Mission Statement

"Our mission is to create peace of mind and build enduring relationships."

Bob Lancaster Insurance's mission statement is the core of our culture. Our customers always come first, and we strive to provide them with the products and service that best respond to their needs. Building trust and fostering loyal, long-lasting relationships are the essence of who we are and fundamental parts of our company values.

Putting our mission statement to work

Our employees work hard to connect with our customers on a very real and personal level. Find out what Bob Lancaster’s mission means to them and how they carry it out every day.

Bob Lancaster Insurance, serving Florida's insurance needs since 1964. Contact us today at 321-725-1620 - see what we can do for YOU and YOUR BUSINESS!

Tuesday, April 29, 2014

Torrential Tuesday - Changes to the National Flood Insurance Program Effective 06/01/2014 - Part 1

The National Flood Insurance Program will implement certain changes which go into effect on June 1, 2014. The changes are primarily as a result of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). The Federal Emergency Management Agency (FEMA) published a summary of the changes in WYO Bulletin W-13070, dated December 16, 2013.1

Also, in WYO Bulletin W-14013, there is a link to the updated Flood Insurance Manual. This is the first blog post which will discuss some of the changes which will be effective June 1, 2014.
The maximum amount of insurance available under the NFIP for a multi-family residential building with five or more units is currently $250,000. This is the same amount available for a one-to-four family residential building.

In Section 10024 of the BW-12, effective June 1, 2014, the maximum coverage limits available for non-condominium residential buildings designed for use for other residential occupancies (multi-family dwellings of five or more families) will be increased from $250,000 to $500,000 per building. This increase is to match the limits of commercial and other non-residential properties insured under the Standard Flood Insurance Policy (SFIP) General Property Form.

While the building coverage will increase, there is no change to the maximum contents coverage for each building – it will remain at $100,000, which is the same amount for contents in commercial and other non-residential buildings. This change does not apply to Residential Condominium Building Association Policies (RCBAP) or condominium unit owners.

New premium combinations reflecting this change to the maximum limits for multi-family dwellings have been added to the Preferred Risk Policy (PRP) and PRP Eligibility Extension premium tables. These new coverage limits are available for new business, renewals or change endorsements that are effective on or after June 1, 2014.

Finally, flood insurers are required to send a letter to all eligible policyholders at least 90 days prior to the June 1, 2014 to inform them of the new maximum limits. They must also include a message on the Renewal Notice which advises the affected policyholders that higher limits are available.

Stay tuned for next week’s blog where we will discuss the changes to the NFIP’s definition of “primary residence.”

                                       Contact us for all your Insurance needs! (321)725-1620  
                                                             Bob Lancaster Insurance

Serving Florida since 1964

Monday, April 28, 2014

Does People's Trust Recognize It Can't Handle a Hurricane?

Just before the start of the 2014 Hurricane Season, People’s Trust Insurance Company, an unorthodox company, is now pulling insurance away from thousands. Last year, the company was awarded the 2013 Governor’s Innovators in Business Award for being a company that has set a standard for entrepreneurship and creativity. But this year, People’s has turned its back on many homeowners, leaving them scrambling for insurance.

Since its inception, the business plan of People’s Trust has been to have its affiliated construction company repair damaged homes instead of paying policyholders to fix the damage. This manner of handling property damage has been found by many Florida homeowners to be an awful experience. People’s Trust has creatively found a way to skate out on paying valid insurance claims and has done repair jobs that a few clicks on the web will show a catalogue of complaints from policyholders who have had nightmare experiences dealing with Rapid Response Team and their attempt to “fix” problems. Or, as some of their clients have experienced, complete denials of insurance proceeds in cases where the repair company’s actions did not equate to a big profit.

Florida is a large state and for the past year or so People’s Trust has been pumping large funds into marketing all across the state with hopes that people will fall for the mailer images that tug on the heartstrings, and buy a discounted policy that offers little protection. People’s Trust has relied on teddy bears and cute children models (this month’s flyer is a baby eating cake) to lure in Floridians who are hoping for a solution to their insurance woes. Some homeowners changed to People’s Trust because the advertisements promise something that every Floridian is looking for…a way to save on what can be extremely hard to find – homeowner’s insurance. Many Floridians have been hoping for more competition in the property insurance world so they can have a choice of carriers and not just be “stuck with Citizens.” But now many of those same homeowners who were mailed giant, glossy banners that looked like a life raft have had their policies canceled.

Charles Elmore, of The Palm Beach Post, has been doing a fantastic job covering the actions of People’s Trust these past few weeks. You should also check out his coverage on Citizens Property Insurance Corporation. Earlier this month, Elmore reported that People’s Trust was canceling thousands of new policies in South Florida during the first 90 days of a new policy. The cancellations happened just a few months after People’s Trust founder, Michael (Mike) Gold, passed away in January. Gold was 60 years old and was reported to have died in his sleep. Knowing that People’s Trust was his brain child, we were sure that the company would make some changes. The company had been sending giant glassy ads to my mailbox, but ads tapered off in my neighborhood for a short time. Now they are back.

As evidenced by the cancellation notices to thousands of policyholders, there must have been major executive decisions made in March. It has now been reported that People’s Trust is not writing new policies in Dade, Broward, or Palm Beach County. People’s Trust has also transferred its headquarters from Boca Raton to Deerfield Beach.

The company’s director of marketing, someone likely in charge of the mass mailing and heavy advertising for the company, has to have a count on how many Floridians have been targeted by the company this year, yet Genie O’Loughlin says the company is being prudent in their risk portfolio now that the 2014 storm season is here. Seriously? Hurricane seasons comes every June. What was this company thinking!? The company calls it “prudent exposure management strategies to more effectively diversify and balance the company’s risk portfolio as we enter the 2014 storm season.” We question, whether someone finally recognized that the way claims are being handled by Rapid Response Team is falling short, and the model of repairing all homes itself won’t be possible when the amount of damage increases and the frequency of claims rise? Or did they know this all along?

Many policyholders are also questioning whether the cancellation notices, coming so close to the start of hurricane season, are proper under Florida’s law, and now they are searching to find new insurance at astronomical rates.

                                  Contact us for all your Insurance needs! (321)725-1620  
                                                             Bob Lancaster Insurance
Serving Florida since 1964