Welcome to your 3rd Quarter Insurance Market Update provided by your favorite local independent insurance agency, Park & Associates! This quarter we are going to focus on the homeowners and condominium association insurance marketplace. Most of us either live in an association or are on the board of our association where budgets and dues are being thrown out of whack due to the associations insurance. While there is not much new this quarter compared to last we think this is a good time to provide some background on where premiums COULD be headed. It has become increasingly difficult, if n ..read more

Welcome to your 2nd Quarter Insurance Market Update provided by your favorite local independent insurance agency, Park & Associates! Moving forward we will be releasing a quarterly insurance market update to make sure that you, our clients, are as informed as possible on the current state of the insurance industry. With carriers leaving the state, going out of business, raising rates, and reducing coverages it has never been more important to keep your finger on the pulse of the insurance market. This blog will focus on Senate Bill 2A which was signed by Governor DeSantis on December 16, 2 ..read more

On July 1, 2022 a new Florida law took effect with the hopes of strengthening safety measures surrounding the property management and apartment industries in our state called “Miya’s Law”. The law requires background checks for all prospective employees of property management companies and apartment complex’s as a condition of employment. What caused this to come into focus? In 2019, Miya Marcano was a 19-year-old Orlando resident who was tragically killed by a maintenance employee of the apartment complex where she resided. This was the proverbial straw that broke the camel’s back related to ..read more

In the last several years, the Florida property insurance market underwent numerous changes, arguably “Limited Water” being the most notable one of them, making it the new industry standard for water damage claims. The “Limited Water” provision limits the amount of claim payout to $10,000 and the source of the water damage must be from plumbing or an appliance. Any homeowner could find themselves with water damage exceeding the $10,000 limitation and most carriers do not offer a “Full Water” buy back option. However, there is the option to install a ‘smart water monitoring system’ that will mo ..read more

Homeowners insurance policies typically include personal property coverage  under Coverage C. Personal property coverage helps protect your personal belongings which may include clothes, electronics, furniture, etc. from certain perils up to the coverage limit in your policy. This type of protection may help cover your personal belongings even while not physically located at your home. However, below are some important things to keep in mind. Insurance coverage for personal property in a storage unit is typically provided by the "off-premises" personal property coverage in a homeowne ..read more

  In late May the Florida Legislature passed two bills that were meant to stabilize the “troubled” property insurance market. If you have property or have talked to someone who has property insurance this year, you probably know what I am referring to. From an insurance agent’s perspective, this is the craziest market we have faced in quite some time and potentially ever. This makes the most recent legislative session more important than ever in affecting change that positively impacts property insurance consumers in our state. Here is a brief summary of the highlights of what was address ..read more

We are all seeing higher than usual insurance prices this year.  Today I heard someone tell me that they were told by another local insurance agent that the reason for their increase was due to inflation.  That was the first I had heard this reason and, in my humble opinion, it does ring true to our agency’s experience. In the past we have either seen increases in property premiums or the liability premiums, but not both at the same time. In our experience there are multiple reasons leading to mass rate increases. The reinsurers (insurance for insurance companies) are increasing the ..read more

Many condo owners ask why they need a condo policy for their unit when there is a Condo Association Master Policy.  The master policy generally covers the building structure and its surrounding property.  However, the master policy does not provide individual coverage for units and it’s recommended that a condo policy, known as a HO6, be purchased. There are three main points of coverage provided with a HO6 policy:  dwelling, personal property and personal liability. Dwelling Coverage covers the interior unit for perils such as fire, theft and water damage. The amount of dwellin ..read more

Recently I was asked to provide three reasons why working with Park & Associates is different than the countless other insurance agencies you find in South Florida and across the state. This is a question I loved receiving as more often than not insurance agents/consultants are considered to be “all the same”. While I can think of many more, here are my top three reasons that make Park & Associates different:  Peace of Mind – this should be the primary goal of all insurance consultants as it relates to their clients. We provide this through almost 50 years’ experience of insuring ..read more

As a homeowner, documenting receipts and invoices for big-item spending on renovations or improvements is highly effective during a claim process. You should ask your insurance consultant if your policy covers specific possessions separate from the house structure. For example, you may need a special rider/endorsement for valuable jewelry, electronics, fine art or other individual possessions contained inside the house. Whether you are a tenant or a homeowner, taking pictures excessively is never a waste of time. Comb through your phone and other cloud media for past photos of your house, apar ..read more