There aren’t any more sinkholes in Florida these days. There are a lot more public parasites though. I heard an ad over the weekend saying your homeowner’s insurance covers more than just fire and windstorm, it can cover just about anything on your “honey do” list…including cracked tiles. Need more proof that this system is broken?
The great citizens of Florida deserve protection from the dead-beat and money hungry insurance companies. If my client has a sinkhole, then every home on the block has a sinkhole (that is how we roll). I can not have my clients not able to sleep at night because they are afraid their home is going to fall in the ground. It is my duty to protect the weak. It does not hurt that they get their mortgage paid for either. I make a good living too.
Pot calling the kettle black. By the by, do you advise your clients that their homes will be uninsurable after they file their bogus sinkhole claim because their 40 year old home is settling? Google “florida public adjuster arrested”
I advise my clients to take the insurance money and then stop paying on their mortgage. Very simple and clean. Our government has been bailing banks out, now it is time to bail my clients out. I work hard and take my cut. The client sometimes takes the home and resells to investor. BTW…settling is equal to sinkhole. Just ask my clients they are VERY satisfied. If you have a crack in your driveway, I can get your company to pay your mortgage. You will be satisfied too!
Jimmy L. – it is people like you that ruin a good thing. Insurance is meant to return to whole = comparable to prior to loss, not profit at the expense of the insurance company. Refer back to Insurance 101!
I thought this was one of the best articles I had seen written. There was a story in the Tampa Tribune last week that did have a lot of misinformation or not quite all the information, so I think this article should be passed on to all the news sources.
I don’t have an insurance license, but I do know how to get $$$ for my clients. Do you have any cracks in your home that you would like for one of my sinkhole surveyors to look at? I trust only certain people to look at my client’s properties. I don’t lose. My clients win and the insurance companies get what they deserve!
I’m afraid the prevailing attitude is to “stop paying the mortgage” regardless of the reasons. Forget the fact that a promissory note was signed. We’ve created an environment where Jimmy L’s ideals are embraced and will be followed by future generations. I really don’t see how insurance companies can predict future losses and price adequately when they’re dealing with the changing moral character of their customers. Predicting storms is hard enough. I’ll bet Jimmy L. tells his clients to strip the ceiling fans, cabinetry, garage opener, etc. when they quite paying the mortgage and walk. Why not, they’ve been screwed by the man.
And people wonder why their insurance seems to keep going up.
This gentleman (using the term loosely) is a prime example of a cost driver. Every time he “screws” the insurance company, it costs everyone in the state.
Don’t blame Jimmy. It is not his fault. The insurance companies are the ones paying out for fraudulent claims. The insurance companies have created the monster and now they have to deal with it. As long as the insurance companies are willing to shell out the money I will stand in line to get my fair share to. I have paid premiums all my life and it’s my turn to collect.
Un4givn2 – Yes, you are correct the world sucks. However, in order to have a sucking action there has to be a void or vacuum. Those suffering from a void between two ears are doing the sucking – can you guess who they are?
Lets assume it costs $2k/year to insure a house for $200k. Low-ball estimate I know, but it’s in line with what it costs in NC.
Now assuming a total loss, which is what Jimmy L. is trying to cause in most cases, the company pays out the $200k.
If this insured has had insurance for 1-10 years, he’ll have paid between $2k & 20k in premium. We’ll assume for the meantime that it’s someone that’s been with the company for 10 years.
So… $200,000 – $20,000 = $180,000. Now for the company to recover for a total loss it would take an additional 90 years of coverge by the same insured. As they cannot wait for 90 years to do that, they spread the cost of the loss over all their policy holders.
If they spread it over 100 policies, everyone pays $1,800. If they spread it over 1000 policies, it’s $180. 10k policies = $18.00. You can work out the progression, i’m sure.
Doesn’t seem too terrible to pay only $18.00 more on your policy to help your fellows out if you are one of 10k. However, what happens when you multiply that loss by 10, 20, 30 or 100 people? All of a sudden, you’re looking at a very large amount of money.
Quoting Jimmy L. “If my client has a sinkhole, then every home on the block has a sinkhole”.
Lessee…. assuming that there’s 10 houses on the block… and possibilty of a total or partial loss to all of them…
Do you really really want to be paying more for your insurance because of the “I want my share” mentality? Along with decreased home value, etc.?
I need help with a my insurance company. They paid a crook and my home was not fixed. The county, Hernando did not require permits. He was paid 96000, my new estimate starts at 140,000. State Farm knew it was a low estimate……………anyway. I couldn’t keep paying for a home falling apart. I had 248000 coverage.
State Farm homeowners is just as bad as the auto insurance.
Have any advice on what to do when the insurance company decides to stick with a crook to fullfill the obligation of paying?
As a former Catasrophe Adjuster I have had experience with sink holes but was told by Citizens that I must be Sinkhole Certified. Does the State certify the adjusters and in any case hoe do you become certified?
There aren’t any more sinkholes in Florida these days. There are a lot more public parasites though. I heard an ad over the weekend saying your homeowner’s insurance covers more than just fire and windstorm, it can cover just about anything on your “honey do” list…including cracked tiles. Need more proof that this system is broken?
The great citizens of Florida deserve protection from the dead-beat and money hungry insurance companies. If my client has a sinkhole, then every home on the block has a sinkhole (that is how we roll). I can not have my clients not able to sleep at night because they are afraid their home is going to fall in the ground. It is my duty to protect the weak. It does not hurt that they get their mortgage paid for either. I make a good living too.
The OIR is so proactive. They won’t let a problem go on for more than a couple years before they get involved.
