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Turbulent Time for Personal Insurance

Sponsored Content by Century Risk Advisors

2020 has been a tumultuous year for the economy. And now that unsteadiness is hitting the property insurance market. For South Florida homeowners, this means bracing for a historic 30% to 40% increase in insurance rates.

After 10 years of steady costs, several factors are causing insurance rates to spike. According to experts, one of these is legal bills from lawsuits brought against insurance companies. Another is a nearly 30% rise in reinsurance rates (which insurance companies purchase to insure themselves), which is causing some companies to drop clients and raise their premiums. In fact, nearly 50 Florida insurance companies lost $454 million in the first half of the year.

Floridians are already feeling the pressure of higher premiums and should get ready to brace for more, especially as climate change increases the numbers of natural disasters, as seen in this year’s record-breaking hurricane season. Homeowners can also do their part to lower premiums, such as making property improvements that make them more appealing to insurance companies.

Also key to keeping higher premiums at bay is to look for a more affordable insurance. With the world in the midst of a pandemic and a record-setting hurricane season coming to a close, it’s important for Florida residents to know their options. One way to do this is look into privately owned companies with intimate knowledge of the Florida market such as Century Risk Advisors. Formed in 2013, the independent insurance agency provides insurance and risk management services, customizing programs to fit clients’ needs. Flexible and well connected with brokers and direct carriers, CRA has seen the market’s ebbs and flows since 1983, making the team the ideal advisors for all insurance matters.

Sources: Sun-Sentinel; Miami Herald; Miami Today

 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.