He will be a one term Gov. and leave behind billions of assessments to the policyholders in the state. No one will write anymore new business in homeowners and that is why Citizens is already getting 10K policies per month. The policy count will increase since no one can non-renew for the short term. Auto carriers will also assess to stop writting more business in Florida due to the assessment potential. Not sure why the Gov. (the former attorney general) thinks he can backdate an emergency order to stop non renewals from a week ago. He knows that is not within his authority and as a lawyer should act more responsible. Shame on him and his conceit. I say lower Citizens rate even more, hell give it away for free and let everyone pay after the next big one hits. Why collect adequate rates, what a stupid idea!!
Does this mean insurers can\’t cancel for legitimate reasons? For example, what should an insurer do if they find, after a property inspection, that the home has a pool with no fence or cage, a viscious animal, or the property is in disrepair? Does this emergency order take this into effect. This order exacerbates the problem of \”limited\” markets in the state.
Well, Hartford is essentially gone.. What do you think the 100\’s of thousands of senior citizens that have their auto policy through AARP will think about that one? This is the stupidest thing that I have ever experienced as an agent. To have the audacity to think that our legislature can dictate how companies make their money. Don\’t get me wrong, my insurance is more than my taxes, I shake my head that my mortgage consists of 60% towards taxes and insurance.
Think about this scenario. It\’s late at night, dark smoke filled room, cigars and Brandy and the \”boys\” have all gathered for a \”meeting of the minds\”. There sits Hartford, Travelers, State Farm, All State, Nationwide, Safeco. They all have a sip of brandy and a puff on the cigar and pull a number out of a hat. The number tells them when to leave the State very strategiocly, one by one. The \”Boys\” are not stupid, after the last one leaves the State will then be forced to \”beg\” to get them back. Because the Citizen\’s of this State will have had to pick up the pieves via assestments and additional taxes. What a mess!
The other side of the coin for Floridians is that while companies may not be able to cancel policies (even for legitimate reasons), I do not see anything that says they have to accept new business. So if you\’re not happy with the company you are with now…
What I would like to know is why are carriers doing property inspections on clients that they have had for twenty years with no claims and finding any minute reason to cancel this policy (debris removal comes down to raking your leaves which interprets to be \”cancel your policy\”. Coverage A increases from lets say $150,000 to $300,000 due to \”a recent inspection\” doubles premium and now they will \”cancel your policy\” if you do not increase to these limits. Where does it end.
Where does it stop… The problem is that the state should have never dabbled with the insurance carriers.
Let\’s face it, insurance companies are in this game to make money. The more competition, the price conscious the carriers have to be and the lower the premiums.
When you have the state refuse carriers to get adequate rates to cover the exposure, carriers begin to leave the state. When that happens the state gets concerned and begins to try to further restrict carriers from leaving and dropping their current insured’s. Who now have fewer choices and with fewer choices… higher prices.
Now those carriers want our and have to find other ways to get out of the state… Thus required coverage increases, dwelling inspections, etc.
Trust me, this will be a continuing spiral until the state gets out of trying to legislate what the carriers should do. When that happens, carriers will again be able to make money and competition will return. Until then it really doesn’t matter what Crist or anyone else does…
2 Carriers that I write with in Florida have already restricted what we can write as far as new business -one carrier has gone as far as big red letters stating EMERGENCY ORDER. No coastal property to be written and only homes built in 2001 and newer and the other company is restricted to no new business unless it is a home closing and the home is 95 and newer-all others must be reviewed and given underwriting approval! I have also received another email from an auto carrier stating that they are reviewing the new bill and will let us know how this will effect our current ability to write auto insurance!!!!
All the time being wasted trying to make Insurance Companies freeze rates, not cancelling policies and the Gov and uninformed legistlators is laughable.
The governing body should legistlate against Hurricanes and that would solve the problem.
The companies will simply pull out and leave no private insurance available in FL. What a joke this whole mess is!!!
