That’s why we give the broadest coverage quote first in our agency. Then the customer signs off that they have chosen to either properly or improperly insure themselves. We won’t be left holding their bag in our agency.
Thank Senator Alan Petris who underinsured his own home in the early 90’s just before the firestorm in the Oakland Hills for ruining the industry when Garamendi made the carrier pay the loss anyway. It’s really a stupid business when agents and companies are held accountable for consumers poor choices.
On the other hand when carriers and agents willingly manipulate coverage estimates for homes to generate competitive pricing, they should be forced to pay dearly. With their licenses and their livelihood.
Why do politicians think that the CDI is a stepping stone to gov.? If we want real (and just) insurance regualtion in CA, we need the CDI commissioner to be an appointed office.
A politician is a politician whether appointed or not. An appointee can run for highr office as well as an elected politician. The CA DOI is a highly visable office and can command a lot of good publicity the comissioner can use to show the public just how much they have done for them. Supertool Garamendi did it and so will others, including Poizner.
549 complaints out of 39,000 claims is extremely high – nearly 1.5% of claims have a complaint filed!
that rate is many times what the average company would expect in the course of a normal year in my state
what’s the deal?
are Californian’s crooks and expect the moon?
“I know I underinsured my home because I didn’t want to pay the higher rates. Now that my house is gone it is not my fault I didn’t have the correct coverage. I’m a victim and need the greedy insurance company to give me more money to compensate me for my lack of intelligence”.
Reminds me of a family that sued when the head of the household died because their insurance agent never sold them life insurance. After all, now that Dad is dead we are certain he WOULD have bought a multi-million dollar life insurance policy if he had only been asked. It’s the insurance agents fault.
that they need to always write all risk and insure to value. The carriers have been there and done that. When the claims occur because of fires, etc..they are going to be the ‘bad’ guy.
So, the obvious answer is to never offer anything less than comprehensive coverage in the marketplace because the DOI will just demand that you pay the whole ‘enchilada’ anyways and meanwhile the insurance carrier never collected the appropriate amount of premium for the ‘risk’.
Really simple. Don’t underinsure or offer basic coverage even someone may want it or you can get the business by applying a broker fee and make short term money. Its a suckers bet on the broker side and the carrier side.
The only way I would do it as a broker is if I had no assets and wasn’t really that vested in the business and I didn’t care what happened in the long run or I would do this in areas when clearly no fire threat existed.
For the record..I am not in the property and casualty business right now.
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That’s why we give the broadest coverage quote first in our agency. Then the customer signs off that they have chosen to either properly or improperly insure themselves. We won’t be left holding their bag in our agency.
Thank Senator Alan Petris who underinsured his own home in the early 90’s just before the firestorm in the Oakland Hills for ruining the industry when Garamendi made the carrier pay the loss anyway. It’s really a stupid business when agents and companies are held accountable for consumers poor choices.
On the other hand when carriers and agents willingly manipulate coverage estimates for homes to generate competitive pricing, they should be forced to pay dearly. With their licenses and their livelihood.
If I ever want access to free campaign money for a gubenatorial race, I need look further than the California DOI.
Why do politicians think that the CDI is a stepping stone to gov.? If we want real (and just) insurance regualtion in CA, we need the CDI commissioner to be an appointed office.
A politician is a politician whether appointed or not. An appointee can run for highr office as well as an elected politician. The CA DOI is a highly visable office and can command a lot of good publicity the comissioner can use to show the public just how much they have done for them. Supertool Garamendi did it and so will others, including Poizner.
549 complaints out of 39,000 claims is extremely high – nearly 1.5% of claims have a complaint filed!
that rate is many times what the average company would expect in the course of a normal year in my state
what’s the deal?
are Californian’s crooks and expect the moon?
“are Californian’s crooks and expect the moon?”
YEP.
Yep. It’s the “give me” mentality.
“I know I underinsured my home because I didn’t want to pay the higher rates. Now that my house is gone it is not my fault I didn’t have the correct coverage. I’m a victim and need the greedy insurance company to give me more money to compensate me for my lack of intelligence”.
Reminds me of a family that sued when the head of the household died because their insurance agent never sold them life insurance. After all, now that Dad is dead we are certain he WOULD have bought a multi-million dollar life insurance policy if he had only been asked. It’s the insurance agents fault.
that they need to always write all risk and insure to value. The carriers have been there and done that. When the claims occur because of fires, etc..they are going to be the ‘bad’ guy.
So, the obvious answer is to never offer anything less than comprehensive coverage in the marketplace because the DOI will just demand that you pay the whole ‘enchilada’ anyways and meanwhile the insurance carrier never collected the appropriate amount of premium for the ‘risk’.
Really simple. Don’t underinsure or offer basic coverage even someone may want it or you can get the business by applying a broker fee and make short term money. Its a suckers bet on the broker side and the carrier side.
The only way I would do it as a broker is if I had no assets and wasn’t really that vested in the business and I didn’t care what happened in the long run or I would do this in areas when clearly no fire threat existed.
For the record..I am not in the property and casualty business right now.