Shoreline Insurance

📊 Did you know? 42% of Americans say they need life insurance or need more of it! That's 102 million people who have a life insurance need-gap.

If you or your mare part of this group, now is the time to take action. Life insurance offers peace of mind and financial security for loved ones. Don’t wait until it’s too late—close the gap and protect what matters most today. 🛡️❤️

Well the season is changing. Randy's lights, saw him on my way hm tonight. They will start putting X-mas lights up Tuesday after labor day. 1st transport trucks will also start to arrive in Sept.
Get out to that restaurant before the migration arrive..

AAA has dubbed the time between Memorial Day (May 27 this year) and Labor Day (September 2 this year) as the “100 deadliest days for teens.” New teen drivers—ages 16 and 17—are more likely to be involved in a deadly crash during this time than any other time of the year.

Be careful with your new drivers out there. they need freedom but also need to know freedom comes at a cost and they need to earn that freedom..

Got to have lunch and drinks with my Favorite underwriters. Ryan and Dan from Bass Underwriters . Good to catch up with the guys who help us help our clients with the best rates and carriers.

Been a busy but great month meeting with my carrier Partners.
Olympus Homeowners Insurance Florida my Olympus rep Ray and the COO came to vist the office..

American need to learn how to drive and stop causing so much loss. WE ARE THE PRBOLEM. NOPT THE GOVERMENT OR THE INSURANCE CARRIER. WE THE CONSUMER AND YOUR LAWYERS ARE TO BLAME!!!!!

US personal lines segment’s underwriting loss in 2023
In 2023, the industry recorded a net underwriting loss of $21.6 billion, following a $25.8 billion loss in the prior year.

AM Best pointed to the personal lines segment as a major contributor, with a $32.8 billion underwriting loss.

Within this segment, the private passenger auto line reported an underwriting loss of nearly $17 billion, approximately half of the previous year’s loss. Conversely, the homeowners’/farm owners’ line saw net underwriting losses more than double to $16.0 billion.

1st one on the books.

Now that's cool. I love how things work in such a big small town!!!
Read email below from a new client. Very cool

Hey Jeff,

I just wanted to say thanks again for all your help. I made it to my appt on time and got my son’s registration and tag yesterday and, thanks to you, it was quick and easy. I had everything I needed to get it done. To say Dylan was over-the-moon excited after school is a vast understatement.

I know I mentioned it, but I wanted to tell you again that I originally found you through word of mouth. I’m a member of a local PBG Facebook group and another guy posted a question last week basically looking for the same thing I was - affordable insurance for his 16YO new driver. So I paid attention. Most of the community recs in the comments were for Shoreline. That’s why I called you.

Late yesterday afternoon, I went back into the thread and told the OP how great you were. So if you hear from a guy named Aron Christianson… you’ll know where he came from.

Did I mention to you how my husband’s irrigation company (also PBG) is Shoreline Irrigation? That wasn’t why I chose you. I just find it cute and ironic. Lol.

One other funny, ironic thing I just now realized. Your name has been bugging me since we first talked. Not in a bad way. It just sounded so, so familiar to me. I just found out, evidently you played baseball with my little brother, Brian Stutz, back in high school. I went to Gardens too. C/O 94. My husband went to Gardens as well C/O 93. And now Dylan goes there. Small PBG world.

Thanks again for all your help!

Call now to connect with business.

Team Shoreline enjoying some libations and some good quality time outside the office.

WHAT FACTORS CAUSE FLORIDA’S HIGH INSURANCE RATES

By David Thompson, AAI, CPCU, CRIS

Whether it’s auto or home insurance, price is a significant consideration with any household budget. This article should help you understand some of the factors involved in insurance pricing and how they can impact your premiums both present and future.

RELEVANT FLORIDA BACKGROUND

Every single day, approximately 1,141 people move to Florida. Last year (2022) the total was 416,000 new residents.

Between 2010 and 2021 just under 3 million relocated here, adding more cars to our roads, building more houses and condominiums. Our “Sunshine State” appeals to millions of “snowbirds” and it’s not just the sunshine–we also have no state income tax and a pretty good reputation for being a fun place to live and retire.

NOAA (National Oceanic & Atmospheric Administration) reports that 76.5 % of Floridians live in high-risk coastal areas. One example, in Indian River County, the population increased by 36 percent from 2000 to 2021. Records show 7,834 building permits were issued for single family houses and 1,192 were issued for multi-family projects.

While such massive growth may increase the tax base, it also places more residents in areas where cows and citrus trees used to be. And, according to Swiss Re, virtually all of them are required to have insurance which, according to the Insurance Information Institute (III), costs four times the national average in Florida.