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He will be a one term Gov. and leave behind billions of assessments to the policyholders in the state. No one will write anymore new business in homeowners and that is why Citizens is already getting 10K policies per month. The policy count will increase since no one can non-renew for the short term. Auto carriers will also assess to stop writting more business in Florida due to the assessment potential. Not sure why the Gov. (the former attorney general) thinks he can backdate an emergency order to stop non renewals from a week ago. He knows that is not within his authority and as a lawyer should act more responsible. Shame on him and his conceit. I say lower Citizens rate even more, hell give it away for free and let everyone pay after the next big one hits. Why collect adequate rates, what a stupid idea!!
Does this mean insurers can\’t cancel for legitimate reasons? For example, what should an insurer do if they find, after a property inspection, that the home has a pool with no fence or cage, a viscious animal, or the property is in disrepair? Does this emergency order take this into effect. This order exacerbates the problem of \”limited\” markets in the state.
Is the state\’s bond rating next?
Well, Hartford is essentially gone.. What do you think the 100\’s of thousands of senior citizens that have their auto policy through AARP will think about that one? This is the stupidest thing that I have ever experienced as an agent. To have the audacity to think that our legislature can dictate how companies make their money. Don\’t get me wrong, my insurance is more than my taxes, I shake my head that my mortgage consists of 60% towards taxes and insurance.
Think about this scenario. It\’s late at night, dark smoke filled room, cigars and Brandy and the \”boys\” have all gathered for a \”meeting of the minds\”. There sits Hartford, Travelers, State Farm, All State, Nationwide, Safeco. They all have a sip of brandy and a puff on the cigar and pull a number out of a hat. The number tells them when to leave the State very strategiocly, one by one. The \”Boys\” are not stupid, after the last one leaves the State will then be forced to \”beg\” to get them back. Because the Citizen\’s of this State will have had to pick up the pieves via assestments and additional taxes. What a mess!
The other side of the coin for Floridians is that while companies may not be able to cancel policies (even for legitimate reasons), I do not see anything that says they have to accept new business. So if you\’re not happy with the company you are with now…
Too Bad, you\’re stuck!
The rule does indicate that a company may cancel for material misrepresentation, fraud, or non-payment.
What I would like to know is why are carriers doing property inspections on clients that they have had for twenty years with no claims and finding any minute reason to cancel this policy (debris removal comes down to raking your leaves which interprets to be \”cancel your policy\”. Coverage A increases from lets say $150,000 to $300,000 due to \”a recent inspection\” doubles premium and now they will \”cancel your policy\” if you do not increase to these limits. Where does it end.
Where does it stop… The problem is that the state should have never dabbled with the insurance carriers.
Let\’s face it, insurance companies are in this game to make money. The more competition, the price conscious the carriers have to be and the lower the premiums.
When you have the state refuse carriers to get adequate rates to cover the exposure, carriers begin to leave the state. When that happens the state gets concerned and begins to try to further restrict carriers from leaving and dropping their current insured’s. Who now have fewer choices and with fewer choices… higher prices.
Now those carriers want our and have to find other ways to get out of the state… Thus required coverage increases, dwelling inspections, etc.
Trust me, this will be a continuing spiral until the state gets out of trying to legislate what the carriers should do. When that happens, carriers will again be able to make money and competition will return. Until then it really doesn’t matter what Crist or anyone else does…
2 Carriers that I write with in Florida have already restricted what we can write as far as new business -one carrier has gone as far as big red letters stating EMERGENCY ORDER. No coastal property to be written and only homes built in 2001 and newer and the other company is restricted to no new business unless it is a home closing and the home is 95 and newer-all others must be reviewed and given underwriting approval! I have also received another email from an auto carrier stating that they are reviewing the new bill and will let us know how this will effect our current ability to write auto insurance!!!!
All the time being wasted trying to make Insurance Companies freeze rates, not cancelling policies and the Gov and uninformed legistlators is laughable.
The governing body should legistlate against Hurricanes and that would solve the problem.
The companies will simply pull out and leave no private insurance available in FL. What a joke this whole mess is!!!