A while back the lottery was at record levels and it spawned office chit chat. I joked that I felt sorry for the people of Florida, so if I won the jackpot I would continue to write HO policies in FL until all the money was gone.
Apparently, Royal Palm must have won the lottery and had the same idea.
Royal Palm is not even remotely a charitable organization. Nor are any of the other insurance companies trying to do business in this state. People are rapidly learning that this is no longer a matter of rates, it\’s a matter of getting coverage at all! The old way of thinking that you have a right to buy isurance is long gone.
Let\’s face it folks, regardless of what rate increases companies take, there are NO RATES enough to handle 30 billion dollars in claims in only two years. That\’s over $2,000 for every man woman and child that legally resides in FL.
These folks must have some deep pockets to start a new company in this state at this time. And to have a former FL Senator at the helm? That makes me a lot more warm and cozy than just getting a non-renewal notice and sent packing on my own.
Allstate went well out of their way to provide options. That\’s more than any of the other carriers are offering. They did the right thing for their customers, their agents and the company.
Royal Palm run by a former State Senator would not be where I would build a book of business. This is a start up with capital and reinsurance. The reinsurance loss coridors could bankrupt this outfit in one hurricane season. I would not place my customers with a brand new carrier without an experienced CEO. If Allstate is handing their book to this company, think about why?????
It\’s great that Royal Palm is going to take over Allstate\’s abandoned policies in November. Our problem is that our Allstate policy expires in July. What are we to do till November? Thanks. D Campbell
Ms Campbell, I may be mistaken but I do not believe Allstate intends to begin non-renewing policies under this program until Royal Palm is ready to begin writing in November. Meaning, Allstate will probably offer you renewal of your July expiration. If you are identified as one of the policies that Allstate wishes to non-renew, it will probably take place in July 2007.
If not, you may need to make a number of calls to find a carrier still looking to write new business or be forced to go to Citizens.
Does Royal Palm have an AM Best rating yet? MY guess would be no. Also does Ormond Re have an a Best rating? Since Locke Burt, is also president of Ormond Re, it come as no surprise if Royal Pams used them. As far as I can learn Ormond Re is not a particularly health reinsurer.
I was amazed to be \”singled out\” to be
switched to Royal Palm. I have neighbors
who have made large questionable claims
against Allstate after Wilma. None of them
are being changed. Give me a good reason not to take my car & condo insurance and
seek insurance from State Farm or some other large insurer.
We also received notice that we would not be able to renew our policy with Allstate. It was suggested that we may want to go with Royal Palm. However, I seem to be getting the \”run around\” from both companies and NO answers as to rate information or any of information for that matter. How can one make an informed decision when that\’s the case?!
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A while back the lottery was at record levels and it spawned office chit chat. I joked that I felt sorry for the people of Florida, so if I won the jackpot I would continue to write HO policies in FL until all the money was gone.
Apparently, Royal Palm must have won the lottery and had the same idea.
Royal Palm is not even remotely a charitable organization. Nor are any of the other insurance companies trying to do business in this state. People are rapidly learning that this is no longer a matter of rates, it\’s a matter of getting coverage at all! The old way of thinking that you have a right to buy isurance is long gone.
Let\’s face it folks, regardless of what rate increases companies take, there are NO RATES enough to handle 30 billion dollars in claims in only two years. That\’s over $2,000 for every man woman and child that legally resides in FL.
These folks must have some deep pockets to start a new company in this state at this time. And to have a former FL Senator at the helm? That makes me a lot more warm and cozy than just getting a non-renewal notice and sent packing on my own.
Allstate went well out of their way to provide options. That\’s more than any of the other carriers are offering. They did the right thing for their customers, their agents and the company.
Royal Palm run by a former State Senator would not be where I would build a book of business. This is a start up with capital and reinsurance. The reinsurance loss coridors could bankrupt this outfit in one hurricane season. I would not place my customers with a brand new carrier without an experienced CEO. If Allstate is handing their book to this company, think about why?????
Why? To reduce their exposure. Doesn\’t take a rocket scientist to figure that one out.
Again, the point being, at least they didn\’t just unload their customers with no alternatives at all.
Don\’t forget, seasoned CEO\’s didn\’t have a 5 major storm crystal ball either!
It\’s great that Royal Palm is going to take over Allstate\’s abandoned policies in November. Our problem is that our Allstate policy expires in July. What are we to do till November? Thanks. D Campbell
Ms Campbell, I may be mistaken but I do not believe Allstate intends to begin non-renewing policies under this program until Royal Palm is ready to begin writing in November. Meaning, Allstate will probably offer you renewal of your July expiration. If you are identified as one of the policies that Allstate wishes to non-renew, it will probably take place in July 2007.
If not, you may need to make a number of calls to find a carrier still looking to write new business or be forced to go to Citizens.
Does Royal Palm have an AM Best rating yet? MY guess would be no. Also does Ormond Re have an a Best rating? Since Locke Burt, is also president of Ormond Re, it come as no surprise if Royal Pams used them. As far as I can learn Ormond Re is not a particularly health reinsurer.
our policy terminates in December… Will Royal Palm offer the same coverage at a
compariable price?
I was amazed to be \”singled out\” to be
switched to Royal Palm. I have neighbors
who have made large questionable claims
against Allstate after Wilma. None of them
are being changed. Give me a good reason not to take my car & condo insurance and
seek insurance from State Farm or some other large insurer.
We also received notice that we would not be able to renew our policy with Allstate. It was suggested that we may want to go with Royal Palm. However, I seem to be getting the \”run around\” from both companies and NO answers as to rate information or any of information for that matter. How can one make an informed decision when that\’s the case?!