N.J. Sen. Menendez Calls on Congress to Delay Flood Insurance Rate Hikes

January 3, 2014

  • January 3, 2014 at 12:50 pm
    Rita Brands says:
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    Good Morning from a Saint Petersburg resident!
    You are absolutely correct, however, there should be a full investigation on how FEMA allocated the money received. If it went to the right causes or was used for other things. Then consider if hard
    working American citizens should even support or bail out FEMA.

    Thank you for working so hard to change the Biggert Waters Act in this form. As an independent resident, I am actively working in Saint Petersburg and branching out in the state of Florida and other states. I even contacted Governor Christie’s office.

    I wish you a Happy and Healthy New Year and success in 2014.

    Sincerely,

    Rita Brands

    • January 3, 2014 at 2:07 pm
      Bill Price says:
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      Ms. Brands,
      No reserves were built by the NFIP, and the Program paid to rebuild uninsured and non paying losses,,
      with Insurance Cos. receiving between 33% and 66% of premiums with no Loss Exposure. ( What a sweet deal)
      No way to tell what the Premiums, Commissions, Fees, Insured Claims, or Uninsured Claims have been /State, as no comprehensive accounting can be found.
      One positive thing about BW-12 is that Insured Claims, will be paid before Uninsured Claims, as was the past practice.
      It’s all very misleading.
      Bill Price USLandAlliance.US

  • January 3, 2014 at 1:30 pm
    reality bites says:
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    Dear Sen Men – I get what you are doing, and yes, the flood program should be run as transparently as a carrier vetted by AM Bests, etc. Just like Fanny Mae should.

    But the bottom line is that the folks with primary residences in the path of the next storm must bear the burden of their choice, even if it was made decades ago. Exposures change over time, and there is no mechanism to collectively assist asset owners with diminuition of value based on altered exposure.

    Short of socialism.

  • January 3, 2014 at 1:41 pm
    Bill Price says:
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    FLOOD  INSURANCE  SCAM
    BW -12 was promoted and passed  based  on the premise that Flood Insurance should be actuarial .
    Most everyone agrees with that premise;
    however,  reading of  CBO and OMB Reports and the Law  indicate :
    -   NFIP  Premiums paid and pay for rebuilding Uninsured, Non Paying  property ( in New Orleans and New Jersey)   (There is no accounting of this .)
    -   No reserves were built in the NFIP .   
    -   Surplus Premiums were sent to the US  General Fund every year .  
    -   Many  has been positive every year,  but NO Reserves were built .  (There is no accounting of this .)
    -   Insurance   Cos. kept large percentage  of  premiums as commissions and claims management fees,  with reduced  Premiums going to Flood Program . (Indications are that the Insurance Co’s received between 33% and and 66 %,,, with 50% maybe being a reasonable guesstimate. But again,  There is no accounting of this . This needs to be investigated.  )
    We have not been able to find a comprehensive financial analysis of NFIP, so there is much room for misinformation.
    Although,  The Congressional Budget Office said it was impossible to tell whether or  not the Flood  Insurance Program was actuarial or not;  nonetheless,   the Sierra Club,  the National Wildlife Foundation and other environmental organizations advised Congress to over double  flood insurance  rates and surreptitiously imbed Sea Level Rise Planning  Policies  in the National Flood Insurance Program . ( Maxine Waters , Co Sponsor of the Bill , says she was mislead and is now asking for delay and reconsideration.)  
    Obviously , it would be  hard for any program to be actuarial, if the Insurance Companies, and  Congress are going to gouge and raid the fund annually.
    At present, NFIP is just another revenue source for the Federal Government, so there is little hope for cleaning up this mess.
    Bill Price USLandAlliance.US

  • January 3, 2014 at 1:44 pm
    bob says:
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    the “relief” that flood policyholders are asking for should be called what it is: “bailout at the expense of taxpayers”

  • January 3, 2014 at 1:52 pm
    jack says:
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    I now have a private flood market that’s kicking FEMA’s ass on rates on these pre-FIRM homes. Saving people ten’s of thousands. How about that…capitalism at it’s best.

    • January 3, 2014 at 2:00 pm
      Libby says:
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      Care to share your market with the rest of us folks?

      • January 3, 2014 at 2:02 pm
        jack says:
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        nope- find it yourself. Do your own damn work for a change.

        • January 3, 2014 at 2:03 pm
          Libby says:
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          Do my own damn work for a change? Just what is that supposed to mean?

