Del Toro Insurance
Fomentando el camino hacia la industria de los seguros
América TV captó todo lo que fue el fórum y la celebración de los 25 años de Del Toro Insurance. Con Del Toro Insurance tienes todo lo que necesitas para estar bien asegurado y además crecer profesionalmente con tu propia franquicia. Si eres emprendedor y quieres asegurar tu futuro empresarial con una marca consolidada!! Esta es tu oportunidad, completa el formulario y uno de nuestros agentes se estará comunicando contigo con todas las dudas que tengas para emprender tu negocio.
Annual Convention of the FAIA
June, 2024
As part of our participation in the 2024 Convention of the Florida Association of Insurance Agents FAIA held in Orlando, Del Toro Insurance held a seminar to promote the growth of the insurance industry through franchises. Entrepreneurs and business owners participated in the event.
Del Toro Insurance 25th Anniversary
Del Toro is a family business and that has defined much of the path it has traveled to this day. The main reason for starting out in this industry has been to contribute to a community that needs us and with which we feel an eternal commitment. Growth would not have been possible without the support and permanent exchange with our community whom we have tried to serve with immense respect.
On the other hand, we have tried to provide a service that is also deeply rooted in family values because we consider that targeting the well-being of families in a society that is transforming day by day is essential. We have simply delivered transparency, honesty, trust and loyalty, which I believe have really been the key to being able to treasure the preference of our clients over the years.
Time really passes very quickly. We began our journey in a small office located in the west of the county. Today we are a solid company with a commercial presence throughout the state of Florida and an increasingly large group of franchisees who have opted to be part of the Del Toro family, making our business model their own. To our pride, the vast majority have been families that have turned to entrepreneurship and that, today, replicate those values of transparency, honesty, trust and loyalty to their clients.
Jan 15, 2024
There have been dramatic increases in home insurance premiums in Florida over the last several years. In 2023, according to the Insurance Information Institute, the average homeowners policy in the state was $6000, which is an increase of 42% over the average premium in 2020. Across the country the rates also rose, but only by 11%, resulting in an average cost in other states of about $1700.
To make matters worse for homeowners and home buyers, the availability of insurance carriers offering homeowners policies in the state is decreasing. There are several large insurance companies that have pulled out of the state, and a significant number of smaller companies are ending homeowners insurance coverage or going out of business altogether.
There are some very good reasons why a private home insurance company in Florida chooses to leave the state. Lawsuits against insurance firms in Florida have skyrocketed to levels not seen in other states. The added issues with increasingly frequent and severe storms have increased claims, resulting in loss of profits and financial instability for insurance companies. Many insurance companies felt the brunt of the large number of storms in 2004 and 2005 that resulted in record damage and claims, and they did not recover as storms continued to increase in the following years.
In 2002, the state legislature created Citizens Property Insurance Corporation Florida, a state-backed insurance company designed to help homeowners find affordable insurance. At that time, this insurance was designed for homeowners who could not qualify for policies, even from a cheap private insurance firm in Florida. This often meant the home was older, had electrical, plumbing, or structural issues, or was in a high-risk zone for storm damage.
In the last few years, and specifically since the insurance premium increased after 2020, more homeowners have been turning to Citizens state-backed insurance in Florida. While the history of Citizens insurance is of stability and paying claims, there are some concerns about this in the future. In 2023, a senate committee was formed to determine the ability of Citizens Insurance to pay on claims, particularly if there is another significant hurricane.
This is only possible as Citizens has the ability to add special assessments to drivers and home insurance policyholders that are not covered by Citizens. This would create a massive increase in everyone’s premiums, providing the funds Citizens would need to pay claims. In the event of a “1-in-a-100-year storm,” these added premiums could be as much as $162 billion, according to reinsurance company estimates. Floridians would be paying this for years, and there is the possibility that Citizens could turn to the federal government for a bailout.
Choosing a private home insurance company offers several advantages over the state-backed insurance option. Our team at Del Toro Insurance works with homeowners to find the best coverage at the most affordable prices, ensuring you are covered to the level required.
Some of the coverage options available through Del Toro Insurance that are not possible with Citizens include water backup, increased mold coverage, dog and animal liability, and hurricane screened enclosure insurance. We offer insurance for all values of homes, including the high-value homes throughout Hialeah Gardens, FL; Margate, FL; Homestead, FL; Palmetto Bay, Cutler Bay, North Miami Beach, Coral Gables, Hialeah, FL; Naples, FL; and Miami, FL.
Customizing your coverage and insuring your home to the correct level to protect your most valuable asset are key benefits to getting the most affordable private insurance quote in Florida. Private insurers are financially stable and have the funds to pay out claims, even with a significant storm.
When you are ready to review your home insurance, talk to the team at Del Toro Insurance. Call us at 305-335-8676 or drop in and speak with an agent.
Private insurance is purchased directly from the insurance company, while Citizens is a state-backed, not-for-profit, tax-exempt government plan and entity.
There are significant concerns about Citizens Insurance being able to pay claims in the event of a major storm. As they insure many of the highest-risk properties, there is increasing concerns as climate change impacts storm frequency and level of destruction and damage.
Del Toro Insurance can provide homeowners with customized private insurance coverage to the levels needed to protect their assets.
Let the experts at Del Toro Insurance help you find the right private insurance company for your insurance requirements.
Under the law, additional surcharges are added to all Floridians, allowing Citizens to pay claims. However, in a major storm, there is a concern that a federal bailout may be the only solution.
Citizens is depopulating its programs, moving policies to private insurance companies. In addition, changes to litigation laws around homeowner insurance policies may have a positive impact on bringing insurance companies back to the state.
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