These are certainly times of challenge. That is especially true in Florida, where the insurance market has been buffeted by the winds of change — both figuratively and literally. The literal winds came in the form of a spate of hurricanes a few years ago that left the homeowners market in shambles, with a concomitant impact on residential construction.
Homes became difficult to sell, and then the mortgage crisis added to the woes. As credit tightened and the economy worsened, construction of all types slowly ground to a halt.
At the same time, thanks to reforms in the system, workers comp rates in Florida fell by nearly 60% over the last five years—good news for insureds, but not so great for agents who were already experiencing lower revenue from comp due to declining payrolls.
For an agency whose largest specialty is construction throughout Florida, these were definitely challenging times.
And that’s just when construction companies doing business with Frank H. Furman Insurance in Pompano Beach, Florida, confirmed what a strong business partner they have in the Furman Agency.
