wtf? comparing gallagher to spitzer? that’s stupid. i can see how insurance people hate them both, but they’re completely different. compare him to garamendi maybe. spitzer may have political ambition too, but these guys are so stupid they make him look like einstein.
I am sure they will try to maintain that the new law is retroactive and that NO policy can be canceled until the home is completed, that the agent erred in not properly advising the poor stupid insured who moved into a bastion for wind/flood/hurricanes, etc… blah, blah, blah.
Let good old Jeb, Gallager and Svaldi play all the games they play. The ones who suffer in the end are the policyholders… they are the voters and when their premiums are so inflated and companies have bailed on the state like rats off of a ship, they will understand what the insurance crisis in CA was all about.
Oh, if you do not know who Svaldi is, just check out who handles the big stuff through the FLDFS and who was somebody’s college roommate!!!
Wow!!….I’m buying a Flardy home in The Villages and moving down there to work insurance claims for the next 3 to 4 years, about the time it will take to work all the claims before all this mess clears.
Does Poe have enough money in their surplus. Most of their top coastal agents stopped writing this unrated crap although Gallagher said the company is in good shape.
There really isn’t much in the bill that I personally find all that onerous on insurance companies. It will be a pain to implement the checklist, sure, but that’s more of a systems/technical issue as the FDFS is going to create it so we don’t have to come up with approved wording. Here’s some clarifications on the points mentioned, since the article may have been a bit misleading:
* We already can’t non-renew or cancel homes with existing hurricane damage, due to an order sent out during the hurricane season. The exceptions are the obvious: fraud, nonpayment of premium, or we’ve already paid the policy limits.
* We still only have to pay ACV for policies that are ACV. What we can’t do is pay Replacement Cost policies only ACV until the actual repairs/replacements are completed, then pay them the balance of their full replacement cost. We will now have to pay the repair/replacement cost up front, which will probably be determined once repair estimates come in (rather than the final bills). I heard the legislature was working on a schedule of cost guidelines for repairs, etc., so I think if that pans out it may be used as the insurer’s schedule when solid estimates aren’t available.
* The development of “apples-to-apples policies” doesn’t necessarily mean anybody will have to use them. They just have to be created and reported by next year, after which time the legislature will decide what they want to do with them. This being Florida, if you can guess from today what’s going to happen then, you may as well pick the next lotto numbers while you’re at it.
The part that is a more serious boon/bane in my opinion is something that wasn’t mentioned in the article. We are now required to offer 5% and 10% deductibles in addition to the $500 and 2% that were previously required. That’s not so bad, since well-priced higher deductibles saves us some claims money, obviously. The downside is that they also struck the provision that exempted mobile home business from the $500 and 2% mandatory offerings (they could previously have 5% and 10% deductibles). This is probably great news for the consumers who don’t have enough money to pay 10% of their mobile home’s value in damage, but pricing may need to be revised for some companies if they were relying on higher deductibles in their base rates.
Please move. You are not in Cuba and you have the freedom to move about the country. If you choose to live in a hurricane prone area you will eventually experience one. There are about 40 states in the US that have never experienced a hurricane and are not likely to experience one anytime in your lifetime. You may also find out that since they do not have the corrupt demagouges running the Insurance department you will probably save a lot of money on your insurance in all lines.
You might consider Inland GA, AL, MS or even NM,AZ or NE.
Mr. Obvious, Question: Where do you find your exact current position with this issue. Meaning 1) How do you determine when and where there will be a hurricane or a massive tidal wave that will be coming next? If so, I will stay at your house and let you handle any and all repercussions that could result from these types of unpredictable natural disasters. 2)Where are you lining your pockets lately? Seems like you’re due for some good humility training. Walk a mile in someone else’s shoes if you ever could imagine something so beyond myopic vision. Myopia eventually bleeds itself unto blindness, sorry you don’t seem to see very well. Glasses will never be able to help your kind of problem. Best wishes, what state are you in by the way? Trick question…………
Hey Mr. Obvious how about moving into the twin towers retroactive to 9/11 or let’s see….mmmhhh geeze what is safe anymore? I would like you to tell me? What about a school in Oklahoma? What is your sage wise advice?
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wtf? comparing gallagher to spitzer? that’s stupid. i can see how insurance people hate them both, but they’re completely different. compare him to garamendi maybe. spitzer may have political ambition too, but these guys are so stupid they make him look like einstein.
