Our Insurance Update

Florida’s homeowner insurance rates are four times the national average. CNN News

A s we enter 2023, a changing insurance market continues to impact coverage, premium, deductibles, and many other factors that are essential to your organization. A lthough the insurance market for some property and casualty (P&C) lines stabilized in 2022, organizations with below-average risk profiles or exposures to loss in certain states or industries faced severe upward rate pressure. In addition to the universal and ever-present need to effectively manage risk, several other challenges are affecting virtually all insureds across all insurance lines.

Hurricane Ian last fall caused $114 billion in inflation adjusted damage, according to NOAA, making it the most expensive storm to ever hit the state, and the third most expensive in US history after 2005’s Katrina and 2017’s Harvey. But for the most part Florida has gotten off fairly easy in recent years, with no hurricanes making landfall in the state from 2019 through 2021.

Much of the damage caused by hurricanes comes in the form of flood damage, which is covered not by private insurers but by the National Flood Insurance Program, a federal agency. But wind damage to homes and roofs are covered under homeowners’ insurance policies. We offering you to review 2023 Market Outlook report.

Base on the above and new appraisal report (94.9M) our Property insurance increased from $226.8k to $899k in 2023 (+296%).

TO HOME OWNERS: It is our pleasure to provide this information and we remain at your service should any further assistance become necessary.

IMPORTANT DOCUMENTS: Certificate of Insurance, LOMA Letter and Roof Condition Inspection Report

IMPORTANT: If there are any changes required such as mortgagee clause information, loan number, or any other detail you might need on the certificate. All requests for changes or questions regarding this certificate need to be made in writing to: Alan Adams from The John Galt Insurance Agency, e-mail: alana@john-galt.com or via fax: 954-440-2833.

Board of Directors




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