SIP Insurance

Another depopulation of Citizens. No, we aren’t talking about demographics, we’re talking about @citizens transferring 235k of its policies to eight different carriers. (This includes TypTap Insurance Company,Slide, Homeowners Choice Property & Casualty Insurance Company, Inc.,Orange Insurance Exchange, Manatee Insurance Exchange, Monarch National Insurance Company). We’ve spoken in the past about Citizen’s being over capacity and far beyond its original intention as a “last resort” for Florida home owners.  These depopulations have become more common of late, as Citizens seeks to alleviate the pressure of its book of business. It may seem foreign to any business owner to want to lose business, but in the world of insurance, at times it’s a necessity. When a company is insuring more than it could possibly handle in the event of a claim, it’s over leveraged. In the case of Citizens, it has been that way for years.  Citizens is funded by the state government, but that doesn’t mean it can sustain its current trajectory. We expect to see more headlines of depopulations over the next year or so? Do you have Citizens? Have you gotten a letter confirming you are with another carrier? Need guidance? Don’t hesitate to message us or leave a comment below.   https://lnkd.in/eFk2zVDY #floridainsurance #citizensinsurance #insurance  #insuranceindustry #depopulation #insuranceclaims #propertyinsurance 

What do The Walt Disney Company, Sony Pictures Entertainment and Adobe have in common? Is that there are all huge enterprises? That they contribute to our entertainment? No. They've all been hacked. Now if you're a small business, maybe you take that as a relief. Clearly hackers are targeting bigger corporations. Wrong. Hackers target whoever has vulnerabilities, no matter the size of the business. Trust us, you probably have a vulnerability or two. That's why we wanted to highlight #CyberSecurityAwarenessMonth, to give everyone a reminder that you need to take your cyber security seriously and have safety nets like cyber liability in place. Have any questions about cyber liability? Ask us and we'll answer in the comments! #CyberSecurity #DataPrivacy #PhishingAwareness #PasswordSecurity #Cybercrime #CyberThreat #CyberHygiene #DigitalSecurity

Another Friday, another staff member to get to know! Today the focus is on Brenda Martínez, one of our account managers! We are happy to have her focus and determination on our team! Read more about her below! Years of Experience in insurance? 2 years.   What have your years of experience in insurance taught you?   The different ways you can protect your assets, your family and yourself against unforeseen risks.   What motivated you to make the jump to SIP?   The opportunity to grow in the industry.   What is the most important part of your position?   Maintain a client portfolio and ensure that client requirements are processed.   What do you hope to accomplish with SIP?   Continue learning about insurance agency operations, including sales, customer service, and administrative functions.   What is a little-known interesting fact about you?   I am a fan of playing chess. #teamwork #appreciation #recognition #thankyou #grateful #companyculture

Even King Arthur’s roundtable would have a hard time with this one.  Florida continues to seek solutions for its insurance woes. Premiums have continued to rise and it is becoming a strain on homeowners state wide. This roundtable even occurred before the last two major hurricanes hit, so that means even more of a burden is incoming. Florida is a paradise, but one that comes with the caveat of storm activity. With climate change, that storm activity becomes more of a guarantee every hurricane season. The state and federal governments will have to keep taking regular action in order to stabilize the market and keep it affordable. No easy task, but a necessary one.  Do you have any questions about your premiums getting higher? Do you need guidance within the current market? Don’t hesitate to message us or comment below! #FloridaInsurance #InsuranceMarket #InsuranceIndustry #InsuranceNews #HurricaneDamage #PropertyInsurance #HomeownersInsurance #InsurancePremiums #InsuranceReforms #InsuranceAvailability #FloridaHomeowners #InsuranceClaims https://lnkd.in/edeGTE4n  

How about some good news for a change? It isn’t all doom and gloom in every sector of the insurance industry.  In fact, when it comes to worker’s compensation, it’s on a winning streak. Worker’s compensation (Comp for short) has always been a cornerstone of the insurance industry. But as other sectors falter, Worker’s comp is thriving. Thanks to better safety measures, less fraud, and less defense costs, underwriting has become very favorable. This welcome news for insurance agents, who have dealt with blow after blow in the property insurance space. Do you have a worker’s comp policy? Have any questions regarding how your policy works? Send us a message or comment below. We’ll be happy to help you! #workerscompensation #workcomp #insurance #insuranceindustry #business #smallbusiness #employers #insurancecosts #costcontrol #premiums #costreduction https://lnkd.in/g6H4Fw24

What difference does 1% make? A whole lot more than you may realize. Such is the case with the decrease to statewide worker’s compensation rates. Worker’s compensation has been faring better than other insurance lines with steady revenue and returns. But with changes to doctor’s fees, it was decided to only decrease rates 1%. Without the increased doctor’s fees, it might have decreased more, although there are some parties that are relieved it didn’t. Relieved it hadn't decreased more? Let’s explain.  In particular, roofing contractors who were worried that cuts were overlooking safety concerns and could ultimately lead to higher rates or potential revenue problems for self-insureds. Do you have a worker’s comp policy? What do you make of the decrease, should it have been more? Let us know in the comments! #workerscompensation #workcomp #insurance #insuranceindustry #business #smallbusiness #employers #employees https://lnkd.in/gyG9r3Xm  

We're happy to announce Samantha Kong has joined our team as Assistant Account Manager! Sam is simply a wonderful person, who's sense of humor and transparent personality make her not only easy to work with, but a delight as well. Below you can get to know her! Years of Experience in insurance?  6   What have your years of experience in insurance taught you? My years in insurance have taught me that there’s always something new to learn, the industry is always growing and changing.   What motivated you to make the jump to SIP? The exciting opportunity to contribute to SIP’s success and the chance to learn something new and challenging outside of my claims experience.   What is the most important part of your position? The most important part of my position is meeting the needs of our clients big or small.   What do you do in your off time, hobbies? In my off time I spend time hanging out with my family and friends, which mostly includes eating.   What do you hope to accomplish with SIP? I hope to grow my career in insurance at SIP and contribute to their continued success.   What is a little-known interesting fact about you? A little-known interesting fact about me is that my family is Chinese Jamaican. #teamwork #appreciation #recognition #thankyou #grateful #companyculture

It’s said a picture is worth a thousand words. But it’s worth even more in fraudulent claims. Recently, Citizens Property Insurance Corporation was defrauded by a home inspector by the tune of 200 times. The inspector used stock photos and sent them instead of actually photos of the property. The result? Lower premiums for insureds, but at the cost of accurate coverage. Citizens lost out on 42k in revenue and had to spend 38k in order to reinspect the homes.  This level of fraud doesn’t only disrupt insurance companies, but it’s no good for insureds as well. Not only does it contribute to premium increases, but when events like the recent hurricanes, it puts insureds in a position where their coverage could be inefficient at best and at worse cancelled at the worst time.  We hope we see less and less of these situations as more people are caught.  Have any questions about how your home inspection impacts your policy? Message us or comment below!  #fraud #insurancefraud #claimsadjuster #insuranceindustry #consumerprotection https://lnkd.in/e_qAcxfV