I am sure they will try to maintain that the new law is retroactive and that NO policy can be canceled until the home is completed, that the agent erred in not properly advising the poor stupid insured who moved into a bastion for wind/flood/hurricanes, etc… blah, blah, blah.
Let good old Jeb, Gallager and Svaldi play all the games they play. The ones who suffer in the end are the policyholders… they are the voters and when their premiums are so inflated and companies have bailed on the state like rats off of a ship, they will understand what the insurance crisis in CA was all about.
Oh, if you do not know who Svaldi is, just check out who handles the big stuff through the FLDFS and who was somebody’s college roommate!!!
Floridee is going to make sure that Texas doesn’t have the highest rates for homeowners insurance.
Thankee Thankee Thankee
Wow!!….I’m buying a Flardy home in The Villages and moving down there to work insurance claims for the next 3 to 4 years, about the time it will take to work all the claims before all this mess clears.
Does Poe have enough money in their surplus. Most of their top coastal agents stopped writing this unrated crap although Gallagher said the company is in good shape.
What is the truth as Demotech rates everyone A?
There really isn’t much in the bill that I personally find all that onerous on insurance companies. It will be a pain to implement the checklist, sure, but that’s more of a systems/technical issue as the FDFS is going to create it so we don’t have to come up with approved wording. Here’s some clarifications on the points mentioned, since the article may have been a bit misleading:
* We already can’t non-renew or cancel homes with existing hurricane damage, due to an order sent out during the hurricane season. The exceptions are the obvious: fraud, nonpayment of premium, or we’ve already paid the policy limits.
* We still only have to pay ACV for policies that are ACV. What we can’t do is pay Replacement Cost policies only ACV until the actual repairs/replacements are completed, then pay them the balance of their full replacement cost. We will now have to pay the repair/replacement cost up front, which will probably be determined once repair estimates come in (rather than the final bills). I heard the legislature was working on a schedule of cost guidelines for repairs, etc., so I think if that pans out it may be used as the insurer’s schedule when solid estimates aren’t available.
* The development of “apples-to-apples policies” doesn’t necessarily mean anybody will have to use them. They just have to be created and reported by next year, after which time the legislature will decide what they want to do with them. This being Florida, if you can guess from today what’s going to happen then, you may as well pick the next lotto numbers while you’re at it.
The part that is a more serious boon/bane in my opinion is something that wasn’t mentioned in the article. We are now required to offer 5% and 10% deductibles in addition to the $500 and 2% that were previously required. That’s not so bad, since well-priced higher deductibles saves us some claims money, obviously. The downside is that they also struck the provision that exempted mobile home business from the $500 and 2% mandatory offerings (they could previously have 5% and 10% deductibles). This is probably great news for the consumers who don’t have enough money to pay 10% of their mobile home’s value in damage, but pricing may need to be revised for some companies if they were relying on higher deductibles in their base rates.
Just making a point. I’ll just make a point.
Please move. You are not in Cuba and you have the freedom to move about the country. If you choose to live in a hurricane prone area you will eventually experience one. There are about 40 states in the US that have never experienced a hurricane and are not likely to experience one anytime in your lifetime. You may also find out that since they do not have the corrupt demagouges running the Insurance department you will probably save a lot of money on your insurance in all lines.
You might consider Inland GA, AL, MS or even NM,AZ or NE.
Mr. Obvious, Question: Where do you find your exact current position with this issue. Meaning 1) How do you determine when and where there will be a hurricane or a massive tidal wave that will be coming next? If so, I will stay at your house and let you handle any and all repercussions that could result from these types of unpredictable natural disasters. 2)Where are you lining your pockets lately? Seems like you’re due for some good humility training. Walk a mile in someone else’s shoes if you ever could imagine something so beyond myopic vision. Myopia eventually bleeds itself unto blindness, sorry you don’t seem to see very well. Glasses will never be able to help your kind of problem. Best wishes, what state are you in by the way? Trick question…………
Joodi seems to have great vision!!!
Hey Mr. Obvious how about moving into the twin towers retroactive to 9/11 or let’s see….mmmhhh geeze what is safe anymore? I would like you to tell me? What about a school in Oklahoma? What is your sage wise advice?