When these factors and those that follow are combined with Florida’s traditional inclination for frivolous litigation, including the national distinction as a “Judicial Hellhole,” the result is higher premiums for everybody. Legislation passed in 2022 and 2023 has already begun to stem the tide of lawsuits (see “LITIGATION” below).

The following are some other factors contributing to Florida’s insurance rates.

REINSURANCE: Just like consumers buy insurance to protect their financial assets, insurance companies buy such coverage (called reinsurance) to help fund catastrophic losses. Florida is the world’s hurricane highway with some of the worst storms in history like Andrew, Opal, Charley, Ivan, Jeanne, Frances, Wilma, Irma, Michael, Sally, Ian, Nicole, Idalia, and more. Hurricane Ian damage reports have been over $65 billion. Reinsurance costs have increased drastically over the past decade and usually average from 40% to 60% of a homeowner’s entire premium. In one 18-month period in 2004 and 2005 Florida averaged one hurricane every 60 days.

INFLATION: The inflation rate for all goods and services over the past 15 years is higher than historical levels. But remember that insurance claims are paid based on “replacing” damaged property not the purchase or sales price of a house. While prices are constantly in flux, some reports show construction costs have increased by 19 percent since pre-pandemic levels. Combine that with what is often termed “demand surge” after a hurricane and it’s clear that insurers are paying out significantly more in property losses, especially those related to catastrophes.

INSOLVENCIES: Some would say this one is more of a symptom than a problem, especially for property insurance. None the less, a dozen insurance property carriers have failed in the last five years—a statistic not found in any other state. Insolvencies must be funded, and claims must still be paid, usually by assessing other insurers via the Florida Insurance Guaranty Association (F**A). This and other assessments are reflected in Florida homeowner rates.

SEASONAL RESIDENTS WITH MULTIPLE HOMES: Many Florida residents own secondary homes in another state. The reality is that the luxury of owning multiple homes and multiple cars in multiple states comes with a price. Such residents must weigh the benefits of this arrangement because paying premiums on multiple homes is similar to paying taxes and utilities in multiple states.

AUTOMOBILE INSURANCE:

In 2021 there were 42,939 highway accident fatalities, the highest number since 2005 when fatalities began to fall. More people are driving more miles, causing more accidents.

In the same year, 31 percent of the fatalities were alcohol related, and that figure increased by 14.2 percent over the previous year. One report stated that Americans purchased and consumed more alcohol during the pandemic than in years past, leading to more accidents and fatalities.

Long gone are the days of going to the auto parts store and getting a headlight for $10.00. Today’s technology-equipped cars cost a lot more to repair. Because repairs for electric cars are about double that of gas cars, their insurance also costs more. Supply chain issues have led to price inflation on used cars and the price of repair parts. It’s not unusual for a simple rear end collision to cost over $5,000.

III estimates that over 20 percent of Florida automobile owners carry no insurance. A few years back, the Florida Office of Insurance Regulation (OIR) published a report showing that of the cars with “any” insurance, 51 percent had liability coverage of $25,000 or less. Thus, uninsured motorist coverage is critical to carry, and the cost of that specific coverage has increased dramatically for the same reason.

One major national insurance company recently reported that its auto premiums will have to increase 20-25 percent a year until 2025. Some of Florida’s tort reforms may help, of course. And there is currently an effort to repeal Florida’s No-Fault law which might also have a salutary impact on rates.

LITIGATION: According to data from the National Association of Insurance Commissioners (NAIC), while Florida accounts for only 9% of the homeowners claims in America, it is responsible for close to 80% of America’s property lawsuits. Litigated claims cost 5 times more than non-litigated claims.

This obviously out of control problem resulted in the most comprehensive tort reforms in Florida’s history. After these reforms passed but before they became effective notices of lawsuits were filed to avoid the reforms. Under normal circumstances Florida would experience close to 120,000 annual property suits. After the reforms passed, but before they became effective, close to 280,000 notices of litigation were hastily filed to avoid application of the reforms. For a period of time the cost of those suits will be reflected in rates.

Here are just some of the tort reforms that will largely relieve the costs of frivolous homeowner litigation going forward.

