LMA NEWSLETTER January 3, 2022

Who’s Buying?

Over the holidays, I had the privilege of connecting with some gal pals I haven’t seen in awhile because of the pandemic.  I hosted a gathering of several of them and we had a fabulous time talking about our lives’ journeys.  Several of them had bought and sold homes, bought and sold jewelry, and made …

Bill Watch

Preparing for the January 11 Florida Legislative Session

We start the New Year with a couple of new laws regarding peer-to-peer car-sharing rentals and notaries, together with a 4.9% decrease in workers’ compensation rates.  There’s a new Secretary of the Department of Business and Professional Regulation (DBPR) and the Florida Legislature is preparing to return …

Citizens Pushing Higher Rates

Bonds vs. reinsurance considered

Pending any legislative action that would help depopulate its burgeoning 750,000 policy count, the Citizens Property Insurance Corporation’s Board of Governors on December 15 approved the maximum rate increase currently allowed by law: 11% for the 2022 rating cycle and 12% for 2023.  The Board is also looking at cost-saving measures, …

Containing the Cat Fund

Mexico Beach, FL destruction from Hurricane Michael

Rapid cash buildup challenged

The rapidly rising property insurance rates in Florida – and the disparity in rates between Citizens Insurance and the private market – have some calling again for an examination of Florida’s Hurricane Catastrophe Fund (Cat Fund).  The fund, which provides reinsurance to property insurance companies that sell homeowners insurance, is paid …

Frequent Building Re-inspections Urged

Surfside grand jury report out

A new report may add further impetus to the Florida Legislature to tackle re-inspection of high-rise buildings.  A Miami-Dade County Grand Jury has recommended that such buildings be re-inspected every ten years for recertification of occupancy and that condo associations be required to annually certify building repairs and maintenance.  The …

Right to Repair Upheld

Court agrees with insurance company

A Florida appeals court has once again upheld the right of a property insurance company to use its own repair contractor instead of making a loss payment to settle claim damages.  The most recent case is the fourth one in the past 12 months in favor of People’s Trust Insurance, …

Florida’s Vibrant Economy

The records keep rolling

We’re starting 2022 with a batch of excellent economic news for the state of Florida.  Unemployment is down, job growth and tax collections are up, and Florida is trailing only Texas in its population growth.  The future of the Sunshine State is bright!

Unemployment Down: We’re continuing to make progress toward …

Cat Robots

Those of us with pets know the joy and many blessings they bring to our lives.  We know that scientists have quantified the benefits of pet therapy in improving mood and behavior in older adults.  Now researchers at Florida Atlantic University have taken it a step further, testing the use of robotic cats in adult …