M&L Insurance

Florida property insurance on the national stage

Elizabeth d'Erizans — Mon, 20 Feb 2012 15:00:41 +0000

During the open Florida legislature sessions, the issue of property insurance has been discussed at length, and it’s not looking good. There are lots of reasons and now it appears the debate is getting some national attention. The Wall Street Journal (subscription required) recently had an editorial where it discusses the issues faced by the Governor and legislation. If a resolution is not achieved by March 9th, the end of the legislative session, no changes will be made to the ever rising insurance costs.

The reason this is so important is because so many Florida homeowners have the government back Citizens Property Insurance Corporation insurance. If a serious storm affects the Florida peninsula, many claims would go unpaid as the fund is not fully funded at this time. As Florida’s insurer of last resort and government back, it is possible that the fund will not be able to meet it’s financial obligations.

To speak to one of our specialists about your property insurance policy, please contact us at 954.340.2323.

Florida Texting and Driving Gets Started and Stalls

admin — Tue, 14 Feb 2012 15:00:54 +0000

Every time it seems like Florida’s bill to ban texting and driving gets going in the legislature it stalls out. It’s hard to understand why this would be such a divisive issue when you consider that you are 23 times more likely to be involved in an auto accident if you are texting and driving than if you weren’t.

Consider what has happened in New York as a result of the newly enacted anti-texting and driving bill: over 119k tickets issued statewide with 73k in New York City alone.

Reducing the number of accidents will impact the prices we all pay for auto insurance. Contact your legislator and let them know how you feel about SB416 and HB299.

Florida insurance legislative updates

admin — Fri, 10 Feb 2012 20:49:31 +0000

There is a lot happening in the Florida legislature regarding various types of insurance reform bills, specifically homeowners and auto insurance. Here are a few articles to help you keep up to date on the happenings.

When to buy long term care insurance?

Sal Franco — Wed, 08 Feb 2012 15:40:05 +0000

A recent Chicago Tribune article tackles the question of when is the right time to purchase long term care insurance. Most experts say the best time to purchase is between the ages of 50-59. Two main reasons are 1. As you get older, you increase the likelihood of being denied coverage and 2. As you get older, the costs get to a point where it looks unaffordable. A CBS News report cites the insurance industry say that 2/3 of all people over the age of 65 will need long term care in their lifetime.

Whether you are of the recommended age or not, it is clear that long term care insurance should be a part of your retirement plan. For more information about long term care plans available, please contact our office at (954) 340-2323.

Insurance fraud and how it affects the consumer

Candy Mesmer — Tue, 07 Feb 2012 15:00:13 +0000

According to a Miami Herald article, one of the major reasons for increases in auto insurance premiums is the rise in auto insurance fraud increases. Gov. Rick Scott calls it a billion dollar scam on Floridians as the increase in lawsuits related to P.I.P. claims has risen 275% in the past 5 years. In many instances, the coverage for $100,000 is less than the coverage fo $10,000 in P.I.P.

Insurance fraud is a serious issue and is being dealt with in a serious way by the state CFOl Jeff Atwater. Last week, a Miami man was charged with filing a fraudulent P.I.P. claim as is being help on $65,000 bond. If convicted, he faces up to 15 years in prison.

It’s Raining in South Florida

Burt Simms — Mon, 06 Feb 2012 15:00:39 +0000

Unless you have been in a haze following Sunday’s Super Bowl, you have noticed it is raining in South Florida. Not the usual afternoon downpour, we are getting rain, all day and all night! With South Floridians taking to the streets to return to work, accident risks increase. According to the US Department of Transportation statistics, almost 24% of all traffic accidents are weather related. See the chart below to see what the percentages are for wet pavement and rain

So as you take to the streets today, please proceed cautiously.

Assess your flood insurance needs

Amanda Simms-Castorino — Wed, 01 Feb 2012 15:00:01 +0000

In November 2011, FEMA, the Federal Emergency Management Agency, made changes to the flood zone maps allowing many homeowners to no longer carry flood insurance. This immediately left people to ask the question, Do I Need Flood Insurance? Since we live in the tropics and the threat of hurricanes are present six months out of the year, we recommend every homeowner to carry the policy.

Before making a decision about your flood insurance, please assess your needs and what flood insurance covers.

Auto Insurance Reform (update)

Allison Griffith — Mon, 30 Jan 2012 15:00:07 +0000

As we have noted in previous blogs, there are lots of changes coming to Florida auto insurance industry. To help you sort it all out, we are providing you a few links that will explain what is going on in Tallahassee and what it means to you.

Reform auto insurance, but don’t create crisis (Orlando Sentinel)
Legislation puts Florida’s no-fault auto insurance fraud on ropes (Bradenton Herald)
Hospitals could stymie PIP Fraud (South Florida Sun Sentinel)
PIP insurance fraud explained (Miami Herald)
Workable Solutions for Florida’s Challenging Insurance Problems (The James Madison Institute)

One thing we know for sure, change is coming and it is going to be big. The more you educate yourself now, the less likely you will have issues in the future.

Florida Text & Driving moves through Senate, hits roadblock in House

Sandra 'Naranjo — Fri, 27 Jan 2012 15:00:46 +0000

In this Palm Beach Post article, we learn that the Florida Senate easily passed a bill that would ban texting and driving throughout Florida and would provide penalties up to 6 points if the activity caused the accident. Unfortunately, it appears that the measure with fail in the Florida House.

To see the impact texting while driving, you need only see this accident simulation.

Let your Congressional representatives know what you think about the bill. To find out who your representatives are, click here.

Why are your auto insurance rates so high? You might be surprised

Sebastian Mordas — Thu, 26 Jan 2012 15:00:19 +0000

According to a report from WTSP in Tampa, Floridians pay more than $1 billion extra in auto insurance, or about 56% more than other states, as a result of staged auto accidents. As Gov. Rick Scott takes his agenda to the Florida Congress, PIP reform is going to be one of the most hotly debate issues during the open session. In yesterday’s post we talked about the proposed changes and what one consumer advocacy group thinks about them.

We encourage you to share your opinion with your state legislators. To find out who they are, click here.