          • January 6, 2014 at 12:02 pm
            KY jw says:
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            Sorry, Libby, I hit the “dislike” button by mistake. I think my fingers are still frozen. ;)

        • January 3, 2014 at 2:08 pm
          Libby says:
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          I don’t write personal lines like you do, so I’m sure I don’t need your market. Just thought some others might benefit. But in true Republican fashion, you refuse to share. Typical.

          • January 3, 2014 at 2:09 pm
            jack says:
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            A republican would expect a handout, he find it himself.

          • January 3, 2014 at 2:10 pm
            jack says:
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            wouldn’t

          • January 3, 2014 at 2:26 pm
            Libby says:
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            A Democrat would help his fellow agent. Especially since we are no competition to you. But keep you market secret. I hope it goes belly up.

          • January 3, 2014 at 2:50 pm
            jack says:
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            You really don’t have a clue do you?

          • January 3, 2014 at 3:22 pm
            Libby says:
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            Jack – it’s you that has no clue. If I had a new market I would surely share it on IJ so others could benefit from it. What difference does it make to me?

            But I really don’t want or need your market, because I’m sure they don’t write the kind of business I do. I have no trouble getting flood or DIC coverage on the accounts I write. So take your new market and, well you know…

  • January 3, 2014 at 1:58 pm
    jack says:
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    On another note- you libtards that think the gov is the solution need to wake up. Get them the heck out of the insurance business. Lets face it, they cant even handle the mail without going bankrupt. Put them in charge of the local mcdonalds and it would be bankrupt in a year.

    • January 3, 2014 at 2:02 pm
      Libby says:
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      I think they handle the mail quite well. Send a letter via FedEx and it will cost you $35. USPS is $.49. Not too shabby.

      • January 3, 2014 at 2:08 pm
        jack says:
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        Libby- you don’t get do you. FedEx could charge $.39 if they could continue to work under bankruptcy. Are you that stupid…serious?

        • January 3, 2014 at 2:32 pm
          Libby says:
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          You guys have been saying the USPS is going bankrupt for at least the last 5 years and it’s still around. And are you really that stupid that you think the cost should be $35 but the post office only charges .49? The only reason the post office is struggling financially is because of retiree benefits. That’s systemic throughout government. Fix that and most governmental agencies would be fiscally sound.

        • January 3, 2014 at 2:35 pm
          Libby says:
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          You must be reading the World Weekly News again, Jack. You really need to get a more reliable news source.

          http://weeklyworldnews.com/headlines/38056/u-s-post-office-shutting-down/

          • January 3, 2014 at 2:46 pm
            jack says:
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            they lost $41 BIL in the last 5 years…that is the definition of bankruptcy. They just can’t file the paperwork!!!!

          • January 3, 2014 at 3:23 pm
            Libby says:
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            So you stopped getting mail on Tuesday?

          • January 3, 2014 at 3:34 pm
            jack says:
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            clueless you are

          • January 3, 2014 at 4:02 pm
            Libby says:
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            Who are you? Yoda?

    • January 3, 2014 at 2:19 pm
      RT says:
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      Jack – you make good points, but your insults are getting in the way. I’d ask you for some facts to back up your statements as Bill Price has done, but I doubt you would share any with the rest of us.

      Also, please don’t claim to be a Republican, you’re making us look bad. Information sharing isn’t a handout.

      • January 3, 2014 at 2:30 pm
        jack says:
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        • January 3, 2014 at 2:34 pm
          Libby says:
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          You can’t prove you have a new market, so yes I dispute it.

          • January 3, 2014 at 2:48 pm
            jack says:
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    • January 6, 2014 at 9:03 am
      Ron says:
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      Jack,

      Here’s a thought:

      Provide this wonderful private flood market and we could expedite getting the government the heck out of the insurance business.

      However, you would rather withhold this market, and thereby enable the government by forcing agents to continue to write in the NFIP.

      Let’s try your free market solution.

      • January 6, 2014 at 12:56 pm
        jack says:
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        • January 6, 2014 at 1:38 pm
          jack says:
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        • January 6, 2014 at 1:48 pm
          Ron says:
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          jack,

          If you provide agents with a lower cost private market, would they not place the business there instead of the NFIP? It may not get the government totally out of insurance, but it would be a start.

          Why is it so difficult for you to share this wonderful market? Do we need to go through you so you can take a cut?

          • January 6, 2014 at 1:54 pm
            Libby says:
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            Everyone – start sending all your flood apps to Jack at ajaj1964@yahoo.com . He’s got a kickass market he’s dying to write business with. He can deal with the E&O when the carrier goes under.

