Most of my friends in Galveston are still not paid on their flood and windstorm. Lets get the claims paid before we start worrying about the industry. It’s an industry only because of the clients. And, lets see, how many times has Galveston been wiped out in a century and 8 years…I agree the premiums have to reflect the risk, but the claims need to be paid, and then paid again, if it so occurs…Require, the the windstorm pool and the Fair plan do, that inspections are made before renewal or new business…But lets’ get the claims paid first instead of griping about a fairly unusual possibility
This is not an unusual possibility. Florida in 2004 showed us that. The industry that everyone loves to hate is still a business and as such, there needs to be some semblance of understanding the rules one is playing by. To wit: if you wreck your car and report it to your ins. co. you get paid (minus your deductible.) Ok, you wreck it again on the way from the body shop. You report it, you get paid by your company (minus your deductible.) All by the rules. You wreck, you have a deductible, they pay minus the deductible. WELLLLLLL, in Florida in 2004 there were a LOT of homes that had damage from more than 1 storm. They had a DEDUCTIBLE for each loss. (2% for most.) There was such a screaming cry that it was UNFAIR that they should have to pay the deductible again that the legislature BANNED the insurers for subtracting the deductible more than once in a hurricane season even though it was a per occurrence deductible like a car for example. The insurers were then not allowed to charge extra on their premiums even though the legislature changed their policy contract. Fair? How long can any business last where the rules are changed at the whim of the people and you as a business just have to “suck it up?”
agree w/the disagree…now, if i started rebuilding and it suffered a loss, then the second storm would rebuild up to the point of the finished spot of the previous rebuild. now, if they did not even start the rebuild, then the second storm is no cost. i would think that if i am the insurance agency, i would act to rate it based on multi-hit area. the government is not running the insurance business, if so, let them get into it. see if they run out of money! you know they are because now in florida they do have a hurricane catastrophe pay added already to the auto policy. this is state money being used to handle past situations and not the present. if i recently moved to florida, why should i have to pay for past mistakes! if i am an insurance company, how do i plan to make a profit if the state is taking my money. i’d sue the state for money due back to me since you don’t want me to take another DP. afterall, it is one, two, three and not onetwothree. LOL!
Structure damaged, but still standing…roof and walls above water line are windstorm losses…water damage is inside and up to water line…client has both policies…so far no flood money paid and only partial windstorm for roof…can’t callem…can’t email em…adjusters not experienced did bad jobs clients have to hire own independents who charge 10-15% to re adjust…Now, on those structures completely gone by surge, should they get windstorm check or not? should flood deduct what would have been windstorm had structure survived? Adjusters on these claims minimally experienced in many cases due to sheer numbers that have to be adjusted…quite a mess…Flood and windstorm should be combined in some way and the premium should be risk based, not taxpayer or govt backed, except as last resort, and then premiums adjust for future further losses…insuring living and working on the coast cannot be insurance welfare…but for now pay and fix later
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Most of my friends in Galveston are still not paid on their flood and windstorm. Lets get the claims paid before we start worrying about the industry. It’s an industry only because of the clients. And, lets see, how many times has Galveston been wiped out in a century and 8 years…I agree the premiums have to reflect the risk, but the claims need to be paid, and then paid again, if it so occurs…Require, the the windstorm pool and the Fair plan do, that inspections are made before renewal or new business…But lets’ get the claims paid first instead of griping about a fairly unusual possibility
This is not an unusual possibility. Florida in 2004 showed us that. The industry that everyone loves to hate is still a business and as such, there needs to be some semblance of understanding the rules one is playing by. To wit: if you wreck your car and report it to your ins. co. you get paid (minus your deductible.) Ok, you wreck it again on the way from the body shop. You report it, you get paid by your company (minus your deductible.) All by the rules. You wreck, you have a deductible, they pay minus the deductible. WELLLLLLL, in Florida in 2004 there were a LOT of homes that had damage from more than 1 storm. They had a DEDUCTIBLE for each loss. (2% for most.) There was such a screaming cry that it was UNFAIR that they should have to pay the deductible again that the legislature BANNED the insurers for subtracting the deductible more than once in a hurricane season even though it was a per occurrence deductible like a car for example. The insurers were then not allowed to charge extra on their premiums even though the legislature changed their policy contract. Fair? How long can any business last where the rules are changed at the whim of the people and you as a business just have to “suck it up?”
This sounds like wishful thinking by a trial lawyer trying to get his theory into the public domain.
The principle of indemnity implies that insurance recoveries from the second storm should only restore the property to its state prior to that storm.
agree w/the disagree…now, if i started rebuilding and it suffered a loss, then the second storm would rebuild up to the point of the finished spot of the previous rebuild. now, if they did not even start the rebuild, then the second storm is no cost. i would think that if i am the insurance agency, i would act to rate it based on multi-hit area. the government is not running the insurance business, if so, let them get into it. see if they run out of money! you know they are because now in florida they do have a hurricane catastrophe pay added already to the auto policy. this is state money being used to handle past situations and not the present. if i recently moved to florida, why should i have to pay for past mistakes! if i am an insurance company, how do i plan to make a profit if the state is taking my money. i’d sue the state for money due back to me since you don’t want me to take another DP. afterall, it is one, two, three and not onetwothree. LOL!
Structure damaged, but still standing…roof and walls above water line are windstorm losses…water damage is inside and up to water line…client has both policies…so far no flood money paid and only partial windstorm for roof…can’t callem…can’t email em…adjusters not experienced did bad jobs clients have to hire own independents who charge 10-15% to re adjust…Now, on those structures completely gone by surge, should they get windstorm check or not? should flood deduct what would have been windstorm had structure survived? Adjusters on these claims minimally experienced in many cases due to sheer numbers that have to be adjusted…quite a mess…Flood and windstorm should be combined in some way and the premium should be risk based, not taxpayer or govt backed, except as last resort, and then premiums adjust for future further losses…insuring living and working on the coast cannot be insurance welfare…but for now pay and fix later