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Some Risks Are Thrilling to Take. Some Risks Aren’t Worth Taking.
Insurance is for the Risks in Between.

Our Mission

Our mission is to provide information regarding property and liability insurance when asked and to help place such insurance when it is prudent to do so.

Insurance represents just one of several approaches for managing risk, with its availability and cost-effectiveness varying from state to state. Illinois is an example of a state where insurance options are generally abundant and reasonably priced.  Florida, on the other hand, presents a starkly contrasting scenario, with most types of property and liability insurance comparatively expensive and/or difficult to obtain. 

The roots of Florida’s current property insurance predicament can be traced back to Hurricane Andrew in 1992. Since that catastrophic event, a series of factors, including multiple hurricanes, inadequate responses from state and local authorities, some greedy insurance company leaders, and some unscrupulous contractors and personal injury attorneys (aided by all too willing clients) did tremendous damage to Florida’s property insurance market. While there are no quick or easy solutions, recent legislation appears to be steering things in a more positive direction.

Unfortunately, the property insurance market faces new challenges nationwide. Property losses are increasing rapidly, due in part to more and more powerful storms and to wildfires, while repair and rebuilding costs are outpacing inflation. And reinsurance (insurance for insurance companies) costs have risen dramatically with coverage terms that are more restrictive. These issues are more complex and less influenced by legislative measures, making them harder to address. 

Social inflation is another driver of increases in premiums.  Social inflation is when claim costs rise faster than expected due to social and legal trends. Here are 4 factors fueling social inflation:

  1. Desensitization to Big Verdicts People are getting used to seeing huge settlements and jury awards in the news, making large payouts feel normal. This is pushing up the dollar amounts juries award in lawsuits.
  2. Public Distrust of Big Companies Many people believe big companies put profits over safety. Most jurors think companies should go above and beyond to protect customers, even if it’s expensive, and often hold them responsible even if a product is misused.
  3. Changes in Legal Rules Some states have removed limits on how much money can be awarded in lawsuits. Also, cases can be filed for longer periods, giving more opportunities for lawsuits.
  4. Lawyer Strategies and Outside Funding Lawyers use aggressive tactics like heavy advertising and choosing courts that are more likely to give big awards. Additionally, third-party investors fund lawsuits in exchange for a portion of the payout, encouraging more cases to be filed.

Addressing social inflation can be divisive, as it involves balancing the interests of insurers, businesses, plaintiffs, and the legal system. Given the complex stakeholder dynamics, achieving meaningful progress is going to be challenging.

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Plapp Insurance Services is an Affiliate of Olson Insurance Group

Instant Online Quotes

Self-Service Option with Online Quote & Purchase
Explore our Self-Service Option for the utmost convenience in obtaining online quote and completing your purchase. Even if you opt to secure coverage online, rest assured that you'll still have access to the expertise of an independent insurance agent, Scott Plapp. He is available to assist you with any questions or concerns regarding your insurance needs.
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Work Directly With An Agent

If you'd prefer a more traditional insurance agent relationship, you can work directly with a licensed agent.

Plapp Insurance Services specializes in business, general liability, and auto insurance.

Insuring all of Florida, including Melbourne, West Melbourne, Viera, Rockledge, Cocoa, Palm Bay, Titusville, and Beachside.

KD
5/5

Been working with Scott for almost 8 years now. Has always been incredibly...

— Kris D.
SD
5/5

Scott is incredible to work with! He responded promptly after reaching out with...

— sergio d.
EC
5/5

He also emailed me the policies and I was able to e-sign- VERY convenient.

— Erin C.
DK
5/5

He gets me what I need when I need, makes good suggestions, etc.

— Dane K.
KD
5/5

Have and will continue to recommend people to him and his services

— Kris D.
JS

Outstanding Service!

— Joe S.

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