If you can afford to live in Florida then quit your complaining. Home values have artificially inflated in some cases triple digits.
So, to Bob who got non-renewed by Allstate, sell your property and take your profits before the bubble bursts and move to a more suitable climate like Alaska! Don’t forget to use some of your home sale profits to purchase yourself a parka!
As a former south Floridian, I used to wonder why Allstate wouldn’t open their markets for homeowners insurance. After all, hurricane Andrew was over a decade ago. Then the 2004 season hit! These companies are not non-profit organizations. They are in business to make money. The price of materials to build a house has skyrocketed. This is partly because of the 2004 hurricanes. I would bet the policies that were non-renewed only had that one policy with Allstate. We pay a premium for the things we want. Isn’t there something like 1000 people moving into Florida everyday. It’s just part of the price for living in the sunshine state.
You know you guys are making light of Bob situation. It is serious. I was born and raised in FL. I have no where to go. What should we all do, give up our jobs, give up our homes and only the rich will be able to live near and enjoy the ocean? Somehow I don’t think this is right. I am not rich, I just had the misfortune to be born here. Give me a break.
What about all the years before Andrew when Allstate, State Farm and all the rest of them were giving it away writing homeowners policies for $ 200-300 to gain market share. Then the BIG one hits and now they get real and start charging what they should have been charging all along.
They need to get rid of Gallagher. He is a disaster as an insurance commissioner and because of his political ambitions for higher office the consumers end up getting cancelled and in the end they pay more.Wake up Floridians.
Many people are at a huge disadvantage when it comes to researching & purchasing homeowner insurance, in part because of their being unaware of behind-the-scenes issue’s that can affect their initial financial investment, and financial outcome after a loss claim is filed, per an insurance company’s contract…and business practices.
The following questionaire and insurance / insurance company research guide may help ones in their need for making rational and informed insurance coverage purchases.
_______________________________________
A Quick & Powerful Do-It-Yourself Insurance Shopping Guide For Homeowners
-or
Insurers Research You For Financial Profit Potential.
For Your Financial Protection, Research Your Insurer.
-or
What You, The insurance Company, The Insurance Agent-Broker and Claim Loss Adjuster Should Know About Coverage – Claim Loss Servicing.
-or
Advertising Spin Aside, Who Can Be Trusted With Your Insurance Protection Dollars?
_______________________________________
1.) For Agents: When calculating the potential future value of my home’s replacement costs, (the policy contract premium payment), are New construction or Reconstruction cost factors being used for my area?
New Construction____
Reconstruction____
2.) For Agents: If I have a claim, will Reconstruction – Repair costs be used to settle my claim, or will New construction costs be used? (Reconstruction costs can easily be 35-50%++ higher. Also, leaving out premium prepaid contractor overhead and profit values that are part of [full or partial] replacement cost losses, can reduce a claims loss value by an additional 20-49 %++.)
New Construction_____
Reconstruction_____
3.) For Agents: What all options does the insurer offer for lowering the financial risk of my property for the insurer? (For accuracy, get an initial quote first…then ask how security-fire-smoke detectors, window shutters, combined asset coverage and etc. property protection options, and possibly, a reasonably higher deductible, can save you money.)
In Florida, ask about one deductible for the whole hurricane season type coverage. Keep in mind that chances are (statistically) slim that multiple hurricanes are a threat.
4.) For Agents: Are you referring me to an insurance company that pays you higher commissions than another insurance company? Yes_____No_____
Why?__________
5.) For Agents: Generally, what percentage of my premium dollar taken in will be repaid, by various insurance companies, to claimants? (Example; Does a company pay out for losses at 27 cents on every premium dollar received, or 77+ cents?)
Answer_________%
You will need information from a few insurers to make a comparison. You should have an agent-broker that helps with that information. The insurer that pays out more may even be less problematic when claim losses are being adjusted. They may even be quite competitive cost wise, verses “less expensive” major name brand insurers who may have a poor claim settlement history.
6.) For Agents-Adjusters: How does the insurance company estimate the dollar reserve value of a claim loss? (Example; Does their claim loss settlement practice represent paying out 25-50-100 % of what their adjusters estimate the claim loss dollar reserve value is actually (100%) worth? Answer_________%
7.) Does the insurance company have a poor claim settlement archive history? (What does Google, and other online-internet research sources show when you type in the name of an insurance company along with words like; deceit, fraud, FBI, lowballing, unfair claim settlement practices, underpaid claim reserve dollars, unpaid contractor overhead and profit and etc. insurer conduct research words?) Yes____No____Maybe____
8.) Does the Better Business Bureau, the Department of Insurance, Attorney General Offices, the Courts, the FBI, the Department of Justice or other agencies research show that the insurance company is not really consumer friendly? Does basic – careful internet research (verses television-newspaper advertising) indicate that the insurance company is a risky and unnecessary investment? Yes____No____Maybe____
With credit report history’s, and other statistical information, helping insurers determine psychological / risk / premium value profiles about whom they do business with, consumers need to look into the way that a given insurance company’s business history reflects on their “way” of conducting their personal business culture affairs.
Insurers avoid bad investment risks.