Assignment of benefits: In an “AOB” action, a homeowner might sign a contract with a water remediation company, contractor, roofer, or automobile glass shop. In “layman’s terms” this could be viewed as giving a power of attorney to a third party to represent the customer. While AOBs by themselves are not bad, abuses lead (in part) to fraudulently inflated claim payments, legal costs and thus, higher premiums. An unscrupulous AOB contractor might inflate a damage repair estimate, file a claim and demand payment. When the insurer objected to that amount, based on their own damage repair estimate, the AOB contractor filed a suit. Recent tort reforms prohibit the use of AOB’s for personal and commercial residential policies, with a few exceptions. Likewise, in 2023 the legislature passed legislation prohibiting AOB contracts relating to windshield glass damage.

Contingency Fee Multipliers: Most plaintiff attorneys take a case based on a contingency arrangement, meaning the customer pays nothing unless they win in court. The court will look at the specifics of the case and award attorney fees based on the “lodsestar” method–the number of hours spent on the case multiplied by an hourly rate.

A “multiplier” can be applied of up to 3 times the lodestar rate. Florida was the only state that did not follow the U.S. Supreme Court standard of applying a fee multiplier only in “rare and exceptional” cases. The reforms repaired this anomaly.

One Way Attorney Fees: Florida has a long history of generously awarding fees to plaintiff attorneys. In cases where the insurer offered a settlement amount and the court awarded just $1.00 more, the plaintiff attorney was entitled to their fees. Legislation in 2022 and 2023 made material modifications to this concept removing a major incentive for so many frivolous suits to be filed.

Comparative Negligence Changes: States differ in their system of negligence. In some states, called contributory negligence states, if (as an example) a driver is just five percent at fault in an accident, they can recover no money from the other driver because they “contributed” to the negligence. Florida, until 2023, was a “pure comparative negligence state.” The fault of each party was “compared” and each party recovered based on the degree of negligence. For example, a driver who was 80 percent at fault could still collect 20 percent of their award from the other party. Based on the 2023 legislative changes, if a party is more than 50 percent at fault, they cannot recover from the other party. Again, this will result in fewer frivolous lawsuits.

Statute of Limitations For Negligence Claims: The legislative changes in 2023 reduced the timeframe to file a negligence suit from four years to two years. This will result in fewer lawsuits over time.

Bad Faith Claim Reforms: An insurer can be accused of not settling a claim “in good faith” by misrepresenting facts or failing to comply with policy and/or statutory provisions. As such, they can be found to act in “bad faith” and can face substantial monetary penalties. For example, one change would require that the insurer be found not to have paid a claim or to have underpaid a claim before a bad faith claim can be filed. Prior to the reforms an allegation of bad faith was the norm even prior to an adjudication of guilt.

Other legislative reforms were also enacted during 2022 and 2023 that will have a salutary impact on rates going forward. Some are already having a favorable impact. See Glimpses of Optimism.

For complete information on all the legislative changes see the report from Florida’s Insurance Consumer Advocate.

I would also recommend buying a copy of Scott Johnsons’ book, Collapse of an Evil Empire, which has been endorsed by numerous legislative leaders and explains what was going on behind the scenes with respect to litigation.

SOME THOUGHTS ABOUT REDUCING YOUR PREMIUMS

For homeowner’s insurance…

· When buying a new home make sure it’s built to the current state and local building code. Obtain a wind mitigation report (About $125) so that all credits can be applied.

· Check with your insurer or agent to confirm you’re getting all appropriate discounts. Examples are new house credits, multi-policy credits, claims free credits, gated community credits, and other assorted discounts.

· Keep your roof and water heater current. Many insurers balk at ages over ten years.

· Take a proactive approach to claims mitigation. For example, consider turning the water off when you leave town for even one night, and regularly inspecting all water connections under sinks, toilets, washers, and other parts of the house. Non-weather-related water claims are the number one cause of loss for homeowners.

· Replace washer hoses every five years, even the upgraded metal hoses. Install impact glass or shutters and secure them even for a minor hurricane.

For auto insurance…

· It is very important to maintain a good driving record and credit history. Check with your agent about potential discounts for taking a defensive driving course.

· Bundle your auto insurance with your homeowners insurance whenever possible. With some insurers the savings can be as high as 20%.

· As difficult as it may be, avoid expensive cars that cost $75,000 or more. Look into tracking device discounts that verify good driving habits but… be aware of what data is collected.

· To avoid problems during the term of your policy, make sure your insurer/agent knows about all household residents regardless of age but especially teenagers whether of driving age or not.

CHANGING INSURANCE COMPANIES

Be cautious when moving to a new insurance company based solely on price– a lower premium can be due to lower coverage.

Also, an insurance company can cancel a new policy for any reason within the first 60 days with just a 20-day notice. This “free look” period is used to conduct inspections (inside and out) and to check prior claims, residents in the household, credit ratings including past bankruptcies and more.

