Bensman Risk Management, Inc.

Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 1, Issue 7December 2005

Looking Forward to 2006
As we head into 2006, it's a time to reflect back on the year's successes. It is also a time to look ahead to 2006 and anticipate what the future holds. READ MORE...

More Join Millionaire Ranks
The ranks of American millionaires continue to grow, fueled in large part by the recovering stock market and expanding economy. And many of those millionaires live in California, according to a recent study. READ MORE...

Piling on the Best Fruits and Veggies
We know we need to eat more fruits and vegetables. But not all fruits and vegetables are created equal. When making your choices, the experts advise, go for color and variety. READ MORE...

Fantasy Islands
Ever wish you could get away from it all on your own private island? Well, you can do the next best thing: Rent a luxury villa on a private island, or rent the whole island. Opportunities abound, from the Caribbean to the South Pacific to the coast of Maine. READ MORE...

The Effects of an Active Hurricane Season

The financial impact from this past hurricane season continues to be felt across the country. As we head into 2006, state insurance commissioners and the insurance industry have begun to take steps to be more financially prepared for what is predicted to be another active hurricane season. According to a BestWire (a subsidiary of A.M. Best) 12/16/05 article titled "Florida Citizen's Board Votes to Raise Homeowner's Rates", some examples include:

  • Many insurance companies have announced their intent to either withdraw from Florida or scale back the number of homes they insure in Florida. Among the companies taking action are Nationwide, Allstate, and Safeco.

  • Citizen's Property Insurance Corporation (Citizen's), the state-run insurer of last resort, is now the second-largest home insurer in Florida, and is facing an estimated premium deficit of $1.1 billion. As a result of this premium deficit, the board of governors of Citizen's has voted to raise rates an average of 44% for coastal Florida counties and an average of 21% for interior Florida counties. Note that the 44% rate increase for coastal counties is an overall average - some counties will see increases higher than 44% and some lower. For example, Escambia County is facing a 127% rate increase next year.

  • Citizen's is also pushing the Florida legislature to make homes valued at $1,000,000 or higher ineligible for wind coverage. With the private insurance market already scaling back its Florida exposure, this will make it more difficult and expensive to obtain wind (hurricane) insurance on high-valued homes.
All of this points to a challenging and expensive insurance marketplace in Florida for 2006. More information on its impact to our clients will be available in January and February, but for now we recommend a thorough review of insurance availability and pricing before making an offer on that dream home in Florida.

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