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Insiders sound off on Florida insurance cost hikes

Insiders sound off on Florida insurance cost hikes

As home insurance prices are poised to increase sharply, the South Florida Sun Sentinel asked leading insurance experts to provide their views of the disintegrating state of the market. Here’s what they had to say. Responses have been edited for length and clarity.

Locke Burt, president and CEO, Security First Insurance Co.

Insurance cost drivers are well known and have been reported before — bad weather, increased reinsurance costs, shady contractors, aggressive plaintiffs bar with a favorable legal environment, water losses, fraud. What’s different is the trends seem to be accelerating and the Legislature has not done anything meaningful to change the trajectory of increased costs which, under Florida law, must be passed on to consumers in the required annual rate filings.

The private sector is shrinking and raising rates as fast as they can because the losses are not sustainable and the providers of additional investment capital simply do not believe that the situation in Florida is going to improve for several years. That’s why the public companies are selling for 50 cents on the dollar.

This situation won’t change until legislators hear from their constituents and decide to do something, the weather improves, or the lawyers disappear.

Travis Miller, insurance regulatory attorney, Radey Law

In Florida, we face unique but foreseeable challenges due to our substantial coastal exposures and the corresponding hurricane risk. Insurers anticipate these challenges and typically are well prepared to meet them. However, these challenges have been compounded in recent years by other issues that are not meteorological but instead are behavioral. Simply put, loss experience in Florida has deteriorated to a point historically unseen in this state and significantly worse than in other states following similar events.

The conditions in the current market just reflect how these concerns manifest over time if not addressed.

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‘I fell for what Trump was saying’: Workers sound off on virus, uncertainty about economic aid

‘I fell for what Trump was saying’: Workers sound off on virus, uncertainty about economic aid

That’s on top of the fact that layoffs continue to pummel the job market, forgivable loans for small businesses under the Paycheck Protection Program have run out, and more than 20 million Americans are no longer receiving enhanced unemployment benefits.

It’s a perfect storm hitting everyday workers who are trying to keep their lives afloat.

Truck driver Derrick Beauvais used to deliver paper products to 40 Boston-area restaurants every day, but since the pandemic hit, he’s lucky if he has half that. His paychecks are down by half, as well. An extra $200 a week in unemployment benefits has helped, and he is counting on another stimulus package to get by.

“My wife doesn’t work because I always made enough money where she could stay home and take care of our son,” he said, adding that he recently decided to get an emergency credit card because he doesn’t have any savings.

He said he looks back on the $1,200 stimulus check and $600 enhanced unemployment benefits of earlier in the year, wishing he would have planned ahead, maybe not buying his 8-year-old son extra back-to-school clothes.

“I didn’t exactly save like I probably should have,” he said. “I fell for what Trump was saying . . . ‘When the weather gets nicer the virus is going to go away’. . . and here we are, almost in November.”

May, a housekeeper at the still-closed Sheraton Boston Hotel who asked that her last name not be used, has been using her unemployment checks to pay her mortgage and raise her 7-year-old daughter in Quincy. But with no reopening date in sight, and jobless benefits coming to an end, she doesn’t know what she’s going to do.

“I can’t imagine this,” said May, who is from China and has been in the

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Loveless Remaster Truly Sound Better?

Loveless Remaster Truly Sound Better?

Business news,Business daily,Business ideas,Business insider,Business letter,Business line,Business plan,Business proposal,Business times,Business world,Online businessWHOLESOME PETS DISCLAIMER: This data is for tutorial purposes solely and isn’t meant to interchange the advice of your personal veterinarian or doctor. So as to provide you with authentic, relevant enterprise ideas you have to understand first what they ARE and what they are NOT. One thing that is necessary on this business is ‘unique designs.’ You’ll be able to both create your personal designs or get it accomplished from vendors and promote them underneath your own name. And if that is not enough, Foundr has an ideal piece on online business ideas too.

Employed techies planning to earn some extra aspect revenue can leverage their software and hardware abilities by providing house-primarily based laptop restore services as a business idea that engages their passion. From there, the sales only continued rising and we graduated from facet business concept to full-time firm that I ran with my best friend for multiple years.

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Loveless Remaster Really Sound Higher?

Loveless Remaster Really Sound Higher?

Business news,Business daily,Business ideas,Business insider,Business letter,Business line,Business plan,Business proposal,Business times,Business world,Online businessThe whole lot that you want to know to start your own enterprise. To promote shirts, you’ll should be adept at advertising and marketing. And each time, among the best companies to come out of those rushes are the supporting companies. Teaching a digital course can be one of the vital profitable business ideas 2019. So you can create your personal designs and promote them online or even order a provide of them to sell by yourself.

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When you do, you can reach out to companies and offer to help create profitable Facebook adverts. Create online seminars, trainings, and workshops to assist your viewers study to efficiently run their online business. This is a foolproof way you can’t only generate a complete record of business ideas, but also test and validate to see in the event that they’re worthwhile or not.

SaaS (Software program as a Service) is a very talked-about online business option, for good reason. They’re completely important for WordPress web sites, … Read the rest