Month: March 2021

Confused About Your Homeowners Insurance Rates Rising in Florida? Read This!

Posted on by Michael Singh

We understand that the current Homeowners Insurance situation in Florida is frustrating and confusing. Here at Signh Insurance & Financial Services we are doing all that we can to continue providing our clients with the best possible service & best possible rates. We also take great pride in providing you with pertinent information on important topics like this. Check out this blog post to learn more about the current homeowners insurance situation in Florida and remember, if you have any questions at all, don’t hesitate to reach out to our team. 

Here’s an explanation of the rate increase:

  • There are lawsuits being filed by trial attorneys with fee multipliers equal to 2-3 times the hourly rate for an average attorney. They are able to earn six-figure fees on a $10K settlement…none of which is shared with policyholders.
  • Thousands of claims are being reported with roof damage that appears to be general wear-and-tear or maintenance-related as opposed to damage with causes covered by peril insurance (including fire, lightning, windstorms, etc.). 
  • Costs are rising due to lawsuits being filed for damages caused by a hurricane that made landfall three years ago

Thankfully, there are actions we can take as citizens to try and combat these rate increases. Here are some simple ways you can make an impact:

  • ·Reach out to your legislators today and let them know how much your premium has increased this year!
  • Encourage their support of legislation that aims to achieve much-needed reforms.
  • Follow the Floridians for Lawsuit Reform Advocacy Group and sign the petition to make your voice heard.
  • Tell your family and friends about the cause–if they live in Florida, their premiums are also going up.  
  • Spread the word by sharing this blog post on your social media pages

If Florida does not act on these issues, unfortunately your homeowner rates will continue to increase over time. Getting involved, taking a stance and taking action will only take a couple of minutes of your time while the impacts of your help will go on to support the millions of Florida homeowners experiencing these rate increases.

If you’d like to review your current policy or if you have any questions, don’t hesitate to reach out to us at Signh Insurance & Financial Services. We look forward to helping you during this situation and beyond!

How much life insurance do I really need?

Posted on by admin

One of the most common questions about life insurance is "How much life insurance do I really need?" This question is so common that there isn’t one answer for everyone, and it is a complex issue that needs to be answered on an individual basis. At Singh Insurance and Financial Services LLC in Clermont, FL, we listen carefully to every customer to understand their needs and concerns. As an independent agency, we offer choices that make finding the right insurance easier. 

To figure out how much life insurance you really need, you have to answer some simple questions.

  • Who depends on your income? 
  • What is your yearly income? 
  • How much debt do you have?
  • Do you have enough savings to pay off your debts and your final expenses?
  • For how long do you need to provide for any dependent?
  • Is there any other reason you may want to have life insurance?

Dependents can be significant others, elderly parents, children, and other dependent relatives. If you are not there to provide your income, will they be able to support themselves?  If the answer is no, then your life insurance is what will fill in the gap. How long this needs to last depends on things only you know. Beyond these basic needs, you may want to provide a legacy for your survivors or make sure your children can afford to go to college. All these affect the amount of life insurance you really need. Discuss all these issues with your insurance agent to come up with a figure. 

When you are ready to review your life insurance at Singh Insurance and Financial Services LLC in Clermont, FL, we are here to help you find the insurance you need and want at prices you can afford. Call our office or stop by for a free quote.