Information discovered during that first 60 days can, at times, lead to a mid-term cancellation making it difficult to find replacement coverage or to return to your previous

carrier. This is also true for auto insurance.

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One of our favorite clients came in today with her awesome African Grey parrot. Her name is Kenya.
We love visitors in our office. Swing by when your around and say helli. You never know what or who you will see at Shoreline Insurance

Macho in his new digs.

Macho the protector.

Halloween festivities!!!
Come check us out if your in the area
Grab some candy, say hello and meet our new mascott, MACHO!!!
HAPPY OCTOBER FROM SHORELINE INSURANCE!!!!

Press Release

Shoreline Insurance Inc Receives 2023 Best of Palm Beach Gardens Award

Palm Beach Gardens Award Program Honors the Achievement

PALM BEACH GARDENS August 11, 2023 -- Shoreline Insurance Inc has been selected for the 2023 Best of Palm Beach Gardens Award in the Insurance Agency category by the Palm Beach Gardens Award Program.

Each year, the Palm Beach Gardens Award Program identifies companies that we believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and our community. These exceptional companies help make the Palm Beach Gardens area a great place to live, work and play.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2023 Palm Beach Gardens Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the Palm Beach Gardens Award Program and data provided by third parties.

About Palm Beach Gardens Award Program

The Palm Beach Gardens Award Program is an annual awards program honoring the achievements and accomplishments of local businesses throughout the Palm Beach Gardens area. Recognition is given to those companies that have shown the ability to use their best practices and implemented programs to generate competitive advantages and long-term value.

The Palm Beach Gardens Award Program was established to recognize the best of local businesses in our community. Our organization works exclusively with local business owners, trade groups, professional associations and other business advertising and marketing groups. Our mission is to recognize the small business community's contributions to the U.S. economy.

SOURCE: Palm Beach Gardens Award Program

CONTACT:
Palm Beach Gardens Award Program
Email: [email protected]
URL: http://www.cities-distinction.com

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Fixing your property insurance

Fixing your property insurance Don’t give up if rates rise or you’re being droppedHannah MorsePal

Some pics from a charity golf tournament put on by the Arc of palm beach county. Very awesome charity, it was a fun day and glad we participated.
3 Savages and a Marose

Our Shoreline Insurance family is saying good-by to our Wonderful, Sweet Amanda Hoey. After a very long career Amanda is retiring from the workforce to start enjoying her retirement with her husband. Over the Last 3 ½ years Amanda has been the Director of 1st impressions along with many other Duties, here at Shoreline. If you ever called the office and spoke to Amanda you know she is a wonderful person and worked hard to help you with all your insurance needs.
Amanda has spent more time on hold with Lenders, insurance carriers, than any one person should have too. She spent that time on the phone so you did not. Amanda made sure your polices were paid and your Mortgage had the proper info. She connected the dots and crossed all the T’s that people missed, so your insurance was in good working order. Amanda wore her heart on her sleeve and truly cared about every person she spoke with.
Amanda was such an important part of our success and great customer service, and she will be missed. Our Shoreline Family is sad to see her go but so Happy she gets to spend her time with her family, the way she deserves. Please wish Amanda well and Thank her for her services over the years. Amanda will never be replaced, but what she brough to Shoreline Insurance will live on forever. She has made a permanent imprint for the better.

We will miss you Amanda
Love your Shoreline Insurance Family
Matt, Helen, and Jeff!!

Finally some goods new on insurance. This is all good stuff. Both sides take a hit (lawyers and insurance carriers) which means it is a good deal for us consumers....

Florida's Legislature Passes Substantial Property Insurance Reforms
By BG Murphy posted 2 days ago

Following

I can still feel the sting of the legislative impasse that unfolded during the 2022 regular session. The failure of the House and Senate to confer on remaining insurance issues led to the demise of insurance reform, which included several FAIA priorities. You may recall I wrote a blog that day and spoke about the rain that poured down on Tallahassee as I walked out of the Capitol. I even worked in an analogy about how Florida’s Legislature failed to serve as the umbrella for Florida’s consumers.

Well, today, there is no need for sentiment or umbrellas. Today, Florida’s Legislature said “yes” to Florida’s policyholders and sent a resounding “no” to the powerful political interests whose stakeholders have been the primary contributors to the market collapse. The provisions contained in SB 2A are amongst the boldest insurance reforms to ever come out of Florida.

