1st Direct Insurance

Virginia is making some changes to their auto insurance laws including an increase to the amount of liability insurance you must carry. The starting January 1st 2025 the new Virginia insurance requirements will be: $50,000 bodily injury liability per person $100,000 bodily injury liability per accident $25,000 property damage liability per accident

The National Flood Insurance Program will soon start to accept monthly payments for flood insurance premiums, ending 55 years of requiring full payment upon application or renewal.

Do you know about BOI reporting requirements? Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. Penalties start January 1st, 2025. Reporting Link: https://lnkd.in/e4zShHzk Reporting Page: https://www.fincen.gov/boi 1st Direct cannot assist with the reporting but we want to get the word out to the small business community.

Florida: A major disaster declaration has been approved to supplement #Milton recovery efforts. Residents & business owners in designated areas are eligible for federal assistance. More may be added as damage assessments continue. ➡️ DisasterAssistance.gov Learn more: https://lnkd.in/eEdgcHpc

“Flooding events do not follow lines on a map. Where it can rain, it can flood.” Hurricanes aren’t just a threat to coastal communities, make sure to stay protected with flood insurance.

The disaster underscores Americans’ dangerously low levels of flood insurance coverage, especially away from coastal areas. https://lnkd.in/gNccVJ4J

Florida’s Big Bend region on the northern Gulf Coast is bracing for yet another hurricane, the third in the last 13 months. https://lnkd.in/e_u3Cs9W Wind speeds for what could soon be Hurricane Helene are forecast to reach up to 115 mph, higher than Hurricane Debby, a Category 1 storm that made landfall in the area on Aug. 5, and approaching the winds of Hurricane Idalia, which struck the region in late August 2023. If there’s a silver lining for insurers, it’s that the corner of the state is less populated than other parts of Florida, limiting claims to what could be a manageable number. The property insurers with the most residential policies in the area include the state-created Citizens Property Insurance Corp. and American Bankers Insurance Co. of Florida. https://lnkd.in/e_u3Cs9W

More than a quarter million U.S. properties have repeated claims for federal flood insurance, costing the National Flood Insurance Program billions of dollars in claims, according to new federal data compiled by the National Resources Defense Council. https://lnkd.in/gWWAT9MN

As an #InsuranceAgent, you know that when it comes to #FloodInsurance one size doesn’t fit all. Coverage needs vary from client to client, talk with them about their specific needs and help your clients understand what is and isn’t covered under their specific policy with our newly updated NFIP Summaries of Coverage. These brochures explain the details of #NFIP policies, including those for homeowners, renters, commercial property owners, Group Flood Insurance policyholders and condominium associations. Download your copies today at https://lnkd.in/geEG6Fnw. You may also order free printed copies via the NFIP Publications Order Form.

AccuWeather meteorologists are warning that the Atlantic hurricane season could intensify in the coming weeks as less wind shear and less dry air create conducive conditions for storm development. https://lnkd.in/gkgb7Ync