By Joseph E. Seagle, Esq.

👋 Happy Friday! Today is Good Friday. Wishing everyone a happy Pesach and Easter weekend.

❗️Situation Awareness: Missed filing or paying taxes on April 15? No worries … if you live in Florida or any of the other hurricane-ravaged states. The IRS granted an automatic extension until May 1 to file/pay anything that would have been due on April 15. And … again … don’t forget to file your annual report for your Florida LLC or corporation by May 1 as well.

1 big thing: Florida’s Insurance Oversight Clash

Florida’s insurance regulatory framework is under scrutiny as the Office of Insurance Regulation (OIR) and the Department of Financial Services (DFS) engage in a dispute over oversight responsibilities. The OIR has proposed consolidating insurance oversight under its purview, citing inefficiencies and low complaint referral rates from the DFS. 

⚖️ The Conflict

• The OIR argues that the current bifurcated system hampers effective consumer protection and market oversight. It highlights that only 5.2% of consumer complaints received by DFS were forwarded to OIR over a five-year period, suggesting underreporting and inadequate training among DFS staff. 

• In response, the DFS contends that the majority of complaints are resolved without the need for escalation and that the existing structure provides necessary checks and balances. 

🏠 Impact on Real Estate Professionals

For real estate entrepreneurs, including realtors, mortgage brokers, and title insurance agents, this regulatory tug-of-war has tangible implications:

• Homeowner Confidence: Uncertainty in insurance oversight can erode homeowner confidence, potentially affecting property values and market stability. Additionally, homeowners feel confused about where to turn when they encounter problems with their insurer or an agent.

• Transaction Delays: Disputes over insurance claims and coverage can lead to delays in property transactions, which in turn impact closing timelines and client satisfaction.

• Policy Costs: Inefficiencies in regulation may contribute to higher insurance premiums, which in turn influence buyers’ purchasing decisions and affordability assessments.

🔍 Looking Ahead

While legislative leaders have yet to endorse the consolidation proposal, the ongoing debate underscores the need for a more streamlined and effective insurance regulatory system. Real estate professionals should monitor developments closely, as changes in oversight could lead to reforms affecting insurance practices, consumer protections, and the broader housing market.

Go Deeper: Insurance Business America; Insurance Newsnet; Insurance Business Magazine

2. Florida’s Insurance Crisis: A Wake-Up Call

Florida’s property insurance market is in turmoil, presenting significant challenges for real estate entrepreneurs, including realtors, mortgage brokers, and title insurance agents. Skyrocketing premiums, insurer withdrawals, and legal complexities are reshaping the state’s housing landscape.

The Big Picture

• Florida homeowners now pay the highest insurance premiums in the U.S., averaging over $11,700 annually—nearly triple the national average. 

• The crisis stems from a combination of factors: increased natural disasters, rampant litigation, and a shrinking pool of insurers. 

• These dynamics are leading to decreased affordability and heightened uncertainty in the real estate market.

Why It Matters

• Real estate agents: High insurance costs are deterring potential buyers, leading to increased inventory and slowing sales. Condos are especially hard hit since insurance drives up monthly assessments.

• Mortgage Brokers: Lenders are tightening requirements, and some deals are falling through due to insurance-related issues.

• Title Insurance Agents: Transactions are becoming more complex, with increased scrutiny on insurance coverage and property risk assessments.

Legislative reforms in 2022 and 2023 aimed to stabilize the market by curbing lawsuit abuses. 

Yes but, while these measures have slowed premium increases, the market remains volatile, and full recovery is uncertain.

The Bottom Line: Real estate professionals must adapt to this evolving landscape by staying informed, advising clients on insurance considerations, and collaborating with trusted insurance providers. Proactive engagement is essential for navigating the challenges and sustaining business in Florida’s high-risk environment.

Go Deeper: PropModo; Calle Ocho News; NewsWeek

We kick off Season 3 of the “Trust This” podcast as we discuss Mindset and Business Success with Robert Vazquez. Robert shares how he built his construction company from scratch using LinkedIn and Craigslist, survived the 2008 crash, and kept leveling up through grit, hustle, and nonstop learning. 

Listen in or watch on your favorite streaming platform.

3. Catch up fast

1. Canadians are cashing out their U.S. vacation homes. Wall Street Journal (Apple News Edition)

2. Wealthy buyers are backing out of million-dollar-plus home deals. Wall Street Journal (Apple News Edition)

3. Congress overturns Biden’s CFPB’s rule that would limit bank overdraft fees to $5.00 per violation. AP News

4. Courts scrap CFPB rule that limited credit card late fees to $8.00 after CFPB switched sides in the case and argued for the credit card companies. New York Times

5. Trump administration fires 90% of CFPB’s employees, effectively closing the consumer protection agency. CBS

6. Mortgage rates shoot up 20 basis points last week in response to market volatility. Yahoo News

7. Redfin joins Zillow in banning “pocket listings.” Yahoo Finance

8. Millennials Selling Homes They Bought in Pandemic After Realizing 'Mistake' Newsweek

9. 24% of Americans ditch plans for major purchases like cars and houses based on tariff fears. Redfin News

10. Florida entrepreneur sues Trump in federal court over his tariffs. Bloomberg (gift link)

4. Closing Thought: Prosperity is not a DIY project

Too many business owners fall into the trap of trying to do everything themselves. But wealth creation—real, sustainable prosperity—is rarely a solo sport. Robert Kiyosaki, author of Rich Dad Poor Dad, emphasizes that the wealthy build teams. They don’t just work hard—they work smart, with the right experts by their side.

The big picture: Kiyosaki teaches that the wealthy surround themselves with what he calls their “financial dream team”: attorneys, brokers, CPAs, and advisors who know how to protect and grow wealth. It’s not about knowing everything—it’s about knowing who to call.

What to do:

✅ Build your team early. Don’t wait until there’s a problem. A proactive team helps you avoid issues before they start.

✅ Find professionals who invest too. Work with CPAs, attorneys, and brokers who understand your world. If they don’t own investment property, they may not see the big picture.

✅ Leverage expertise for protection. Lawyers help shield assets through trusts and LLCs. CPAs help minimize taxes legally. Brokers help you time your plays.

✅ Don’t chase the cheapest help. Focus on value, not cost. The right advice upfront beats damage control later.

Bottom line: You can’t scale a real estate empire—or any business—by doing everything yourself. Kiyosaki’s rich dad knew: wealth is a team sport. Surround yourself with professionals who think like investors, and you’ll think—and earn—like one too.

We hope you found this helpful — any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.

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