what of the people who don’t understand what is already written in their policy?
would carriers be required to hire mime’s to act out the consequences of potential poor decisions when purchasing a policy for those who cannot read? the only way to best fix this horrible situation is to force companies to be paid for the policy after the policy period expires; that way they would pay better attention to the customer; if the customer doesn’t like what they get, or even read, provided they can read, then they could refuse payment of the premium until they are satisfied! Also, companies should provide a ‘video simulation’ showing what the customers property could look like after being hit by a hurricane, or even sinking into a sinkhole; call it “This could really happen to you”, and don’t forget the include a version with a mime in case there are any words to be read.
I’m am anxious to see if the Florida legislature can pull off a miracle akin to the virgin birth of Jesus, writing an insurance policy that is simple enough for the average insured to understand, give them the coverage they want at a price they can afford, and are willing to pay for. We, who have been involved in the industry (me for thirty six years), all know that the vast majority of insureds want the cheapest coverage until they have a loss then they retroactively want the best. Good luck.
That’s what agents are for but unfortunately, the average homebuyer never sees an agent(1/2 of whom don’t even understand the difference in the homeowner policy forms). When buying a house the mortgage broker usually calls a crony who is an agent and places the coverage on the new purchase. The homeowner rarely evens knows who the insurance company is, let alone understand coverage. This actually helps my business as a public adjuster representing the insureds on losses. I host a radio program advising listeners on the coverages of homeowner policies and offer them free policy reviews. As such, I am providing a much needed service while building a ethical, profitable business without the need to chase ambulances and fire trucks.
It amazes me at how many people don’t know they have to have insurance when they go to closing for a house, I am not condoning what the mortgage brokers do, but I see that if they don’t, the consumers fail to more times than not. I prefer to deal with the consumer and build a relationship with them not the mortgage broker. I think consumers are really crazy letting someone else pick their insurance, especially when it it clear that there are usually looking for the lowest cost to get them qualified for the loan. I do not know you, so don’t take this the wrong way, but after the wake of storms here I find it hilarious that you used the words ethical and public adjustor in the same line of thought. You may be an ethical public adjustor, I have just never met one, or dealt with one. If you are educating consumers on insurance matters I applaud you for that, keep it up they need all the help they can get, policies will never be simple and easy to read as long as we have lawyers around.
I wonder if I can pay for my car after I drive it for 5 years and determine if I like then, or pay for my meal at a restaurant after I have consumed it, and pay based on how good it tasted. Enteresting concept, dumb but enteresting.
If you don’t understand something about your policy ask your agent, if you are smart enough to have one, and not buy from an 800 number or from your credit card company.
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what of the people who don’t understand what is already written in their policy?
would carriers be required to hire mime’s to act out the consequences of potential poor decisions when purchasing a policy for those who cannot read? the only way to best fix this horrible situation is to force companies to be paid for the policy after the policy period expires; that way they would pay better attention to the customer; if the customer doesn’t like what they get, or even read, provided they can read, then they could refuse payment of the premium until they are satisfied! Also, companies should provide a ‘video simulation’ showing what the customers property could look like after being hit by a hurricane, or even sinking into a sinkhole; call it “This could really happen to you”, and don’t forget the include a version with a mime in case there are any words to be read.
I’m am anxious to see if the Florida legislature can pull off a miracle akin to the virgin birth of Jesus, writing an insurance policy that is simple enough for the average insured to understand, give them the coverage they want at a price they can afford, and are willing to pay for. We, who have been involved in the industry (me for thirty six years), all know that the vast majority of insureds want the cheapest coverage until they have a loss then they retroactively want the best. Good luck.
That’s what agents are for but unfortunately, the average homebuyer never sees an agent(1/2 of whom don’t even understand the difference in the homeowner policy forms). When buying a house the mortgage broker usually calls a crony who is an agent and places the coverage on the new purchase. The homeowner rarely evens knows who the insurance company is, let alone understand coverage. This actually helps my business as a public adjuster representing the insureds on losses. I host a radio program advising listeners on the coverages of homeowner policies and offer them free policy reviews. As such, I am providing a much needed service while building a ethical, profitable business without the need to chase ambulances and fire trucks.
It amazes me at how many people don’t know they have to have insurance when they go to closing for a house, I am not condoning what the mortgage brokers do, but I see that if they don’t, the consumers fail to more times than not. I prefer to deal with the consumer and build a relationship with them not the mortgage broker. I think consumers are really crazy letting someone else pick their insurance, especially when it it clear that there are usually looking for the lowest cost to get them qualified for the loan. I do not know you, so don’t take this the wrong way, but after the wake of storms here I find it hilarious that you used the words ethical and public adjustor in the same line of thought. You may be an ethical public adjustor, I have just never met one, or dealt with one. If you are educating consumers on insurance matters I applaud you for that, keep it up they need all the help they can get, policies will never be simple and easy to read as long as we have lawyers around.
I wonder if I can pay for my car after I drive it for 5 years and determine if I like then, or pay for my meal at a restaurant after I have consumed it, and pay based on how good it tasted. Enteresting concept, dumb but enteresting.
If you don’t understand something about your policy ask your agent, if you are smart enough to have one, and not buy from an 800 number or from your credit card company.