The problem in Florida is the Peril of WIND. Citizens should change it’s mission to cover EXCLUSIVELY the peril of wind in the Entire State of Florida. The LAW of Large numbers favors this approach. Wind Coverage for Buildings and Homes everywhere in the State, being Polk County, Glades, Bay County, Miami-Dade County should be covered by CITIZENS. So the Risk is being spread all over the State. Again ONLY for the Peril of WIND
For example if there would be a Wind Catastrophe in Palm Beach county there would be enough premiums collected in the remaining of the State to cover the loss.
Instead CITIZENS has been focusing on punishing Floridians with very stupid restrictions:
1. CITIZENS only covers $100,000 of Personal Liability on it’s policies. How is this related to the Wind Problem?
2. The STATE of FL allows poorly capitalized insurance companies to take out policies from CITIZENS. Often the Premiums charged by these poorly capitalized companies is higher than CITIZENS and there are restrictions and exclusions on the poorly capitalized companies’ policies.
– Many of the take-out policies from the poorly capitalized companies exclude sinkhole coverage. Offering instead Catastrophic Ground Collapse
– Some of the policies from the poorly capitalized companies have restrictions at the time of the loss that FORCE consumers to use Contractors hired by the insurance company. The Contractor’s report to the insurance company and will get paid by the insurance company. They don’t have the interest of the consumer. The BIG BOSS is the insurance company
– The poorly capitalized companies do not inform the consumer of these terrible restriction and in addition do not give the consumer the option to OPT Out of the Contractor Restriction Clauses
– The Poorly capitalized companies are not rated by AM Best or any respectable rating service
– Many FLORIDIANS are being offered H08 Policies instead of H03. Without being FULLY informed by their agents of the severe limitations of H08 policies
The Question for the Property insurance market is: Why only poorly capitalized companies are writing Homeowners and Dwellings in FL?
Why not The Hartford, AIG Travelers? Met Life Auto & Home?
When the next WIND Catastrophe hits, all these poorly capitalized companies will go out of business and hopefully it would a chance to repeal and replace the entire system with something that makes more sense for Floridians
Maybe it would be a chance to start the WIND ONLY model for Citizens Property Insurance Corp in the Entire State of FL
The problem in Florida is the Peril of WIND. Citizens should change it’s mission to cover EXCLUSIVELY the peril of wind in the Entire State of Florida. The LAW of Large numbers favors this approach. Wind Coverage for Buildings and Homes everywhere in the State, being Polk County, Glades, Bay County, Miami-Dade County should be covered by CITIZENS. So the Risk is being spread all over the State
For example if there would be a Wind Catastrophe in Palm Beach county there would be enough premiums collected in the remaining of the State to cover the loss.
Instead CITIZENS has been focusing on punishing Floridians with very stupid policies.
1. CITIZENS only covers $100,000 of Personal Liability on it’s policies. How is this related to the Wind Problem?
2. The STATE of FL allows poorly capitalized insurance companies to take out policies from CITIZENS. Often the Premiums charged by these poorly capitalized companies is higher than CITIZENS and there are restrictions and exclusions on the poorly capitalized companies’ policies.
– Many of the take-out policies from the poorly capitalized companies exclude sinkhole coverage. Offering instead a Mickey Mouse Catastrophic Ground Collapse
– Some of the policies from the poorly capitalized companies have restrictions at the time of the loss that FORCE consumers to use Contractors hired by the insurance company.
– The poorly capitalized companies do not inform the consumer of these terrible restriction and in addition do not give the consumer the option to OPT Out of the Contractor Restriction Clauses
– The Poorly capitalized companies are not rated by AM Best or any respectable rating service
The Question for the Property insurance market is: Why only poorly capitalized companies are writing Homeowners and Dwelling in FL?
Why not The Hartford, AIG Travelers? Met Life Auto & Home?
