Sinkhole coverage is currently mandatory. How long before the law changes to allow this change? Until the new form is tested by the courts no private market will mirror this change as the payout risk is too high.
Need to pull a different rabbit out of their hat.
so the very one type of coverage needed the most in these counties can not be excluded from the policy – why don\’t they add a exclusion for hurricane/wind damage too – I\’m sure some idiot wil sign that too to keep pricing down – and then of course sue the agent and Citizens when theres a wind damage claim that he has no coverage for – Honestly, this industry need a complete overhaul here in Florida – the blind really IS leading the blind
How can they exclude coverage that is MANDATORY in the State of Florida? Even if you\’re non-admitted, you must provide sinkhole coverage! I agree with \”florida agent\” on overhauling of the entire insurance system in Florida. (Oh, don\’t forget that while they\’re suing the agent, the carrier will be hit with bad faith as well!).
They don\’t have too much of a sinkhole problem there, but they do have a sinkhole profit problem. Everyone is making money on sinkholes except the insurance companies and the Citizens policyholders. Now the whole area is paying the price. Make frivolous lawsuits harder and you will solve the problem. Read the billboards on I-75.
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Sinkhole coverage is currently mandatory. How long before the law changes to allow this change? Until the new form is tested by the courts no private market will mirror this change as the payout risk is too high.
Need to pull a different rabbit out of their hat.
so the very one type of coverage needed the most in these counties can not be excluded from the policy – why don\’t they add a exclusion for hurricane/wind damage too – I\’m sure some idiot wil sign that too to keep pricing down – and then of course sue the agent and Citizens when theres a wind damage claim that he has no coverage for – Honestly, this industry need a complete overhaul here in Florida – the blind really IS leading the blind
How can they exclude coverage that is MANDATORY in the State of Florida? Even if you\’re non-admitted, you must provide sinkhole coverage! I agree with \”florida agent\” on overhauling of the entire insurance system in Florida. (Oh, don\’t forget that while they\’re suing the agent, the carrier will be hit with bad faith as well!).
They don\’t have too much of a sinkhole problem there, but they do have a sinkhole profit problem. Everyone is making money on sinkholes except the insurance companies and the Citizens policyholders. Now the whole area is paying the price. Make frivolous lawsuits harder and you will solve the problem. Read the billboards on I-75.
Are mortgage companies going to allow them to exclude this coverage? doesn\’t make any sense!
Actually, surplus lines carriers can and do exclude sinkhole coverage in high risk areas. USF&G for example…
E&S lines rates are not regulated. Bet customers will not go to the E&S markets for this dog and pony idea.