Friday, 19 February 2010
It is so difficult in Florida right now for people to get insurance. The rates in this state are so high even if you get a coverage plan.
Many Floridians in Naples, Bonita Springs, Marco Island and Estero are proud to call it home and they're very happy here. One thing they are not so proud of? Their state has the highest home insurance rates in the country, and that means homes sit on the market longer before they're sold.
Great insurance is hard to find in Florida but Olson and Dinunzio offer insurance rates that are the least expensive and include the best coverage.
Olson and Dinunzio are trying to make a difference in how insurance costs affect small businesses and that business insurance should be available and affordable.
Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the business owners policy (BOP).
Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.
Find out more about business insurance and get a free business insurance quote.
Friday, 29 January 2010
Starting Monday, February 1st 2010, 125,000 Floridians who insure their home through State Farm Insurance Florida will begin receiving letters from State Farm telling them that their homeowner policy is being cancelled.
State farm is canceling 125,000 homeowners insurance policies throughout Florida as part of a settlement with the Office of Insurance Regulation. Originally State Farm had threatened to abandon the State of Florida completely, by cancelling all of their Florida property insurance policies. They recently agreed to stay in Florida, for now at least, in return for being allowed to cancel 125,000 homeowner policies. In addition, the OIR granted State Farm a statewide average rate increase of 14.8% on those policyholders who are not being cancelled.
It is believed that residents of Southwest Florida including Naples, Marco Island, Bonita Springs, Estero and Ft. Myers will be disproportionably impacted with more cancellations and higher than average rate increases. Our family owned Naples insurance agency has a number of companies who are willing and eager to insure your home. Please contact us for further information and a quote before your State Farm policy is cancelled.
Tuesday, 19 January 2010
People from the state of Massachusetts will vote today to decide the late Ted Kennedy’s replacement for the senate seat, and in turn the fate of Obama’s health care reform bill. The seat that used to be easily democrat-won seat is now a close race that republican Scott Brown will win. The concern is that the 2010 Massachusetts election results can change nation's future hopes about health insurance.
For years a democrat has held Massachusetts' senate seat and the ongoing debate about health care could be determined by a series of fluke circumstances. This year however, disheartened citizens, and an increased fervor for the republican cause has allowed Republican Scott Brown to gain a considerable base over democratic challenger, Martha Coakley.
The late senator Ted Kennedy supported the cause of health care reform andnow that he is gone, what exactly will happen should Republicans gain the seat. Traditionally, Massachusetts has been a leader in health care reform. It was the first state to implement a mandatory health insurance policy for most of its residents. This election could put a road block in the Democrats’ plan. Brown has openly said that he will be the so-called “41st vote” against health care reform. This means that Obama's proposed overhaul will not be easily passed.
Universal health care coverage or the public option has a low chance of becoming a reality if Brown takes the seat. Ultimately, his vote would probably be a means of Republican maneuvering. Key issues such as taxes and abortion would likely be up for compromise or a severe revision of the reform bill, as it exists today.
The GOP will have gained more power, and thus cause the Democrats to weaken their positions. An already watered down version of the bill would become even more so. As it stands, health insurance coverage has caused thousands to go bankrupt and stifles any real innovation in the field. When people can not pay, there is more burden on society. A Republican win may mean more of the same.
A Scott Brown win does not mean the end of health care reform but it would be harder to pass. The issue is a touchy one and the increasing distrust of Washington and its antics means more voters may decide for a change. Polls do indicate the Massachusetts residents are in favor of health care reform, however, they simply are taken in by Martha Coakley and want something more.
The health care reform bill has been under heated discussion by Democrats. The closed session talks are in their final stages and Democrats hope to have agreement soon. The word on Friday was that they were very close to bring the discussion to an end, at least for now. The impending Massachusetts election results will no doubt, make the move for change even more urgent.
Christine Olson and Phil DiNunzio serve the insurance needs of the residents of Naples, Bonita Springs, Estero, and Marco Island, Florida.
Olson & DiNunzio Insurance Agency is a full service independent agency which represents more than 70 insurance companies. Names you know like Nationwide, Travelers, Progressive, MetLife, Bankers, Universal Property & Casualty and Safeco.
We specialize in auto, homeowners, flood, motorcycle, RV and commercial insurance. Let us design an insurance package for you that provides the coverages that you need at the best possible price. By purchasing your insurance from one agency you can maximize your discounts and simplify the settlement of your claim when a disaster strikes.
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Thursday, 08 October 2009
Beginning November 1 2009 for new policies and on or after December 1, 2009 for renewing policies State Farm is reducing or eliminating discounts on policies that State Farm policyholders have been receiving for years. The type of policies affected include homeowners, renters, and condominium unit-owners.
