There’s been a storm brewing for the Florida property insurance market for, well, probably a decade. And, now, it has finally hit.
Recent surveys show that nearly 60 carriers suffered a combined $701 million in losses and $351 million in negative income for all of 2019. In just the first half of 2020, the companies lost more than $500 million in underwriting losses and $227 million of negative net income. Third quarter results are expected to be even worse.
Needless to say, it’s hard to run a business with that kind of balance sheet.
Therefore, it’s no surprise that Florida carriers are raising homeowners’ insurance rates. After all, they’ve been losing money for years, due in large part to catastrophes and losses from litigation related to assignment of benefits and water damage claims. What is truly surprising – to insureds, anyway – is just how substantial the increases to their premiums may be.
What We’re Doing to Help
Here at Heacock, our goal is to find our clients the absolute best coverage at the absolute best rate. As an independent insurance agency, we’re not bound to any one carrier, thus having the freedom to truly offer our clients the plan that best meets their needs. This allows us to make good on our mission; to be caring trusted advisors in an ever-changing world. And, as carriers begin to raise homeowners insurance rates, you can count on us to find you the best possible solution for your needs.
About Heacock Insurance – Serving Central Florida since 1922.
Heacock Insurance is a fifth-generation, family-owned agency serving Central Florida since 1922. Founded in Sebring by Austin Heacock, his agency was, at the time, the only insurance agency located along “The Ridge” of Central Florida. Austin’s core belief in starting his endeavor was to be an honest and dependable provider of services he knew people needed.
Nearly a century later, with offices in Lakeland and Sebring, at Heacock Insurance, it’s our policy to hold true to the family values of professional integrity, commitment and personal service upon which we were founded.