The Florida insurance market is especially volatile right now, with many factors influencing the price of coverage. At Lakewood Financial, we follow developments in the insurance industry, and share them with our clients and prospective clients so you can understand some of what’s happening to the price of insurance. Here are three recent news stories that may affect you.
Florida Homeowners Insurance Legislation
After a special session to address Florida’s homeowners insurance crisis, Governor Ron DeSantis signed bipartisan legislation intended to improve the situation.
“Lawmakers made changes that involve the broader market, such as allowing insurance policies to include new deductibles for roof damage, imposing restrictions on insurers that seek to refuse to write or renew policies based on the ages of roofs and placing additional restrictions on what are known as ‘bad faith’ lawsuits against insurers,” according to a story from News Service of Florida.
The Florida homeowners insurance market remains in critical condition, with additional insurance companies going into bankruptcy or limiting the policies they write in Florida. It remains to be seen what relief homeowners will see, and how long it will take for them to see it.
Post-pandemic Distracted Driving
According to the 2022 Travelers Risk Index for Business, 30% of drivers are more anxious on the road and 54% believe distracted and aggressive driving have increased since before the pandemic. Contributing to this anxiety and distraction is the expectation that employees respond to work-related messages when out of the office during work hours. Employees feel pressured to answer work-related calls, emails, and text messages even while they’re driving.
Employers should address safe driving practices with employees, and refrain from calling or texting employees when they’re likely to be behind the wheel. Employees should not be required to read texts (or type them) while driving. An immediate response to a message isn’t worth a life!
Dog-related Claims Rising
In 2021, dog bites and other dog-related injuries cost homeowners insurance companies $881 million—or more than one-third of all homeowners liability claim payments. (Florida is second only to California in the number of claims made.) Aside from the cost of these claims, no one wants to be responsible for their pet injuring someone else.
Take time to train and socialize your dog, and teach children the basics of dog safety. Dogs may develop behavioral issues when left home alone when pet owners return to school or the workplace, so don’t hesitate to address these. Dog owners may also need to carry pet liability coverage and/or an umbrella policy. (Contact Lakewood Financial if you need a quote for an umbrella policy.)
An independent agency for all your insurance needs
We understand that the insurance market in Florida can be confusing and volatile. Lakewood Financial is a full-service, independent insurance agency serving Bradenton, Sarasota, Lakewood Ranch, and surrounding communities since 2003. We write auto, home and commercial insurance, and represent more than 80 quality insurance companies. We pride ourselves on finding the right coverage for each person, tailored to fit your specific situation. Please call us at 941-747-4600, or click here to contact us online.