Why Is This Happening?

There have been over 8 carriers shut down in the last 2 years and it has everything to do with the age of roofs and attorneys targeting those claims and applying their one-way fees which has led to over $1.5 BILLION in FLORIDA claims for EACH year since 2019. This has driven the Reinsurance carriers out of Florida (those are the carriers that back the Florida carriers for catastrophic hurricane damages) which has created a further mess to this whole situation.

As such, the reinsurance carriers who remain in Florida were recently clobbered by the storms, so those carriers have doubled or tripled their premiums. This is why so many carriers have been shut down by the State.

Now May Not Be a Good Time to Change Insurance Carriers

Generally speaking, the best time to shop your policy is at your renewal. Renewal offers are usually sent about 45 days to 2 months prior to your renewal date - to give you time to review the policy and make any changes, if needed.

With hurricane season coming up, it may be safer to look at ways to reduce your current policy premium instead of switching to a cheaper policy, especially with strict underwriting requirements and carrier inspections for new policies. If your home is not in like new condition, you could potentially be cancelled and left uninsured in the middle of hurricane season!

Premium Increases

"Reinsurance, which is insurance for the insurance company, is expected to increase rates for Florida carriers in June, just as hurricane season begins."
-More rising home insurance rates will be coming for Florida customers

"Speaking with WFLA.com, Rollins said in the past four years, policy rates have gone up 50% for Floridians, and the rate increases aren’t stopping. He said the industry, as well as various state officials, are expecting reinsurance costs to go up between 40% to 50% or more in June."

"Reinsurance is “the largest expense for most homeowners insurance companies,” according to Rollins."

"The rates themselves are costly, with Insurance.com reporting most companies are charging their Florida customers between $4,000 and $5,000 for premiums, on average, though there are exceptions."
-Florida property reinsurance rates expected to jump 40% to 50% in June

"Florida homeowners are projected to pay an average of more than $4,000 in the near future, nearly three times the U.S. average, according to III."

-The Florida property insurance crisis: Why home insurers are leaving Florida

Underwriting Changes

Most carriers do not accept roofs over 10 years old for NEW business. This is likely another situation where it will be best to stay PUT, and look for ways to reduce your current premium, to avoid being cancelled for Roof Condition.

Carriers are no longer making exceptions to the underwriting guidelines. In fact, they have doubled down to make sure their guidelines are being followed.

It is very important to avoid a lapse in coverage and make sure your premiums are paid on time! The options available when shopping for insurance have already dwindled - if you have a lapse, it becomes increasingly more difficult to get approved for insurance.

Carriers are also very strict on claims history. Please be sure to speak with us FIRST before filing a claim, so that you can make an educated decision since this can likely affect your insurance eligibility for 5 years.

Carrier Financial Stability

Our agency is focused on keeping our clients insured with the most financially sound carriers.

We fully understand our clients needs for obtaining an affordable policy. Our goal is to find something economically feasible without sacrificing important coverages and carrier integrity. Those types of carriers likely cut costs in very important areas like claims service, which can heavily impact you when you need it most - or may be at risk to go out business.

"United Property & Casualty Insurance (UPC) is the 10th property insurance company in Florida to enter receivership in the last three years, meaning they don’t have enough funding to pay out claims."
UPC is the tenth property insurance company in Florida to go insolvent in the last three years

We Are Here for You!

We are hoping to see the industry stabilize in the near future. We believe there may be some time before we see this still but we are here every step of the way for our clients.

Please remember, not all insurance agencies, insurance quotes, and insurance companies are built the same. We take our responsibility to educate our clients seriously. We want to help guide you as best we can. We want to provide quotes that will meet your budget but also make sure it protects YOU!

Our Mission:

Mizrahi and Garris Insurance Agency is committed to providing a level of customer service that is much greater than the typical personal lines insurance agency. For all auto, home, life and business insurance customers, we make it our ultimate goal to match an individual with an insurance policy that is of both the highest quality and reasonable price. We are committed to servicing each client in a way that is unique to their own needs while following the strict ethical and procedural guidelines of our agency and the insurance industry.