad is playing on several stations in the Orlando area market.
Florida Department of Financial Services Takes Legal Action Against People’s Trust
March 9th, 2009Florida’s CFO, Alex Sink, has begun legal action against People’s Trust Agency for allowing unlicensed agents to sell Insurance.
“It is my responsibility to make sure Floridians are getting the best advice for protecting their families and homes by properly licensed agents. People’s Trust MGA is violating the people’s trust by illegally allowing unlicensed agents to sell insurance in our state.” – Alex Sink
For more information, see the full press release or view the People’s Trust Order to Show Cause
State Farm Requests Tremendous Rate Increase
July 23rd, 2008State Farm has submitted a request to increase home insurance rates as much as 47% in some areas.
Florida Reviews Allstate’s Documents on Web
April 10th, 2008Allstate has released documents in regards to its business practices on its web site. The State of Florida requested these documents so they can investigate the reason Allstates rates did not decrease even after Governor Charlie Crist successfully created a state law that was designed to reduce insurance premiums.
Options for Homeowners to get More Scarce Very Shortly
April 8th, 2008State Farm has stopped writing policies in Florida. They will also drop 50,000 home policies issued to coastal residents. This will place greater pressure on the state-run insurance provider, Citizens Property Insurance in the State.
Allstate has dropped over 400,000 policies in the past four years.
Liberty Mutual and Nationwide have also been withdrawing from Florida.
If you are being non-renewed or are unhappy with your current rates or service on your home insurance policy, give us a call. We represent over 20 reputable, financially sound companies. We do the shopping around for you! We have saved thousands of Floridians up to 35% on their current premiums.
Holidays Are Coming… Do You Have the Correct Coverages?
November 16th, 2007As the Holidays approach, FIS strongly encourages everyone to take time to review their policies to learn about coverages regarding theft, fire damage, water damage, and more. As we all know, the Holidays are stressful enough without having to worry about what would happen if the Christmas Tree caught fire, or if all of your gifts were stolen from your home. We like to hope this will be the most joyous season of the year. Florida Insurance Specialists, LLC would like to help provide peace of mind so you can enjoy your family time this season. Call today to speak with a representative so they may answer any questions you may have or assist in providing coverages that suit your needs!
Insurance Companies Drop Court Challenge on New Law
March 1st, 2007Recently, newly elected Governor of Florida, Charlie Crist, helped to introduce a bill that attempts to stabilize the insurance market in the State. Gov. Crist focused heavily on property taxes and insurance rates during his campaign for Governor, and quickly worked to live up to his campaign promises. The new bill takes effect in July of ‘07, but Crist urged Office of Insurance Regulation (OIR) to issue an emergency order effective late January that would prevent any Carrier from Cancelling or Non-Renewing policies except for certain reasons, thus preventing Carriers from increasing premiums in the interim. However, the emergency order lacked clarification on many terms and a group of Companies filed suit to challenge the law. The OIR issued clarification and the Group dropped the court challenge with the new understanding. View the original article here.
Building Codes May Have Saved Many During Tornadoes
March 1st, 2007Many of us in Florida can remember the last few times tornadoes have ravaged our State in the past 10 years. Although the occurrences are rare, they are always devastating and create a large impact in lives of local residents. Recent changes in building codes in regard to Wind Mitigation may have played an important role in keeping more homes standing. At InsuranceJournal.com, they write:
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Vanguard Fire and Casualty Receivership
February 28th, 2007In anticipation of a possible liquidation of Vanguard Fire and Casualty, Florida Insurance Specialists has worked with several reputable insurance companies to offer a possibility of several coverage choices to replace their current policies. Our insured’s with current Vanguard policies should begin receiving replacement policies within 30 days prior to their non-renewal. Some may actually receive several policies, and will have the ability to select the policy of their choice.
