Kelly McConnell’s Post

Jeff Dunsavage provides valuable insights as to the effects of #Florida’s litigation reform “This increase in litigation, combined with persistently strong inflation, contributed to increased loss costs and premium increases. In 2022, average homeowners premium rates rose more than 17 percent, to $3,040. Premiums continued to rise in 2023, although at a decreasing rate, as inflation has moderated and legal reforms have kicked in. There are early signs that the reforms are beginning to bear fruit. In 2023, Florida’s defense and cost-containment expense (DCCE) ratio – a key measure of the impact of litigation – fell to 3.1, from 8.4 in 2022, according to S&P Global. In dollar terms, 2023 saw $739 million in direct incurred legal defense expenses – a major decline from 2022’s $1.6 billion.” That is it. Florida’s DCCE fell $900 million after cutting out one way attorneys fees. For any other state that is looking for reform, think of nothing else. Stop feeding the lawyers.

#Homeowners #insurance #premium growth in #Florida has slowed since the state implemented legal system abuse reforms in 2022, according to a Triple-I analysis. #legalreform #tortreform

Good stuff, and positive signs as consumers can certainly use some relief on premium payments. BUT (sorry), we have to take into consideration that during that same period of time being quoted, no major storms in Florida which is always when things are going smooth with claim service. The root issue is not the litigation, even though there was some bad players in litigation, but what needs to be considered is the claim service after major events and how carriers deviate from their best practices to churn and burn causing unhappy policyholders. Now that the Florida legislatures can pat themselves on their back for the litigation changes, it is time they now focus on the actual consumer and make changes that re greatly needed in claim handling by the insurance carriers. Everyone knows about that BIG ELEPHANT in the room, but choose to ignore it, or make excuses for it. Insurance is no different then any other consumer product, in that the consumer pays for a product and at least should expect some basic customer service in return in a timely manner.

Your closing costs might include two types of title insurance policies, but do you know how these policies differ? Title insurance policies include: - Lender's policy: This type of policy protects the lender's interest in the property until the mortgage is paid off. It ensures that the lender has a valid and enforceable lien on the property, protecting against issues such as undisclosed heirs, fraud, or errors in the public record that could affect the lender's ability to foreclose on the property if necessary. - Owner's policy: Unlike the lender's policy, this policy protects you, the homeowner. It covers the full purchase price of the property and provides protection against a variety of potential issues that could arise after the purchase, such as undiscovered liens, encumbrances, or legal defects in the title. An owner's policy ensures that you have clear and undisputed ownership of the property, offering peace of mind and financial protection in case any title issues surface in the future. Foundation Title d. 732-500-4899 | o. 732-389-4571 s.jakubowski@ftnj.com | www.ftnj.com . . . #TitleInsurance #RealEstateTitle #PropertyTitle #HomeTitleInsurance #TitleProtection #FoundationTitle #titleagency #realestate #homebuyer #realestatesales #njrealestate #realestatenj #titleinsurance

Title insurance is a crucial component of real estate transactions that shields against potential ownership disputes and unforeseen issues that may arise with a property's title. Unlike other forms of insurance that protect against future events, title insurance focuses on the past, safeguarding buyers and lenders from pitfalls linked to the property's history. Learn more about this very important part of the real estate purchase process here 📲 https://bit.ly/41pTvei #TitleInsurnace #MidwestIsHome #HomeStartsHere #TheDanberryCo

Title insurance is a crucial component of real estate transactions that shields against potential ownership disputes and unforeseen issues that may arise with a property's title. Unlike other forms of insurance that protect against future events, title insurance focuses on the past, safeguarding buyers and lenders from pitfalls linked to the property's history. Learn more about this very important part of the real estate purchase process here 📲 https://bit.ly/41pTvei #TitleInsurnace #MidwestIsHome #HomeStartsHere #TheDanberryCo

Title insurance is a crucial component of real estate transactions that shields against potential ownership disputes and unforeseen issues that may arise with a property's title. Unlike other forms of insurance that protect against future events, title insurance focuses on the past, safeguarding buyers and lenders from pitfalls linked to the property's history. Learn more about this very important part of the real estate purchase process here 📲 https://bit.ly/41pTvei #TitleInsurnace #MidwestIsHome #HomeStartsHere #TheDanberryCo

Title insurance is a crucial component of real estate transactions that shields against potential ownership disputes and unforeseen issues that may arise with a property's title. Unlike other forms of insurance that protect against future events, title insurance focuses on the past, safeguarding buyers and lenders from pitfalls linked to the property's history. Learn more about this very important part of the real estate purchase process here 📲 https://bit.ly/41pTvei #TitleInsurnace #MidwestIsHome #HomeStartsHere #TheDanberryCo

Title insurance is a crucial component of real estate transactions that shields against potential ownership disputes and unforeseen issues that may arise with a property's title. Unlike other forms of insurance that protect against future events, title insurance focuses on the past, safeguarding buyers and lenders from pitfalls linked to the property's history. Learn more about this very important part of the real estate purchase process here 📲 https://bit.ly/41pTvei #TitleInsurnace #MidwestIsHome #HomeStartsHere #TheDanberryCo

The Fundamental Role of Title Insurance in Real Estate Transactions https://lnkd.in/ggHP2nJx #titleinsurance #realestate #protection