According to State Farm the state wide average rate increase will be 28%, but many policyholders will rates go up much more than that. Even with this rate increase, State Farm is going ahead with its plan to cancel more than 1,250,000 homes, condos, and business property policies in Florida. State Farm says that it must raise the Florida policyholders rates because they are losing money in Florida.
Thursday, 08 October 2009
If you can believe it, the National Flood Insurance program was set to expire at midnight September 30, 2009. In the nick of time, Congress approved an extension to the federal flood program until October 31 while talks continue on a more permanent reauthorization. The extension allows new and renewal flood policies to be written until the program is fully reauthorized or the expiration of the extension, whichever comes first. So, once again, things are okay for now, but…keep an eye out for developments.
Thursday, 08 October 2009
Nationwide Insurance Co. of Florida plans to reduce its personal lines property exposure in the state of Florida by nonrenewing 60,000 homeowners policies across the state.
Auto, Commercial, Boat, and Financial Products are not being cancelled as part of this action.
Nationwide said that Tower Hill Group, a Florida based homeowners insurance company, has agreed to consider writing many of the dropped policies.
Nationwide's nonrenewals are scheduled to start in July 2010 and would not affect any customers during the 2009 hurricane season.
The Florida Office of Insurance Regulation (OIR) confirmed that the insurer has filed its nonrenewal plan with the state as required by law.
While Tower Hill Insurance Group has agreed to assume the policies, policyholders will have a choice whether to insure with Tower Hill or seek another insurer.
The Tower Hill Group includes Tower Hill Select Insurance Co., Tower Hill Prime Insurance Co., Tower Hill Preferred Insurance Co., Omega Insurance Co., Hillcrest Insurance Co. and Royal Palm Insurance Co.
After its 60,000 nonrenewals, Nationwide said it will still have more than 275,000 total policies in Florida, including 45,000 personal lines property policies. The others include auto and boat policies.
"This is a difficult business decision, but Nationwide must make tough choices now to make sure they can be here for our customers in the future," the company said in its statement.
If you are being cancelled by Nationwide, please contact us immediatley and will will provide you with an alternative quote.
Tuesday, 08 September 2009
National Flood Insurance Program Changes Effective October 1, 2009
The Federal Emergency Management Agency (FEMA) has announced a series of changes to the National Flood Insurance Program. These changes will effect both new and renewal business.
What’s Changing:
- Rate Increase: Premiums will increase an average of 8% for policies written or renewed on or after October 1, 2009 in all zones.
- Standard deductible changes: Change in deductibles for Pre-FIRM and Post-FIRM coverages. The NFIP is discontinuing the $500 deductible for all properties.
- Post-FIRM properties: The standard deductible increases from $500 to $1,000.
- Pre-FIRM properties: The standard deductible increases from $1,000 to $2,000.
- Deductibles buyback to $1,000 still available.
- Basic coverage limits: The basic coverage limits are increasing for all categories of building and contents coverages as follows:
- 1-4 Family Dwelling Building Coverage: Basic limit increases from $50,000 to $60,000.
- Other Residential and Non-Residential Building Coverage: Basic limit increases from $150,000 to $175,000.
- Residential Contents Coverage: Basic limit increases from $20,000 to $25,000.
- Non-Residential Contents Coverage: Basic limit increases from $130,000 to $150,000.
- Unnumbered A Zone: Pre-FIRM buildings in an unnumbered A zone with a basement, enclosure or crawlspace may use Post-FIRM rates if the rates are more favorable to the insured. Applies to both new and renewal business.
- New Building Types: Two new building types have been added: elevated on crawlspace and non elevated building with subgraded crawlspace.
- Underwriting Forms: Changes have been made to the flood insurance application, PRP application and change endorsement forms which will now capture community, building and construction information. View application here.
- Elevation Certificates: Two new diagram numbers have been added:
- Diagram number 1B: All raised slab on grade or slab on stem wall with fill; single and multiple floor buildings (other than split-level), either detached or row type (e.g. townhouses): with or without attached garage.
o Diagram number 9: All buildings (other than split-level) elevated on a sub grade crawlspace, with or without attached garage.
Thursday, 27 August 2009
State Farm has filed plans with the Office of Insurance Regulation (OIR) to cancel 1,200,000 Florida property insurance policies. This plan includes insurance coverage for homeowners, renters, condominium unit owners, personal liability, boats, personal articles, and business property and liability policies. State Farm claims that it is losing money in Florida because it’s proposed 47.1% rate increase was turned down by the OIR in January. It also claims that during the first three quarters of 2008 State Farm Florida’s surplus fell by $201million substantially weakening State Farm Florida’s financial position and ability to pay potential future claims. State Farm Florida was downgraded to B (Fair) by AM Best in June. The Florida Office Of Insurance Regulation has tentatively approved State Farms withdrawl plan subject to a hearing before the Division of Administrative Hearings currently scheduled for December 17. Concerned policyholders should contact us immediately at (239) 596-6226 for additional information.
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