Happy new year! I hope that your 2023 is off to a positive start ~ we are certainly busy at JFI! Thank you to those who joined us for our holiday open house back in December (doesn’t it seem like forever ago now?!!!). We had a wonderful time and collected an incredible amount of donations for Toys for Tots. I hope you enjoy the pictures shared within this newsletter!

As I reflect back on 2022, it was not the year I would have predicted. Turmoil within the property insurance market led to unprecedented rate increases, company failures, and massive numbers of non-renewals / cancellations. Our team was enduring the heightened stress of navigating clients through these rough waters – and then a major hurricane hit! Needless to say, all of us are anxious to close the chapter on 2022 and turn the page towards a better new year! 

The good news is that there are brighter days to come! I have written in prior newsletters about factors such as rampant litigation, assignment-of-benefit (AOB) abuse, and “free roof” schemes leading to the property insurance market's demise. After trying once before, our legislators passed legislation in December that takes aim directly and powerfully at these issues. One insurance company executive referred to this legislation as “the most comprehensive tort reform” ever passed in Florida, as provisions include the elimination of one-way attorney fees in property insurance lawsuits along with the prohibition of AOBs. These items are meaningful and should result in the eventual stabilization of our market.

However, as these man-made factors wreaked havoc on insurance companies for so many years, the detrimental effects are long-lasting and an industry turn-around will take time. In addition, the reinsurance market (reinsurance is “insurance for the insurance companies”) continues to decrease capacity and increase rates, which is applying unneeded and untimely pressure on an already volatile environment. So what does this mean? The short-term will continue to be difficult – with additional rate increases, limited availability of policies, and future non-renewals – while the longer-term prognosis is far more positive.

Thank you for your patience as we work through these challenges together. Best wishes for a prosperous 2023 and we look forward to seeing you soon! ~ David 

Thank you to everyone who generously provided referrals to us this past quarter, as we presented a check for $1,200 to Sarasota K9 Search & Rescue, a local 501(c)(3) nonprofit which has been assisting to locate the lost or missing since 1996.

Sarasota K9 Search and Rescue is available to assist local, state, and national first responders. The K9s train weekly and each individual dog has specific strengths which allows the rescue to assist in a variety of search efforts.

We're excited to support an organization that does so much for our community! Please visit the website and read the moving testimonials ~ you'll see what an impact they are making in our area!

Click to see our presentation!

Once again, our Holiday Open House was a huge success, even with the winds and rain brought on by the tornado warning. We filled numerous boxes for Toys for Tots and the flavorful food and service brought by Darrell's Restaurant was top notch for the second year in a row.

We look forward to this event each year and, as the turnout of our clients and community partners continues to grow, we know it has become something everyone enjoys. Thank you to our clients, friends, and community partners for a 5th successful year of helping bring joy to local families on Christmas morning.

Please click to read more and see more pictures from the evening!