          • January 6, 2014 at 3:48 pm
            KY jw says:
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            Hey, Libby,

            I’m not an agent or in sales of any kind, but the yahoo email address sends quite the message. o.O

          • January 6, 2014 at 3:59 pm
            jack says:
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            KY- that’s my junk email address for you knuckle heads on the left. I’ll check it for a quote request but why would I put my real business email on here…DUH.

          • January 6, 2014 at 4:05 pm
            Libby says:
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            You could always send them to jack@babennett.com .

          • January 6, 2014 at 4:07 pm
            jack says:
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            Libby- I bet you write insurance all day with Demotech rated companies and sit there and throw out E&O comments when my carrier is A rated with AM Best with billions in reserves. LOL

          • January 6, 2014 at 4:19 pm
            Libby says:
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            Judging by your email address I venture to say I have been in this business a few more years than you, Jack. A Best rating, while helpful, means next to nothing when you have a carrier writing flood coverage for less than NFIP rates while NFIP is going broke. It’s only a matter of time and let me tell you, it can happen overnight (Kemper, Reliance, Royal, Mission, etc.) Placing business with them on Friday and they shut their doors on Monday. But I doubt you even recognize any of those names. They’re national carriers and not the small regionals you’re used to representing.

          • January 6, 2014 at 4:34 pm
            jack says:
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            Libby- re email address- see above

            Clueless you are in regards who I write with. Safeco,Travelers,Hartford,AIG,etc. Much larger than the no names it sounds like you write with. Maybe you should get better contracts Libby, sounds like your carriers suck.

            FEMA’S not bankrupt because of their rates, they are bankrupt for bailing out every idiot under the sun for every UN insured loss you can think of. That and the usual government over spending.

          • January 6, 2014 at 5:02 pm
            Libby says:
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            Oh, Jack. Yea of little reading comprehension. I didn’t say FEMA was broke, I said NFIP. And I write accounts you couldn’t even dream about calling on in your backwater po-duck SC town. Multi-million dollar national accounts on loss sensitive (i.e.large deductible, retro, captive, self-insured, RRG) and other risk transfer programs I’m sure you’ve read about but never put together. I’m happy for you and your little personal lines flood market. I hope you two will be very happy together. Now on to more pressing business…

          • January 7, 2014 at 10:14 am
            JACK says:
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            Libby- I’m sure your boss appreciates those large commissions and RENEWALS. I hope your Christmas bonus was like $15 to $20k ? Does he pay you like 75% of the commission and 75% of the renewal commission? Because that’s what I pay my guys here in this little po-duck town on the coast of SC. So you just keep writing those multi-mil accounts, but don’t forget to make that max contribution to your 401k because renewals are the gift that keeps on giving.

            FEMA=NFIP=BANKRUPT

          • January 7, 2014 at 1:45 pm
            Libby says:
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            Jack – so I was correct in that you have never handled the type of business I do. If you are paying your people 75% new and renewal, you are writing churn and burn business with little to no service. Good luck with that. Your new flood market should help. Best regards.

          • January 7, 2014 at 3:35 pm
            JACK says:
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            Libby- You again are clueless in regards to what premiums are here on the coast of SC. Maybe you should quote a VE flood zone every now and then…then remove foot.

            With a 93% renewal rate, aint no churning and burning business happening here in po-duck ville. LOL

          • January 7, 2014 at 3:39 pm
            JACK says:
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            Libby- FYI it’s agents that don’t pay their producers renewals that churn and burn. Think about it…you will get it later.

          • January 7, 2014 at 4:23 pm
            Libby says:
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            Jack – do you even know how much premium you’d have to write to make up a $1.2M revenue book (mine)? Do the math and then let me know how your foot tastes.

            And if you pay your producers the same percentage for renewal as you do for new, pretty soon they have no incentive to write new business and will just sit on their book. Everyone with a brain knows you pay less for renewal business. The difference is spent hiring a service person, so the producer (whose job is to PRODUCE not service) can get out and write more new business – for which he is paid a higher commission.

            You think about it. But considering your backwater thinking, I doubt you’ll get it.

          • January 8, 2014 at 10:21 am
            JACK says:
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            Libby- By the way you said revenue book I think we both know you didn’t make $1.2mil last year. What did you make, just asking? Maybe 10-15% of that? That’s pretty good if you did. How much of that “revenue book” do you get if the agency is sold next year or 5 years from now? Just asking? How long have you been working for them? I hope you have some skin in the game as far as ownership is concerned?

            With that said, let me tell you a little about my agency model. Not that you might benefit from it, but others might. And not that what you said about producers and service people isn’t true. So here we go.

