Ep. 53 - Changes in FL Insurance: How to Protect Your Home and Your Wallet w/ Ryan Locke
Are you a homeowner in Florida struggling with rising insurance premiums? You're not alone. In this episode, we sit down with Ryan Locke, owner of Locke Insurance Agency, to discuss the state of homeowner's insurance in Florida. Ryan is THE go-to man on this topic, with over 5,000 policies written and 17 years in the industry under his belt. The landscape is complex, from hurricanes causing carriers to leave the state to fraudulent roofing claims and limited underwriting guidelines. But don't worry; we explore ways to lower premiums and navigate the system with expertise. We also examine the impact of recent insurance reform efforts and how they may affect homeowners and insurance companies in the future.
Join us for this enlightening conversation on how you can protect your home and your wallet.
[00:01 - 05:42] What you need to know about homeowner’s insurance and the current conundrum it faces
[05:43 - 12:50] Roofing fraud, assignment of benefits driving insurance costs up, and billions in losses explained
[12:51 - 20:15] Florida faces an insurance crisis—how to navigate getting the best insurance premiums
[20:17 - 25:08] Florida's homeowner insurance market was exploited, leading to premium increases and new reforms
[25:09 - 30:33] Florida homeowners brace for higher insurance premiums as new companies enter market amid reform
[30:34 - 35:10] Who you should work with to get the best possible premiums
Quotes:
"In 2017, Irma did significant damage in the state of Florida, and so you had a lot of carriers that depleted their funds actually almost ran out of funds. Some did. And that's when kind of the exodus of carriers started to happen a little bit." - Quinton Harris
"In a nutshell, [Assignment of Benefits] means you have no say so from the time you assign your benefits over… very dangerous" - Ryan Locke
"79% of litigated insurance claims come from the state of Florida… And we wonder why we're in a state of crisis." - Ryan Locke
"Anytime you bring new competitors to the marketplace, the customer wins." - Quinton Harris
Resources Mentioned:
Connect with Ryan on LinkedIn. If you want an expert like Ryan in your court, go to https://www.lockeinsurancegroup.com/ and get protected!
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