Consumers should avoid bad insurers.
you really are something. pass off your altrustic concerns as looking out for the public. You make you living off of these disasters.
the reality is that all you flordians want your insurance companies to lose money or you want the rest of the country to subsidize your moronic behavior of building on sand in a windzone with high levels of lightning, hail and tornado claims mized in. Add one of the worst litigation and fraud areas in the country and you have a great formula for profit. Then set up a goverment solution which charges no where near actuarily sound rates and act surprised when the whole house of cards collapses.
you floridians also have this great knack of making it sound like last year was a fluke and there will never be another year like it. the keeping of meteorlogical records is so short term compared to the age of the planet we have no way of knowing if the last 50 years was the fluke or last year. it could be that every year will be like last year in the future. No 5’s hit land and several diminished before landfall. It was no where near worst case scenario.
Pay your fair share of the risk and shut up. If you can’t then move inland or up north. don’t think some govermental stooge like gallagher can do anything about a system where the risk does not support the return. It’s basic economics. There is no insurance industry agent against floridians but only a bunch of people that want to pay a lot less than they should for their insurance.
You know you should talk like you have some sense. There are people that were born and raised in Florida that do not live on a sand bar. Some live 50-60 miles from a coast line. Some are not millionaires living in million dollar homes. They are working people that can’t afford to just pick up and leave the state. Finding a job out of state and being able to afford to make a move like that is not easy for some. Are you als saying that all of the children born in FLorida, when they are old enough, should just get up and move to an unknown town or state? You aren’t obvious, you are ridiculous with your head in the sand.
I guess you like subsidizing the wealthy people on the beach.
The logical solution to what you said is to let the marketplace price and provide coverage with some actuarial soundness. Until that happens the inland people will always pay more than they should and the people living on the sand will pay less than they should.
I do empathize with people such as yourself that are long time residents and live where it makes much more sense from a risk exposure standpoint. People such are yourself are victims in the nonsensical game of finger pointing and artificial rate constraints. The insurance commissioners posturing and rate suppression has done nothing but aggravate the situation. If you are forcing rate downward where the risk is greatest then the companies are going to find other areas to squeeze it upward.
It’s not like us midwesterners get off scott free. Every time the federal goverment steps in and rebuilds these areas bigger and better ( and they always build it bigger and better) we get to pay for it in taxes.
Sonmewhere common sense has been lost in this whole equation.
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Ok Bob. Whatever. Sorry if you got dropped, Allstate didn’t want you. You don’t really have any idea how it works, anyway.
If you can afford to live in Florida then quit your complaining. Home values have artificially inflated in some cases triple digits.
So, to Bob who got non-renewed by Allstate, sell your property and take your profits before the bubble bursts and move to a more suitable climate like Alaska! Don’t forget to use some of your home sale profits to purchase yourself a parka!
As a former south Floridian, I used to wonder why Allstate wouldn’t open their markets for homeowners insurance. After all, hurricane Andrew was over a decade ago. Then the 2004 season hit! These companies are not non-profit organizations. They are in business to make money. The price of materials to build a house has skyrocketed. This is partly because of the 2004 hurricanes. I would bet the policies that were non-renewed only had that one policy with Allstate. We pay a premium for the things we want. Isn’t there something like 1000 people moving into Florida everyday. It’s just part of the price for living in the sunshine state.
You know you guys are making light of Bob situation. It is serious. I was born and raised in FL. I have no where to go. What should we all do, give up our jobs, give up our homes and only the rich will be able to live near and enjoy the ocean? Somehow I don’t think this is right. I am not rich, I just had the misfortune to be born here. Give me a break.
What about all the years before Andrew when Allstate, State Farm and all the rest of them were giving it away writing homeowners policies for $ 200-300 to gain market share. Then the BIG one hits and now they get real and start charging what they should have been charging all along.
They need to get rid of Gallagher. He is a disaster as an insurance commissioner and because of his political ambitions for higher office the consumers end up getting cancelled and in the end they pay more.Wake up Floridians.
Many people are at a huge disadvantage when it comes to researching & purchasing homeowner insurance, in part because of their being unaware of behind-the-scenes issue’s that can affect their initial financial investment, and financial outcome after a loss claim is filed, per an insurance company’s contract…and business practices.
The following questionaire and insurance / insurance company research guide may help ones in their need for making rational and informed insurance coverage purchases.
_______________________________________
A Quick & Powerful Do-It-Yourself Insurance Shopping Guide For Homeowners
-or
Insurers Research You For Financial Profit Potential.
For Your Financial Protection, Research Your Insurer.
-or
What You, The insurance Company, The Insurance Agent-Broker and Claim Loss Adjuster Should Know About Coverage – Claim Loss Servicing.
-or
Advertising Spin Aside, Who Can Be Trusted With Your Insurance Protection Dollars?
_______________________________________
1.) For Agents: When calculating the potential future value of my home’s replacement costs, (the policy contract premium payment), are New construction or Reconstruction cost factors being used for my area?
