If you're wondering about the right way to insure your property, our newest WSFL-TV Trusted Advisor, Hamilton Fox Insurance, has you covered. President Hamilton Jones joined us with more info.
“I'm a third-generation insurance agent. My family's been in the insurance business here in South Dade since 1947,” says Jones. “I got my start officially in 2006 when I graduated from Florida State University with an insurance major. Hamilton Fox Insurance is an independent property-casualty insurance agency.”
From Key West to Tallahassee, their focus is on personal lines such as homeowners and auto insurance as well as commercial businesses.
“The market really is on the verge of collapse. Over the last 12 months, we have seen 15 plus companies either go through some type of insolvency or they have stopped writing new policies altogether,” says Jones. “Over the last 10 years, these insurance companies have paid out nearly $15 billion in claims. However, only about 10% of that has gone to the actual insured to make repairs. The 90% or so has been tied up in things like miscellaneous costs and legal fees.”
What Jones predicts for homeowners is that over the next 12 months, they will continue to see cancellations and non-renewals while also continuing to see rates go up.
“I think the biggest challenge or change might be those homeowners that are finding themselves needing a new policy. They may find that their home isn't insurable in their current state,” says Jones. “The insurance companies that are still writing policies in the state, they're being very selective.”
To find the property insurance that is right for you, visit HamiltonFoxIns.com or call 855-427-8683.
This Inside South Florida Segment is paid by Hamilton Fox Insurance
Trusted Advisor, Hamilton Fox Insurance, is here to help you navigate Florida’s changing insurance market