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Del Toro Insurance
July Del Toro Insurance linkedin

One of our Managers at Del Toro Insurance has just joined to our Distinctive Franchise System becoming in the owner of her own business !!! Congratulations on this great partnership!!.

July Del Toro Insurance linkedin

A Friday 12th of wonderful news!! A new franchisee joined our Distinctive Franchise System. The Chilean Community Welcome to the Del Toro family!.

July Del Toro Insurance linkedin

On the eve of July 4, what better news than continuing to expand our Distinctive Franchise System in West Palm Beach. Welcome to the Del Toro family.

June Del Toro Insurance linkedin

Second new franchisee of this blessed Tuesday, join our Distinctive Franchise System. Welcome to the Del Toro family.

June Del Toro Insurance linkedin

Another new franchisee has joined right now to our Distinctive Franchise System. Welcome to the Del Toro family.

June Del Toro Insurance linkedin

Just a few minutes ago, a new franchisee joined our Distinctive Franchise System. The Ecuadorian community welcomes the Del Toro family.

June Del Toro Insurance linkedin

The family continues to grow, minutes ago other new franchisees have just joined our Distinctive Franchise System. Welcome to Del Toro family.

June Del Toro Insurance linkedin

Today, as part of our participation in the Annual Convention of the Florida Association of Insurance Agents (FAIA) held in Orlando, Del Toro Insurance held a seminar this morning to promote the growth of the insurance industry through franchises. Entrepreneurs and business owners participated in the event.

May Del Toro Insurance linkedin

Taking a big step and adding new services, two entrepreneurial businesswomen join our family. Welcome Gordon & Oropeza to Del Toro Insurance family.

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Del Toro Insurance

Fomentando el camino hacia la industria de los seguros

América TV captó todo lo que fue el fórum y la celebración de los 25 años de Del Toro Insurance. Con Del Toro Insurance tienes todo lo que necesitas para estar bien asegurado y además crecer profesionalmente con tu propia franquicia. Si eres emprendedor y quieres asegurar tu futuro empresarial con una marca consolidada!! Esta es tu oportunidad, completa el formulario y uno de nuestros agentes se estará comunicando contigo con todas las dudas que tengas para emprender tu negocio.

Annual Convention of the FAIA
June, 2024

Del Toro Insurance 25th Anniversary

Del Toro is a family business and that has defined much of the path it has traveled to this day. The main reason for starting out in this industry has been to contribute to a community that needs us and with which we feel an eternal commitment. Growth would not have been possible without the support and permanent exchange with our community whom we have tried to serve with immense respect.
On the other hand, we have tried to provide a service that is also deeply rooted in family values because we consider that targeting the well-being of families in a society that is transforming day by day is essential. We have simply delivered transparency, honesty, trust and loyalty, which I believe have really been the key to being able to treasure the preference of our clients over the years.
Time really passes very quickly. We began our journey in a small office located in the west of the county. Today we are a solid company with a commercial presence throughout the state of Florida and an increasingly large group of franchisees who have opted to be part of the Del Toro family, making our business model their own. To our pride, the vast majority have been families that have turned to entrepreneurship and that, today, replicate those values of transparency, honesty, trust and loyalty to their clients.

Understanding the Factors Behind the Rising Homeowners Insurance Cost in Miami, Florida

Aug 07, 2023

Homeowners in Miami are grappling with a significant surge in their Homeowners Insurance rates in recent times. This piece aims to delve into the core reasons fueling this rise, highlighting influences such as climate change repercussions, trends within the insurance sector, and challenges linked to affordability. Moreover, it will probe into potential strategies that can provide a viable solution to this escalating predicament.

Climate Change Leading to More Frequent and Severe Natural Disasters

One of the biggest reasons behind the rise in homeowners insurance rates in Miami is the increasing vulnerability of the region to major hurricanes, flooding, and other natural disasters due to climate change. Miami’s location puts it right in the path of destructive hurricanes coming in from the Atlantic, as seen with Hurricane Irma in 2017 which resulted in over $6 billion in insured losses.

With climate change, scientists warn that South Florida will likely see more frequent and more powerful hurricanes in the coming years. This greatly concerns insurers, who will face massive claims and losses from the damage these storms inflict on homes. To compensate and reduce their exposure, many insurers are adjusting coverage, raising deductibles, dropping policies in high-risk coastal areas, and pushing for significant rate increases.

Insurance Industry Trends and Dynamics in Florida

In addition to climate factors, there are also some troubling insurance industry trends that help explain the rising rates for homeowners insurance in Miami:

  • Reduced competition as many national insurers have pulled out of Florida due to the high property risks. The local Florida-based insurers left are charging higher premiums to cover potential catastrophic hurricane losses.
  • Rates are heavily influenced by reinsurance costs and hurricane risk modeling that predicts severe storm losses in the state. This leaves insurers charging higher premiums.
  • Underwriting has become much more stringent, with insurers covering less and charging more to compensate for the risks of insuring South Florida homes.
  • The industry is moving towards rates and policies that better reflect climate-based risks instead of broadly pooled risks.
  • Insurers frequently seek large rate increases which are approved by state legislation. They claim it is necessary due to a lack of profits and an inability to scale back exposure.

The Affordability Crisis for Miami Homeowners

While the rate hikes may be justified by climate change and industry trends, they are also making homeowners insurance increasingly unaffordable for many Miami residents:

  • Premium increases are rapidly outpacing local wage growth, leaving homeowners struggling to pay.
  • Average annual premiums have doubled or even tripled in some high-risk Miami areas in just a few years.
  • The new rates are unaffordable for homeowners on fixed or lower incomes.
  • Even state-run insurer ‘Citizens’ is growing quickly as homeowners switch, despite its high rates. Citizens now insure over 80,000 South Florida policies.
  • Homeowners face financial strain from insurance premiums on top of already high property taxes, mortgage payments, and other costs.
  • There is fear that Miami residents will start to get priced out of the local insurance market altogether. This is especially problematic for owners of older homes and low-income communities.
  • The crisis puts downward pressure on South Florida’s home prices and broader real estate market as insurance becomes unaffordable.

Searching for Solutions to Balance Affordability and Risks

In light of these climate, industry, and affordability challenges, what solutions might help provide affordable homeowners insurance in Miami while properly accounting for very real risks? Here are some options stakeholders are considering:

  • Expanding state insurer Citizens’ offerings to improve the availability of coverage
  • Making homes more resilient through updated building codes and grants for impact-resistant upgrades
  • Providing financial incentives like tax breaks to encourage property upgrades
  • Creating community-based insurance pools to cover high-risk coastal properties
  • Regulating the insurance industry more strongly, potentially capping rate increases
  • Attracting new insurers to Florida’s market with incentives and competitive reinsurance
  • Rethinking coastal development approaches and policies
  • Taking collective action to curb emissions and mitigate climate change over the long term

Balancing Coverage and Costs Amid Climate Change

Miami homeowners face a perfect storm of rising premiums due to climate change, industry trends, and affordability issues. Creative solutions are needed to ensure residents can access affordable homeowners insurance while still preparing for the realities of increasing climate risk. The path forward will require balancing coverage, costs, resilience, and access to insurance in a region on the frontlines of climate impacts.

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