            Once upon a time I was a producer for that agency you just described. I watched producers and service people come and go mainly because of pay. So as I worked for this agent and produced millions in “revenue book” for him, I decided I could do it better. Better in regards to customer service and better in regards to employee loyalty. As I sat there on Kiawah Island during my lunch breaks I came up with my business plan. I sat there and watched the wealthy come and go realizing they really didn’t have a clue about what their homeowners, flood, auto insurance really covers. I know it’s not “retro-captive,self-insured,etc.” but you know what someone has to write it and they have to buy it. So I calculated what the average premium on an account would have to be at 15% average commission for me to walk away from a job with 2 house payments,2 cars,a stay at home wife and 3 little girls,0 in savings and a credit card with a 10k limit as backup. Talk about a leap of faith.

            Well here I sit 6 years later just doing the same old thing (home,flood,auto,umbrella,excess flood). I sit here with 4 guys that are my employees and friends. My first hire was the disabled husband of the lady I rented my first office from. Good ole boy from right here in town that knows everybody. My second hire was my neighbor. He was an appraiser that watched that industry crumble in 2007. He called me one day and said can I take a look at what you are doing because he saw my situation changing across the street. My third hire was a guy that I had worked with in 1995 making high interest loans during a job transition. Neither of us liked making 48% interest loans. The only single dad in the office, has 2 sons. He called me in 2009 and had lost his job of 10 years with Citigroup. My fourth hire was a guy from church. I watched him give a guy his sleeping bag while we were on a 4 day hike in the mountains in October one year. He slept by the fire. He and his wife lost their jobs in 2010. I talked about the P&C business on the next hike and told him to get his lic and that I would find him a job. I ended up hiring him 6 months later.

            These guys tell me every now and then that what I did for them by getting them into the business changed their lives AND that how I pay them allows them to make what they want, work when they want, spend time with their family when they want. You see not everyone wants to be in the million dollar club you mentioned. Some people have other priorities. So lets get back to the agency model.

            South Carolina coastal business is a little different than writing business in Kansas. How so you might say?
            Well lets think about it this way. How much MORE service work does it take on a homeowners policy that cost $18,000 compared to a $1800 policy in Kansas? Answer- zero. It takes the same amount of time to change the mortgagee clause on both. Now, how much did the producer just make on that policy? $18,000 x 15% comm x 75% = $2025. Lets now add in the VE flood Zone policy at $12,000 a year (thank you FEMA) at 20% comm x 75% = $1800 to the producer. Now I know about this time you are going every home and flood is not that much. You’re right- some are higher and some are lower. So the producer just made $3800 on one home and flood. Now I know I as the owner only made about $1000, but I can live with that. I’m not trying to be in that million dollar club you mentioned. Now the question is, how many homes can the guys write and service at the same time. That’s really determined by the individual right?

            If a guy wants to write 50 of those and work 30 hours a week to service them for the next 20 years, I’m ok with that. We all know you lose a few here and there that you need to replace. But my guys retain a very high % of their business because their high value clients value their service. Here’s a example. A client just closed on a new beach house 2 weeks ago and has not moved down yet. Who do you think went out to his house and drained his water lines to prevent a busted pipe in this freezing weather? His agent did.

            You may make a lot more money than I think you do Libby, but don’t sit there and tell me my agency model wont work and one day I might figure it out. My wife, my banker, my accountant, my producers and their families ,my clients already know I figured it out.

            Now excuse me while I make this mortgagee change on this little ole homeowners policy here in po-duck ville as you put it.

          • January 9, 2014 at 11:08 am
            Libby says:
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            Jack – You’re the one that called me clueless, not the other way around pal. I’m glad you have found a niche market that makes you a comfortable living. How much money I make is really none of your business but suffice it to say it is very close to 10% of my book. And, no, I do not own the business. The agency does.

            I don’t know why you have to come off as such a prick when it sounds like you might be a decent human being.

  • January 4, 2014 at 10:05 am
    Mickie460 says:
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    Issue is you cannot pay out to people who do not pay in,Period. Just like car insurance, you know it’s available and that you need it and if you CHOSE to make the choice not to carry it then you should suffer the losses out of your own pocket. If I totalled my car and had no isurance no one is going to step in and repalce my car at no cost to me, yet Flood insurace will pay out to people who have not paid in a penny! Seems like common sence to me. Low cost loans, those I can umderstand they get paid bank into the fund with some interest, but if you paid noting in you should not be able to take anything out. I just quoted a customer under the new rule and the yearly cost of the insurance was over $40,000! Yes it says 40K and that was with an elevation cert…… ggo dluck trying to sell that house.

    • January 6, 2014 at 8:53 am
      jack says:
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      Hidden due to low comment rating. Click here to see.