New Construction____
Reconstruction____
2.) For Agents: If I have a claim, will Reconstruction – Repair costs be used to settle my claim, or will New construction costs be used? (Reconstruction costs can easily be 35-50%++ higher. Also, leaving out premium prepaid contractor overhead and profit values that are part of [full or partial] replacement cost losses, can reduce a claims loss value by an additional 20-49 %++.)
New Construction_____
Reconstruction_____
3.) For Agents: What all options does the insurer offer for lowering the financial risk of my property for the insurer? (For accuracy, get an initial quote first…then ask how security-fire-smoke detectors, window shutters, combined asset coverage and etc. property protection options, and possibly, a reasonably higher deductible, can save you money.)
In Florida, ask about one deductible for the whole hurricane season type coverage. Keep in mind that chances are (statistically) slim that multiple hurricanes are a threat.
4.) For Agents: Are you referring me to an insurance company that pays you higher commissions than another insurance company? Yes_____No_____
Why?__________
5.) For Agents: Generally, what percentage of my premium dollar taken in will be repaid, by various insurance companies, to claimants? (Example; Does a company pay out for losses at 27 cents on every premium dollar received, or 77+ cents?)
Answer_________%
You will need information from a few insurers to make a comparison. You should have an agent-broker that helps with that information. The insurer that pays out more may even be less problematic when claim losses are being adjusted. They may even be quite competitive cost wise, verses “less expensive” major name brand insurers who may have a poor claim settlement history.
6.) For Agents-Adjusters: How does the insurance company estimate the dollar reserve value of a claim loss? (Example; Does their claim loss settlement practice represent paying out 25-50-100 % of what their adjusters estimate the claim loss dollar reserve value is actually (100%) worth? Answer_________%
7.) Does the insurance company have a poor claim settlement archive history? (What does Google, and other online-internet research sources show when you type in the name of an insurance company along with words like; deceit, fraud, FBI, lowballing, unfair claim settlement practices, underpaid claim reserve dollars, unpaid contractor overhead and profit and etc. insurer conduct research words?) Yes____No____Maybe____
8.) Does the Better Business Bureau, the Department of Insurance, Attorney General Offices, the Courts, the FBI, the Department of Justice or other agencies research show that the insurance company is not really consumer friendly? Does basic – careful internet research (verses television-newspaper advertising) indicate that the insurance company is a risky and unnecessary investment? Yes____No____Maybe____
With credit report history’s, and other statistical information, helping insurers determine psychological / risk / premium value profiles about whom they do business with, consumers need to look into the way that a given insurance company’s business history reflects on their “way” of conducting their personal business culture affairs.
Insurers avoid bad investment risks.
Consumers should avoid bad insurers.
-Roger Poe –
Open Copyright Permission
rogerpoe@acnet.net
A word to the wise-
Don’t go with Mutual of Omaha unless you want your claim not to be paid.
Check out the companies. I wish we had.
you really are something. pass off your altrustic concerns as looking out for the public. You make you living off of these disasters.
the reality is that all you flordians want your insurance companies to lose money or you want the rest of the country to subsidize your moronic behavior of building on sand in a windzone with high levels of lightning, hail and tornado claims mized in. Add one of the worst litigation and fraud areas in the country and you have a great formula for profit. Then set up a goverment solution which charges no where near actuarily sound rates and act surprised when the whole house of cards collapses.
you floridians also have this great knack of making it sound like last year was a fluke and there will never be another year like it. the keeping of meteorlogical records is so short term compared to the age of the planet we have no way of knowing if the last 50 years was the fluke or last year. it could be that every year will be like last year in the future. No 5’s hit land and several diminished before landfall. It was no where near worst case scenario.
Pay your fair share of the risk and shut up. If you can’t then move inland or up north. don’t think some govermental stooge like gallagher can do anything about a system where the risk does not support the return. It’s basic economics. There is no insurance industry agent against floridians but only a bunch of people that want to pay a lot less than they should for their insurance.
You know you should talk like you have some sense. There are people that were born and raised in Florida that do not live on a sand bar. Some live 50-60 miles from a coast line. Some are not millionaires living in million dollar homes. They are working people that can’t afford to just pick up and leave the state. Finding a job out of state and being able to afford to make a move like that is not easy for some. Are you als saying that all of the children born in FLorida, when they are old enough, should just get up and move to an unknown town or state? You aren’t obvious, you are ridiculous with your head in the sand.
Tired,
I guess you like subsidizing the wealthy people on the beach.
The logical solution to what you said is to let the marketplace price and provide coverage with some actuarial soundness. Until that happens the inland people will always pay more than they should and the people living on the sand will pay less than they should.
I do empathize with people such as yourself that are long time residents and live where it makes much more sense from a risk exposure standpoint. People such are yourself are victims in the nonsensical game of finger pointing and artificial rate constraints. The insurance commissioners posturing and rate suppression has done nothing but aggravate the situation. If you are forcing rate downward where the risk is greatest then the companies are going to find other areas to squeeze it upward.
It’s not like us midwesterners get off scott free. Every time the federal goverment steps in and rebuilds these areas bigger and better ( and they always build it bigger and better) we get to pay for it in taxes.
Sonmewhere common sense has been lost in this whole equation.