Good job guys!!
Pot calling the kettle black. By the by, do you advise your clients that their homes will be uninsurable after they file their bogus sinkhole claim because their 40 year old home is settling? Google “florida public adjuster arrested”
I’m sure you do make a great living.
Instead of spending $200,000 on concrete to fill up a sinkhole, why don’t we gather up Public Adjusters and Attorneys and throw them in?
What do you call 1,000 attorneys and PAs in a sinkhole? A beginning.
I advise my clients to take the insurance money and then stop paying on their mortgage. Very simple and clean. Our government has been bailing banks out, now it is time to bail my clients out. I work hard and take my cut. The client sometimes takes the home and resells to investor. BTW…settling is equal to sinkhole. Just ask my clients they are VERY satisfied. If you have a crack in your driveway, I can get your company to pay your mortgage. You will be satisfied too!
Jimmy L. – it is people like you that ruin a good thing. Insurance is meant to return to whole = comparable to prior to loss, not profit at the expense of the insurance company. Refer back to Insurance 101!
I thought this was one of the best articles I had seen written. There was a story in the Tampa Tribune last week that did have a lot of misinformation or not quite all the information, so I think this article should be passed on to all the news sources.
Bubba,
I don’t have an insurance license, but I do know how to get $$$ for my clients. Do you have any cracks in your home that you would like for one of my sinkhole surveyors to look at? I trust only certain people to look at my client’s properties. I don’t lose. My clients win and the insurance companies get what they deserve!
Oh please, do give us your number. I’m sure the OIR would be interested in looking into your operations.
You may be thinking your helping, but the damage you cause isn’t physical.
I’m afraid the prevailing attitude is to “stop paying the mortgage” regardless of the reasons. Forget the fact that a promissory note was signed. We’ve created an environment where Jimmy L’s ideals are embraced and will be followed by future generations. I really don’t see how insurance companies can predict future losses and price adequately when they’re dealing with the changing moral character of their customers. Predicting storms is hard enough. I’ll bet Jimmy L. tells his clients to strip the ceiling fans, cabinetry, garage opener, etc. when they quite paying the mortgage and walk. Why not, they’ve been screwed by the man.
And people wonder why their insurance seems to keep going up.
This gentleman (using the term loosely) is a prime example of a cost driver. Every time he “screws” the insurance company, it costs everyone in the state.
Jimmy, nice job winding these folks up! Keep the humor coming!
Don’t blame Jimmy. It is not his fault. The insurance companies are the ones paying out for fraudulent claims. The insurance companies have created the monster and now they have to deal with it. As long as the insurance companies are willing to shell out the money I will stand in line to get my fair share to. I have paid premiums all my life and it’s my turn to collect.
There are no sinkholes…the world just sucks!
Un4givn2 – Yes, you are correct the world sucks. However, in order to have a sucking action there has to be a void or vacuum. Those suffering from a void between two ears are doing the sucking – can you guess who they are?
The public adjusters are the biggest joke
Did anyone else laugh at this: “…in an effort to get to the bottom of the simmering controversy…” Get to the bottom of it. Hah!
Lets assume it costs $2k/year to insure a house for $200k. Low-ball estimate I know, but it’s in line with what it costs in NC.
Now assuming a total loss, which is what Jimmy L. is trying to cause in most cases, the company pays out the $200k.
If this insured has had insurance for 1-10 years, he’ll have paid between $2k & 20k in premium. We’ll assume for the meantime that it’s someone that’s been with the company for 10 years.
So… $200,000 – $20,000 = $180,000. Now for the company to recover for a total loss it would take an additional 90 years of coverge by the same insured. As they cannot wait for 90 years to do that, they spread the cost of the loss over all their policy holders.
If they spread it over 100 policies, everyone pays $1,800. If they spread it over 1000 policies, it’s $180. 10k policies = $18.00. You can work out the progression, i’m sure.
Doesn’t seem too terrible to pay only $18.00 more on your policy to help your fellows out if you are one of 10k. However, what happens when you multiply that loss by 10, 20, 30 or 100 people? All of a sudden, you’re looking at a very large amount of money.
Quoting Jimmy L. “If my client has a sinkhole, then every home on the block has a sinkhole”.
Lessee…. assuming that there’s 10 houses on the block… and possibilty of a total or partial loss to all of them…
Do you really really want to be paying more for your insurance because of the “I want my share” mentality? Along with decreased home value, etc.?
Caffiend, you’re too logical. And unfortunately you can’t apply logic to greed.
I know.. but it’s a darned shame.
To whom it may concern:
I would like to know which deptament do I notify regarding comfirmed sinkhole activity in my entire sub-division, including mt home.
Thank you
Michael Garfield
I need help with a my insurance company. They paid a crook and my home was not fixed. The county, Hernando did not require permits. He was paid 96000, my new estimate starts at 140,000. State Farm knew it was a low estimate……………anyway. I couldn’t keep paying for a home falling apart. I had 248000 coverage.
State Farm homeowners is just as bad as the auto insurance.
Have any advice on what to do when the insurance company decides to stick with a crook to fullfill the obligation of paying?
Tell me how to get in touch with you Jimmy. I need someone with a backbone.
my address is mylandscape at y mail
ymail
As a former Catasrophe Adjuster I have had experience with sink holes but was told by Citizens that I must be Sinkhole Certified. Does the State certify the adjusters and in any case hoe do you become certified?
How do licensed Cat adjusters become sinkhole certified?
Now my home was foreclosed on but I still want to get StateFarm. I told the to stop payments etc.
Does anyone have any help here??? I am such a fool to have State Farm. They got me good!!!