      • January 6, 2014 at 11:19 am
        top_jimmy says:
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        I’d love to hear more jack…can i email you too?

        • January 6, 2014 at 4:01 pm
          jack says:
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          Yeah man, send it on.

      • January 6, 2014 at 4:56 pm
        txmouthbreatherboogereatertx says:
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        Sweet, I just ordered 47 cases of Peter Popoff Miracle Water to that Email address.

    • January 6, 2014 at 8:59 am
      jack says:
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      Mickey- What state and county? What flood zone?

  • January 6, 2014 at 9:41 am
    reality bites says:
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    Boy this sure is an interesting thread for Monday morning coffee while my Outlook updates.

    Almost as much fun and relevancy as Downton Abbey last night.

    And OH the Snarki-ness!

    • January 6, 2014 at 3:49 pm
      KY jw says:
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      Snark – just another service the IJ offers.

  • January 6, 2014 at 11:17 am
    top_jimmy says:
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    I’d be interested in hearing about this new market Jack. Can I email you too?

  • January 6, 2014 at 12:47 pm
    T. Kreps says:
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    This issue needs some help. Our daughter lives in Charleston S.C. not on the water or marsh. In an older subdivision of blue collar people. House is for sale, they accepted an offer. Flood ins comes in 3500.00 to 35,000 a yr.. They pay, now 470.00. a yr. Needless to say the offer went bye bye. This is going to devastate the real estate market. This needs help!!!!!!!

    • January 6, 2014 at 3:57 pm
      jack says:
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      T. Kreps- The range should not be that much. Sounds like one of the agents didn’t have a clue as to how to quote it. The rate should be within a few dollars if quoted correctly with the same coverage and same deductibles.

    • January 6, 2014 at 4:07 pm
      Libby says:
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      T – send your app to jack at ajaj1964@yahoo.com . He’s bragging about his great market, but won’t share any information. Maybe he’ll help your daughter out with a quote.

  • January 6, 2014 at 4:08 pm
    txmouthbreatherboogereatertx says:
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    I thought we’ve been through this. Only Red States are allowed to take federal hand outs and the expense of the Blue States.

  • January 6, 2014 at 4:24 pm
    T Kreps says:
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    It is true they ( my daughter, son in law and their real estate person have been calling every where. For the same coverage (flood) that’s why the people have walked away (with their offer) my daughter feels they are going to be stuck there. Or forced to walk away at some point too. This is just a 3 br. small brick ranch, nothing fancy.

    • January 7, 2014 at 10:18 am
      JACK says:
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      T-Kreps see quote- A flood zone for $250k coverage $3255 regardless of the difference in elevation. A rated AM Best carrier.

      • January 7, 2014 at 2:22 pm
        T Kreps says:
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        Jack, Can I give them your information to contact you then? Also what is the deductible? That has also been a problem for people who are carrying a mortgage. I wouldn’t think they would need that much if the house is only 175,000.

        • January 7, 2014 at 3:28 pm
          JACK says:
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          T-Kreps $180,000 is $2353 with $5000 ded. The bank should make an exception due to the new FEMA premiums.

      • January 7, 2014 at 2:31 pm
        Libby says:
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        See Jack? I already made you $162.75 x 25% = $40.69! Stick with me, pal. I’ll get you into the million dollar agent’s club yet!

  • January 7, 2014 at 2:40 pm
    Libby says:
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    Hey Everyone! Here is the link to the IJ article on Jack’s brand new market! Now you can contact them directly for your appointment. Sorry, Jack. I know I promised to help your business, but alas, I took your advice and did my own work for a change…

    http://www.insurancejournal.com/news/southeast/2013/12/30/315695.htm

    • January 7, 2014 at 3:31 pm
      JACK says:
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      Libby- LOL…it’s been posted on IJ for days. I couldn’t help but laugh at the fact it’s taken so long for you to find it.

      • January 7, 2014 at 4:48 pm
        Libby says:
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        I just stumbled upon it, Jack. I don’t need it. Just doing a public service for all the agents on IJ you’ve been stonewalling.

    • January 7, 2014 at 3:42 pm
      JACK says:
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      Libby- by the way, eat crow on me not having a market. LOL

      • January 7, 2014 at 4:52 pm
        Libby says:
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        I could care less about your Lloyd’s market. LOL!

  • January 8, 2014 at 3:57 am
    Paul Robertson says:
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    I was already summed up with the financial crisis and in managing the premium dates. It very hard for the persons like me in managing the price hikes. Definitely insurance are revolving around healthy market. I have a complete proof to say this.



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