Our cup runneth over with water this morning over a significant portion of Florida from days-long rain and Tropical Storm Cristobal. It was just four weeks ago that most of the state was a dry wildfire hazard. As the old saying goes, “If you don’t like the weather in Florida, just wait a minute!” This …
LMA NEWSLETTER June 8, 2020
Coronavirus & the Florida Budget
Tourism, revenue down
We’re beginning to get an idea of the hit that Florida’s state budget has taken from the economic downturn created by the coronavirus pandemic. Sales tax and other revenue were down $878 million in the state’s April estimate, with more than a third of that amount representing delayed payments expecting to be …
Florida Homeowners Market Update
AOB reform not enough
The Assignment of Benefits (AOB) contract has been a favorite tool of Florida plaintiff attorneys and contractors in manipulating unsuspecting homeowners to sign over all of their insurance rights and then produce inflated claims, plus hefty (and sometimes outrageous) attorney fees. While last year’s legislative reform has helped stem the AOB …
Lower-Risk Properties Flooding More
How to encourage flood insurance
I had the pleasure of listening to some terrific speakers at this past week’s National Flood Conference, which was held virtually this year because of the coronavirus pandemic. Of particular interest was the growing number of properties outside high-risk flood zones that are flooding. Many of those are uninsured, something …
Hurricane Season Guidance
New forms, processes
New catastrophe reporting forms for insurance companies doing business in Florida and new guidelines for disaster management in the coronavirus era are out, with some additional learning opportunities coming up this week for onboarding.
The Florida Office of Insurance Regulation (OIR) has released the final 2020 Catastrophe Reporting Form, which you an …
Floridians’ Confidence Up
Rentals, used car prices down
Consumer confidence among Floridians is finally up again, although slightly, after a two-month decline amidst the tough economic conditions created by the coronavirus pandemic. Meanwhile, if you’re in the market for a car, used car prices are way down, while there’s one thing that hasn’t changed too much: high rent …
Staying Home: On Vacation!
With Florida reopening just in time for summer, some of the Sunshine State’s best cities have ranked high for their value in staycationing in a new national survey. Vacationing right in our home state can be key to maintaining safety amidst the coronavirus outbreak while simultaneously watching your wallet and helping reinvigorate our local community’s …