When the next Categorie 3 or 4 Hurricane hits a major populated area all these poorly capitalized companies will go out of business and it would be a good opportunity for the State of FL to repeal and replace the current system with the WIND ONLY Model in the entire STATE of FL
CITIZENS Entire Mission is TOTALLY WRONG
The problem in Florida is the Peril of WIND. Citizens should change it’s mission to cover EXCLUSIVELY the peril of wind in the Entire State of Florida. The LAW of Large numbers favors this approach. Wind Coverage for Buildings and Homes everywhere in the State, being Polk County, Glades, Bay County, Miami-Dade County should be covered by CITIZENS. So the Risk is being spread all over the State. Again ONLY for the Peril of WIND
For example if there would be a Wind Catastrophe in Palm Beach county there would be enough premiums collected in the remaining of the State to cover the loss.
Instead CITIZENS has been focusing on punishing Floridians with very stupid restrictions:
1. CITIZENS only covers $100,000 of Personal Liability on it’s policies. How is this related to the Wind Problem?
2. The STATE of FL allows poorly capitalized insurance companies to take out policies from CITIZENS. Often the Premiums charged by these poorly capitalized companies is higher than CITIZENS and there are restrictions and exclusions on the poorly capitalized companies’ policies.
– Many of the take-out policies from the poorly capitalized companies exclude sinkhole coverage. Offering instead Catastrophic Ground Collapse
– Some of the policies from the poorly capitalized companies have restrictions at the time of the loss that FORCE consumers to use Contractors hired by the insurance company. The Contractor’s report to the insurance company and will get paid by the insurance company. They don’t have the interest of the consumer. The BIG BOSS is the insurance company
– The poorly capitalized companies do not inform the consumer of these terrible restriction and in addition do not give the consumer the option to OPT Out of the Contractor Restriction Clauses
– The Poorly capitalized companies are not rated by AM Best or any respectable rating service
– Many FLORIDIANS are being offered H08 Policies instead of H03. Without being FULLY informed by their agents of the severe limitations of H08 policies
The Question for the Property insurance market is: Why only poorly capitalized companies are writing Homeowners and Dwellings in FL?
Why not The Hartford, AIG Travelers? Met Life Auto & Home?
When the next WIND Catastrophe hits, all these poorly capitalized companies will go out of business and hopefully it would a chance to repeal and replace the entire system with something that makes more sense for Floridians
Maybe it would be a chance to start the WIND ONLY model for Citizens Property Insurance Corp in the Entire State of FL
IVAN
CITIZENS Entire Mission is TOTALLY WRONG
The problem in Florida is the Peril of WIND. Citizens should change it’s mission to cover EXCLUSIVELY the peril of wind in the Entire State of Florida. The LAW of Large numbers favors this approach. Wind Coverage for Buildings and Homes everywhere in the State, being Polk County, Glades, Bay County, Miami-Dade County should be covered by CITIZENS. So the Risk is being spread all over the State
For example if there would be a Wind Catastrophe in Palm Beach county there would be enough premiums collected in the remaining of the State to cover the loss.
Instead CITIZENS has been focusing on punishing Floridians with very stupid policies.
1. CITIZENS only covers $100,000 of Personal Liability on it’s policies. How is this related to the Wind Problem?
2. The STATE of FL allows poorly capitalized insurance companies to take out policies from CITIZENS. Often the Premiums charged by these poorly capitalized companies is higher than CITIZENS and there are restrictions and exclusions on the poorly capitalized companies’ policies.
– Many of the take-out policies from the poorly capitalized companies exclude sinkhole coverage. Offering instead a Mickey Mouse Catastrophic Ground Collapse
– Some of the policies from the poorly capitalized companies have restrictions at the time of the loss that FORCE consumers to use Contractors hired by the insurance company.
– The poorly capitalized companies do not inform the consumer of these terrible restriction and in addition do not give the consumer the option to OPT Out of the Contractor Restriction Clauses
– The Poorly capitalized companies are not rated by AM Best or any respectable rating service
The Question for the Property insurance market is: Why only poorly capitalized companies are writing Homeowners and Dwelling in FL?
Why not The Hartford, AIG Travelers? Met Life Auto & Home?
When the next Categorie 3 or 4 Hurricane hits a major populated area all these poorly capitalized companies will go out of business and it would be a good opportunity for the State of FL to repeal and replace the current system with the WIND ONLY Model in the entire STATE of FL