About Century Programs

Century Programs was created to address the insurance needs in specific sectors. We have organized a highly talented team of insurance professionals to see this vision of Century Programs through. We are strongly committed to providing superior service to our clients with the highest standard of integrity. Our reputation of ethical behavior, honesty, and fair dealing is invaluable to our business. Our dedicated team is a trusted partner in providing the highest level of insurance, with the goal of ensuring your total satisfaction with the services we provide. We look to bring new approaches to established markets and are on the forefront of emerging areas of insurance.

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Insuring Canadian Clients in Florida: Key Considerations

By Barbara Owens 11/08/2023

Florida is an attractive destination for Canadians looking to escape harsh winters. Snowbirds who purchase a winter home in Florida escape Canada’s cold climate, but they have to deal with Florida’s insurance market. Things are a little different in Florida compared with Canada, meaning brokers insuring Canadian clients in Florida need to be aware of some key considerations.

The Current State of the Florida Property Insurance Market

Florida is a popular place for full-time residents and vacationers alike. Unfortunately, the Sunshine State is less popular with insurers right now.

According to the Tampa Bay Economic Development Council , approximately 444,500 people moved to Florida between July 2021 and July 2022. Florida is the most popular state for domestic migration and the second most popular for international migration.

Although people have been moving to Florida in droves, the number of insurers serving the state has dwindled. According to Bloomberg Law, at least 15 property insurers in Florida have gone insolvent since 2020. There are multiple factors behind these failures, including the powerful hurricanes that have been battering the state. The National Hurricane Center says Hurricane Ian caused $112 billion in damage when it struck Florida in 2022. Plus, as Bankrate explains, Florida has had a major problem with fraudulent insurance claims.

The problems in the Florida insurance market are having a direct impact on property owners. NPR says Florida has the highest insurance costs in the U.S. Many Florida homeowners have seen their premiums increase by more than 40% in the past year.

Condo owners can also expect higher costs. Since a high-rise condominium collapsed in 2021 in Surfside, Florida, condominium associations have been facing new regulations and higher insurance costs. According to WFLA, one association’s coverage increased by 1,000%. The associations are passing these costs on to the individual unit owners.

The Ins and Outs of Securing Property Coverage in Florida

Setting aside the current issues in the Florida insurance market, there are some key differences that brokers need to be aware of when securing coverage for their Canadian clients.

• Four-point inspections:
Florida homeowners insurance carriers typically require a four-point inspection before they will write a policy, especially on an older property. For example, Citizens (Florida’s nonprofit insurer of last resort) requires a four-point inspection for properties that are more than 20 years old. A licensed inspector must examine the electrical system, plumbing, HVAC system, and roof. If the inspector identifies any serious hazards or deficiencies, the homeowner must make the necessary repairs before submitting an application for insurance.
• Wind mitigation:
The prevalence of hurricanes in Florida means wind damage is a major concern. Some policies exclude wind damage. However, standalone coverage is available through a wind and hail policy. Property owners may be eligible for a discount if they can show that they have wind mitigation features in place.
• The age of the home:
The home’s age and, in particular, the age of the roof may have a significant impact on the property’s risk level. Recent legislation bans Florida insurers from refusing to underwrite or renew policies solely because the roof is more than 15 years old. However, according to ABC Action News , some insurers have responded with new requirements or even refused to insure older homes regardless of the age of the roof.

How Century Programs Can Help

Navigating a foreign insurance market can be complicated in the best of times. The current state of the Florida property insurance market makes securing coverage especially difficult. A Florida-based partner can provide the local expertise you need for clients who spend time in Florida or other states..

Century Programs offers private client services designed to meet the needs of high-net worth individuals. Headquartered in Florida, we offer high value residential insurance for primary, secondary, seasonal, and vacant homes and condominium units as well as primary excess flood coverage and standalone wind and hail coverage. We also provide personal automobile and watercraft coverage as well as other insurance products that protect the assets of high-net worth individuals. Our in-house claims department handles losses and acts as your advocate to ensure your clients receive every benefit owed to them under their policies.

We are the broker's insurance partner in Florida. Learn more.

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