Senate Bill 2A addresses a wide variety of topics, including:

Reinsurance

Senate Bill 2A creates the Florida Optional Reinsurance Assistance (FORA) Program within the Florida Hurricane Catastrophe Fund (FHCF). The FORA Program provides four layers of optional reinsurance at “reasonable rates” (50–65 percent rate online), starting at the FHCF attachment point and proceeding downward.

Claims Filing Deadline

Senate Bill 2A reduces the claims filing deadline from two years to one year of the date of loss for new or reopened claims. The bills provide 18 months for supplemental claims.

Office of Insurance Regulation (OIR) Regulations

Senate Bill 2A provides additional authority to the OIR to subject any authorized insurer to a market conduct examination.

Insurance Company Duties

Senate Bill 2A amends the prompt-pay statutes to ensure timely claims handling. This is accomplished by:

Reducing the time that an insurer has to make a determination of coverage from 90 to 60 days;
Reducing the time for insurers to review and acknowledge a claim communication from 14 to seven days;
Reducing the time for an insurer to begin an investigation from 14 to seven days;
Reducing the time for an insurer to conduct a physical examination from 45 to 30 days; and,
Requiring insurers to send any adjuster’s report estimating the loss to the policyholder within seven days after it’s created.
Attorney Fees

Senate Bill 2A repeals the one-way attorney fee statutes for litigated property (commercial and personal lines) insurance claims. The bill also provides other legal reforms addressing abusive litigation tactics.

Assignment of Benefits

Senate Bill 2A prohibits the use of assignment of benefits, in whole or in part, of any post-loss insurance benefit under any property (commercial and personal lines) insurance policy issued on or after January 1, 2023.

Citizens Reforms

Senate Bill 2A includes several provisions addressing the growth and exposure of Citizens. Additionally, SB 2A provides a phased-in flood requirement for Citizens’ policyholders. These provisions include:

Increasing the eligibility threshold for Citizens’ renewal personal lines policyholders.
Citizens’ policyholders are ineligible for Citizens’ coverage at renewal upon receiving an offer of comparable coverage from an authorized insurer for a premium that is not more than 20 percent greater than the Citizens’ renewal premium.
Increasing the eligibility threshold for Citizens’ new policies for commercial residential coverage from 15 to 20 percent. The new business threshold is consistent with the current threshold for new policies of personal residential coverage.
Requiring that Citizens’ rate be non-competitive with the approved rates charged in the admitted market pursuant to the existing glide path.
Removing the glide path rate limitation for any new or renewal personal lines policy for non-primary residences written on or after November 1, 2023.
The rate for these policies must be no more than 50 percent above and no less than the established rate for Citizens that was in effect one year before the date of the application.
The bill defines primary residence as the dwelling that is the policyholder’s primary home or is a rental property that is the primary home of the tenant and which the policyholder or tenant occupies for more than nine months of each year.
Requiring applicants or insureds of Citizens for personal lines residential coverage to obtain flood insurance for new policies starting in March of 2023. The phased-in flood requirement establishes:
For risks located in areas designated by the Federal Emergency Management Agency as special flood hazard areas, flood insurance must be secured for new Citizens policies with an effective date on or after April 1, 2023, and at renewal for Citizens policies that renew on or after July 1, 2023.
For all other risks, the requirement to obtain flood insurance at policy issuance or renewal is effective:
March 1, 2024, for policies insuring property to a limit of $600,000 or more.
March 1, 2025, for policies insuring property to a limit of $500,000 or more.
March 1, 2026, for policies insuring property to a limit of $400,000 or more.
March 1, 2027, for all other policies.
Continuation of Coverage

At the request of FAIA, the Legislature included a provision that provides the insurance commissioner discretion to extend the 30-day cancellation period of policies of an insolvent insurer to 45 days to provide more time for agents to replace coverage for consumers.

FAIA will publish more specific information on the bill in the coming days and weeks. As House Speaker Paul Renner said in his closing remarks today on the House floor, there will be more opportunities to continue to look for ways to reform the property insurance market.

Cyber Monday Surf your favorite e-comm sites and check a few gifts off your list. Score any good sales? Fill us in!

Black Friday The unofficial start of holiday shopping season begins today. Shop 'til you drop – you’ve got the rest of the weekend to recover.

Happy Thanksgiving Sharing time with family is one way to give thanks for the many blessings in your life. What are some others?

National Espresso Day If you ever enjoyed an espresso, you know it’s so much more than just strong, dark coffee. If you haven’t, try one today.

Thankful for My Dog Day They are loyal to a fault. What would we do without them? Show your Fido, Rover or Scruffy some love by posting your pooch’s pic.