727.835.1500 | 386.446.4226 THEWELCHGROUP.NET
PRSRT STD US POSTAGE PAID BOISE, ID PERMIT 411
17221 CAMELOT CT., STE. 101 LAND O LAKES, FL 34638
INSIDE 1 Employee Appreciation 2 5 Ways to Keep Yourself Moving 2 Assignment of Benefits 3 Easy Foil-Grilled Sausage and Vegetables 3 The Battery Barrier 4 Rising Insurance Premiums
Why Did My Insurance Premium Go Up?! The Science Behind Insurance Spikes
You, like many other Floridians, have likely noticed spikes in your insurance premiums. We already have the highest property insurance rates in the nation, so what gives? Why is owning a home becoming more and more expensive in the Sunshine State? Gulfstream has gone bankrupt, and three other major companies are on the brink of bankruptcy if things don’t change. This means that residential property policies are being dropped and equivalent policies are sometimes double or even triple the premium.
The main goal of reinsurance is to provide a buffer between insurers and large losses. So, certain companies will reinsure other companies. Insurance companies will then share the risk of losses by buying insurance policies f rom different insurers. This limits their total loss in the event a disaster occurs. Essentially, it makes sure enough money is available to pay out claims if a large storm occurs in Florida. Although no major weather events have happened in the state recently, many insurance companies are still playing catch-up f rom years prior. The recent rise in insurance is almost making owning a home unaffordable. The insurance market in Florida is certainly one of the most complex nationwide. Claim increases are affecting the property market as claims are simply becoming more expensive, and litigation, larger catastrophe claim losses, and skyrocketing reinsurance costs are to blame!
Litigation via Assignment of Benefits (see Page 2), which leads to heftier
For assistance finding the best premium and rate that works for you and your family during these times of uncertainty
costs for insurance companies and negative consequences for consumers, is partially to blame but not fully. Fraudulent lawsuits also play a big role in this sudden increase. But reinsurance is another culprit.
in the insurance world, contact us at The Welch Group for help today!
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